Barnett Banks, Inc. & Subsidiaries - Page 12




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                              (C) any cooperative bank without capital                
                         stock organized and operated for mutual                      
                         purposes and without profit,                                 
                    there shall be allowed a deduction for a                          
                    reasonable addition to a reserve for bad debts.                   
                    Such deduction shall be in lieu of any deduction                  
                    under section 166(a).                                             
                         (2) Organization must meet 60-percent asset                  
                    test of section 7701(a)(19).-–This section shall                  
                    apply to an association or bank referred to in                    
                    paragraph (1) only if it meets the requirements of                
                    section 7701(a)(19)(C).                                           
          Section 7701 provides:                                                      
               SEC. 7701.  DEFINITIONS.                                               
                    (a) When used in this title, where not otherwise                  
               distinctly expressed or manifestly incompatible with                   
               the intent thereof–-                                                   
                           *    *    *    *    *    *    *                            
                         (19)Domestic building and loan association.--                
                    The term “domestic building and loan association”                 
                    means a domestic building and loan association, a                 
                    domestic savings and loan association, and a                      
                    Federal savings and loan association–-                            
          Section 301.7701-13A, Proced. & Admin Regs., provides:                      
               SEC. 301.7701-13A.  Post-1969 domestic building and                    
               loan association.--(a) In general.  For taxable years                  
               beginning after July 11, 1969, the term “domestic                      
               building and loan association” means a domestic                        
               building and loan association, a domestic savings and                  
               loan association, a Federal savings and loan                           
               association, and any other savings institution                         
               chartered and supervised as a savings and loan or                      
               similar association under Federal or State law which                   
               meets the supervisory test (described in paragraph (b)                 
               of this section), the business operations test                         
               (described in paragraph (c) of this section), and the                  
               assets test (described in paragraph (d) of this                        
               section).  * * *                                                       






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