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Post details: West Virginia --Corporate Income, Franchise Taxes: Deduction Allowed for Loans Secured by Nonresidential Collateral, Construction Loans
07/11/08
West Virginia --Corporate Income, Franchise Taxes: Deduction Allowed for Loans Secured by Nonresidential Collateral, Construction Loans
CCH (cch.taxgroup.com) reports:
A West Virginia commercial bank was entitled to a deduction allowance in computing corporation net income and business franchise tax liability for the entire amount of mortgage loan obligations because the bank satisfied its burden of proof by showing that the loans for which it obtained additional nonresidential collateral were primarily secured by state residential property occupied by nontransients. The bank was also entitled to rely on a Technical Assistance Advisory (TAA) in claiming a deduction allowance for construction loans secured by unoccupied residential property. The bank was not entitled to a deduction allowance for Small Business Administration (SBA) and United States Department of Agriculture (USDA) loans because the bank never filed a petition for refund and, even if it had filed a petition, the loans did not qualify as exempt U.S. obligations under West Virginia law.
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