Definitions.

CFR · 2024-01-01 · US · Title 12

For the purposes of this part, the following definitions apply: (1) For purposes of this definition “company” means any corporation, limited liability company, business trust, general or limited partnership, proprietorship, cooperative, association, or similar organization. (2) A person has control over another person if: (i) The person directly or indirectly or acting through one or more other persons owns, controls, or has power to vote 25 percent or more of any class of voting securities or similar ownership interest of the other person; (ii) The person controls in any manner the election of a majority of the directors, trustees, members, or general partners of the other person; or (iii) The person directly or indirectly exercises a controlling influence over the management or policies of the other person. (1) A “fiscal year” is 12 consecutive months ending on the last day of any month except December 31. (2) A “calendar year” is 12 consecutive months ending on December 31. (3) A “tax year” is an annual accounting period for keeping records and reporting income and expenses, or, if appropriate, a short tax year. An annual accounting period does not include a short tax year. (4) A “short tax year” is a tax year of less than 12 months. (1) 12 U.S.C. 5481(15)(A) and is offered or provided for use by consumers primarily for personal, family, or household purposes; or (2) Clause (i), (iii), (ix), or (x) of 12 U.S.C. 5481(15)(A) and is delivered, offered, or provided in connecti

official document · source cfr-2024 · id 12:§ 1090.101