Tenn. Comp. R. & Regs. 0780-01-27-.17
Current through June 26, 2024
When an association makes a discount loan, or purchases a loan at a discount, it may take into income in the year in which the loan is discounted, an amount not exceeding 3% of the face value of the loan and the remainder, if any, shall be taken into income ratably over the term of the loan or over the first 7 years of the loan, whichever is the less.
Tenn. Comp. R. & Regs. 0780-01-27-.17
Authority: T.C.A. §45-1303.