Under the legal conditions getting exclusion, this isn’t sufficient the taxpayer’s financial investments was basically “financing protected of the home loan regarding a home
New Administrator explicitly conceded within the a closing dispute toward Board one to that loan secure of the financial out-of *702 a property marketed straight from Financial A towards Bank B could well be deductible in order to Bank B. Once we find no factor in material on the Bank’s attitude, as well as the quantity of chance on it in addition to weight out of financing government duties, certainly one of a mortgage loan granted in person from the taxpayer, a mortgage acquired within its totality directly from another home loan lender, and you will an undivided helpful need for a share regarding mortgages gotten of the taxpayer, we concur with the Panel that the taxpayer’s opportunities inside the pass-using permits have been their loans covered because of the mortgage from actual property. In the event the, once the Administrator ways, the addition of the expression “its” to your statute ways a legislative intent to need ownership and you may control since a diploma to have exemption, we feel one legislative intent was met by a depend on plan not as much as that the taxpayer, as a playing equitable owner of one’s home mortgage, were able to use command over brand new funds through a good trustee.
According to a plain and you will ordinary understanding of different provision within G.L.c. 63, § 11, i finish your taxpayer is permitted subtract the newest wide variety they got committed to solution-through licenses regarding “an average amount of their deposits or of the savings profile and you can show capital” inside calculating its excise tax to have 1983 and you can 1984.