"123go" <rejecto[at]rejcet.ccc> wrote

- quote -

That would be a real estate business.

Financial businesses would most likely entail all those
businesses that fit under the NAICS as a financial entity.
Banks and credit unions, other lenders, securities dealers
and brokers, and insurance related entities.

Everyone else is a "non" financial business.

Of course, Congress is free to change my mind any time it
feels like it.

--
Paul A. Thomas, CPA
Athens, Georgia
paulthomascpapc[at]bellsouth.net

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >

One of the proposals for tax reform is to not allow interest
deductions for "nonfinancial businesses". Where is this
term defined? Is a company with the sole purpose of owning
and leasing property a "financial" or a "nonfinancial"
business?

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >