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

26-51-440 - 6 - Subchapter M - Fasits - Prohibited Transactions26-51-440 - 6 - Subchapter M - Fasits - Prohibited Transactions

26-51-440 - 5 - Subchapter M - Fasits - Taxation of Regular Interests 26-51-440 - 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).

Disclaimer. This may not be the most current version of this information. Users should consult official sources to verify information on this site is recent and current. Marble does not warrant or represent the accuracy, completeness or reliability of the information contained on this site.