RIADA530: Does the Reporting Bank Have a Subchapter S Election in Effect for Federal Income Tax Purposes for the Current Tax Year?
RIADA530 is the call report code for does the reporting bank have a subchapter s election in effect for federal income tax purposes for the current tax year?, reported on Schedule RI, Income Statement.
Definition
A one-digit code indicating whether the bank is, for federal income tax purposes, is either an 'S corporation' or a 'qualifying subchapter S subsidiary,' as defined in Internal Revenue Code Section 1361, as of the report date. In order to be an S corporation, the bank must have filed a valid election with the Internal Revenue Service and obtained the consent of all of its shareholders. An election for a bank to be a qualifying subchapter S subsidiary must have been made by a bank's parent holding company, which must also have made a valid election to be an S corporation. In addition, the bank (and its parent holding company, if applicable) must meet specific criteria for federal income tax purposes at all times during which the election remains in effect. These specific criteria includes, for example, having no more than 75 qualifying shareholders and having only one class of stock outstanding. 1 = Yes 0 = No
Source: Federal Reserve Micro Data Reference Manual (MDRM). The FFIEC call report instructions remain the authority on how to report the item.
Where RIADA530 sits on the call report
| Code | RIADA530 (prefix RIAD, item A530) |
|---|---|
| Prefix RIAD | Income statement items (Schedule RI and its supporting schedules). |
| Schedule | RI, Income Statement |
| Reported on | FFIEC 031, FFIEC 041, FFIEC 051 |
| Value | Yes or no, as of the quarter end |
| In the MDRM since | 1997 |
Related
All codes on Schedule RI · All call report schedules · Find the code for a loan type · What a call report is