### Question
Can you define what financial institution means?


### Answer
**Financial institution** is defined as the following in *26 U.S.C. § 265*:

> any person who—



(A) accepts deposits from the public in the ordinary course of such person's trade or business, and is subject to Federal or State supervision as a financial institution, or



(B) is a corporation described in section 585(a)(2)

#### Citation:
  - *26 U.S.C. § 265*
  - Heading: **Subtitle A-Income Taxes > CHAPTER 1-NORMAL TAXES AND SURTAXES > Subchapter B-Computation of Taxable Income > PART IX-ITEMS NOT DEDUCTIBLE**

