Wash. Admin. Code § 458-28-030 - Deductions
In arriving at income taxable to a city or town from activities of a place of business located therein, financial institutions may deduct from gross income:
(1) Dividends received
by a parent from a subsidiary corporation.
(2) Interest received on investments or loans
primarily secured by first mortgages or trust deeds on nontransient residential
properties.
(3) Interest received
on obligations of the state of Washington, its political subdivisions, and
municipal corporations. A deduction may also be taken for interest received on
direct obligations of the federal government, but not for interest attributable
to loans or other financial obligations on which the federal government is
merely a guarantor or insurer.
(4)
Gross proceeds from the sale or rental of real estate.
Notes
Order ET 72-1, § 458-28-030, filed 9/29/72.
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