6.26 Ark. Code R. § 440 - Subchapter M - FASITs - Prohibited Transactions
In order to ensure that FASITs are not used for purposes other than securitization, a 100% federal excise tax is imposed on any income not related to securitization (that is, income derived from prohibited transactions). Prohibited transactions are specifically set forth at IRC Sec. 860L(e)(1)&(2).
Notes
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