When an affiliated group member borrows funds from a related affiliate
and invests them directly in exempt obligations, Sec.
Some of the 2002 proposed amendments to the foreign affiliate
rules were unexpected and could have had a significant effect on common transactions.
But when we become their affiliate
, the size of our market will change from south Bay to the full Bay-area (the fifth largest market), and we will have a lot more viewers," says Cornwell.
Section 23A limits the total value of transactions with any one affiliate
to 10 percent of the bank's capital and limits transactions with all affiliates
to 20 percent of capital.
The State Agency Affiliate
Reports are filled with comments about interagency terms, cooperative funding efforts, and provision of training to other agencies and service providers on the needs of individuals with deaf-blindness.
The first proposed change relates to certain transfers of shares of a foreign affiliate
within a non-arm's-length group.
In addition, an organization applying for exempt status may request (by separate written request submitted with its application for exemption recognition) a determination that it meets the requirements to be an affiliate
of a governmental unit and, thus, is excepted from filing Form 990.
The December draft proposal also expands the time period within which a taxpayer is required to file its affiliate
information to a date 15 months subsequent to the close of the taxpayer's year.
Thus, in TEI's view, the efficiency of the government's scrutiny of foreign affiliate
activities could be maintained or enhanced without imposing the significant additional reporting obligations contained in the draft legislation and Form.