(§ 11-641(f), Administrative Code)
As used herein, the following terms have these meanings:
Bank. The term "bank" means any banking corporation doing a banking business as defined in § 11-640 of the Administrative Code or any similar banking corporation not subject to tax pursuant to Part 4 of Subchapter 3 of Chapter 6 of Title 11 of the Administrative Code that is doing a banking business as defined in § 11-640 of the Administrative Code.
Corporation. The term "corporation" includes an association and a joint stock association.
Deposit. The term "deposit" means an IBF time deposit as defined in 12 C.F.R. § 204.8(a)(2).
Domestic. The term "domestic" when applied to a corporation or partnership means a corporation or partnership created or organized in the United States or under the Laws of the United States or of any state.
Domestic branch. The term "domestic branch" means any branch located in the United States.
Foreign. The term "foreign" when applied to a corporation or partnership means a corporation or partnership which is not domestic.
Foreign branch. The term "foreign branch" means any branch located outside the United States.
Foreign person. The term "foreign person" means:
(1) a nonresident individual;
(2) a foreign corporation, a foreign partnership or a foreign trust, other than a domestic branch thereof;
(3) a foreign branch of a domestic corporation;
(4) a foreign branch of the taxpayer;
(5) a foreign government or an international organization or an agency of either; or
(6) an international banking facility.
Foreign trust. The term "foreign trust" means a trust, the income of which, from sources without the United States which is not effectively connected with the conduct of a trade or business within the United States, is not includible in gross income for Federal income tax purposes.
Ineligible gross income. The term "ineligible gross income" means gross income (including gross income from interoffice transactions) of the IBF that is other than eligible gross income.
International organization. The term "international organization" means an organization as defined in section 7701(a)(18) of the Internal Revenue Code, an organization as described in section 204.125 of the Federal Reserve Board regulations, and the World Bank.
Loan. The term "loan" means any loan, whether the transaction is represented by a promissory note, security, acknowledgement of advance, due bill, repurchase agreement, or any other form of credit transaction, if the related asset is recorded in the financial accounts of the IBF.
Nonresident individual. The term "nonresident individual" means an individual who resides principally outside the United States at the time of the transaction.
Place of business. The term "place of business" means a branch or agency at which the taxpayer is carrying on its business in a regular and systematic manner and which is continuously maintained, occupied, and used by the taxpayer. For a taxpayer to be carrying on its business in a regular and systematic manner, its business must be conducted through its own employees who are regularly in attendance at such place of business during normal business hours. The occasional consummation of an isolated transaction does not constitute the carrying on of a business in a regular and systematic manner.
Resident individual. The term "resident individual" means an individual who resides principally within the Unites States at the time of the transaction.
Subsidiary. The term "subsidiary" means a corporation which is more than 50 percent owned or controlled, either directly or indirectly by another corporation.
United States. The term "United States" means the 50 states and the District of Columbia.
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