The Federal Income Taxation of Financial Intermediaries, 94 Yale Law Journal 1603 (1975)
Financial intermediaries accumulate capital for reinvestment in debt
or equity claims against ultimate investors such as nonfinancial business
enterprises, governmental units, and purchasers of real property.
They are called intermediaries because they serve as middlemen between
suppliers of capital-more particularly savers, investors, depositors,
shareholders, policyholders, or beneficiaries-and investors in real
Date of Authorship for this Version
capital, tax treatment
Clark, Robert C., "The Federal Income Taxation of Financial Intermediaries" (1975). Faculty Scholarship Series. Paper 4408.