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Measuring Commercial Bank Profitability : Proceed With Caution

Author: R Alton Gilbert; David C Wheelock; Inter-university Consortium for Political and Social Research.
Publisher: Ann Arbor, Mich. : Inter-university Consortium for Political and Social Research [distributor], 2007.
Series: ICPSR (Series), 21301.
Edition/Format:   Computer file : EnglishView all editions and formats
Database:WorldCat
Summary:
The federal tax code creates challenges for comparing the profit rates of different banks on a consistent basis. The earnings of banks that elect to operate under subchapter S of the federal tax code are not subject to federal corporate income tax, but shareholders of these "S-banks" are taxed on their pro rata share of the entire earnings of the bank. The number of banks electing subchapter S tax treatment has  Read more...
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Material Type: Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: R Alton Gilbert; David C Wheelock; Inter-university Consortium for Political and Social Research.
OCLC Number: 190872099
Notes: Title from ICPSR DDI metadata of 2008-01-04.
Details: Mode of access: Intranet.
Series Title: ICPSR (Series), 21301.
Responsibility: R. Alton Gilbert, David C. Wheelock.

Abstract:

The federal tax code creates challenges for comparing the profit rates of different banks on a consistent basis. The earnings of banks that elect to operate under subchapter S of the federal tax code are not subject to federal corporate income tax, but shareholders of these "S-banks" are taxed on their pro rata share of the entire earnings of the bank. The number of banks electing subchapter S tax treatment has increased rapidly, especially among small banks. The authors use estimates of the federal corporate income tax that S-banks would pay if they were subject to the tax to show that the difference in the tax treatment of S-banks and other banks has a large impact on measures of United States banking system profitability. Further, the article shows that adjustment of S-bank earnings by estimates of federal income taxes to make them comparable with the earnings of other banks can markedly affect conclusions of studies that use net income as a measure of performance. Finally, the article shows that S-banks (even after their earnings are reduced by estimated federal taxes) tend to out-earn their peers. S-banks also tend to have higher earnings rates than their peers in the year before they elect S-bank status.... Cf.: http://dx.doi.org/10.3886/ICPSR21301

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