Ark. Code R. 26-51-440 - 6 (1997) - Subchapter M - Fasits - Prohibited Transactions

26-51-440 - 6 - Subchapter M - Fasits - Prohibited Transactions
26-51-440 - 5 - Subchapter M - Fasits - Taxation of Regular Interests26-51-440 - 7 - Subchapter M - Fasits - Transfers of Assets to Fasits

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).

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