6.26 Ark. Code R. 51-440
Current through Register Vol. 49, No. 10, October, 2024
In order to ensure that FASITs are not used for purposes other than securitization, a 100% federal excise tax is imposed on any income not related to securitization (that is, income derived from prohibited transactions). Prohibited transactions are specifically set forth at IRC Sec. 860L(e)(1)&(2).
6.26 Ark. Code R. 51-440