interest
(1) General rule For purposes of subsection (a), the term “interest” means— (A) interest on any obligation— (i) issued in registered form, or (ii) of a type offered to the public, other than any obligation with a maturity (at issue) of not more than 1 year which is held by a corporation, (B) interest on deposits with persons carrying on the banking business, (C) amounts (whether or not designated as interest) paid by a mutual savings bank, savings and loan association, building and loan association, cooperative bank, homestead association, credit union, industrial loan association or bank, or similar organization, in respect of deposits, investment certificates, or withdrawable or repurchasable shares, (D) interest on amounts held by an insurance company under an agreement to pay interest thereon, (E) interest on deposits with brokers (as defined in section 6045(c) ), (F) interest paid on amounts held by investment companies (as defined in section 3 of the Investment Company Act of 1940 ( 15 U.S.C. 80a–3 )) and on amounts invested in other pooled funds or trusts, and (G) to the extent provided in regulations prescribed by the Secretary, any other interest (which is not described in paragraph (2)).
Source
26 USC § 6049(b)(1)
Scoping language
None identified, default scope is assumed to be the parent (subpart B) of this section.