Paul A. Thomas
Guest
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 Posted:
Thu Oct 20, 2005 9:26 pm Post subject:
Re: what is a "nonfinancial business"? |
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"123go" <rejecto@rejcet.ccc> wrote
| Quote: | 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?
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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@bellsouth.net
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