### Question
What does specified financial institution payment mean?


### Answer
**Specified financial institution payment** has the following meaning in *26 U.S.C. § 1474*:

> 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**

