### Question
How does the law define specified financial institution payment?


### Answer
Under *26 U.S.C. § 1474*, **specified financial institution payment** is defined as:

> any payment if the beneficial owner of such payment is a foreign financial institution

#### Citation:
  - *26 U.S.C. § 1474*
  - Heading: **Subtitle A-Income Taxes > CHAPTER 4-TAXES TO ENFORCE REPORTING ON CERTAIN FOREIGN ACCOUNTS**

