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The Federal Income Taxation of Financial Intermediaries
Clark, Robert
Clark, Robert
Abstract
Financial intermediaries accumulate capital for reinvestment in debt or equity claims against ultimate investors such as nonfinancial business enterprises, governmental units, and purchasers of real property. They are called intermediaries because they serve as middlemen between suppliers of capital-more particularly savers, investors, depositors, shareholders, policyholders, or beneficiaries-and investors in real assets.