Several banks are expected to be adversely affected by an Internal Revenue Service ruling last week that closed a tax loophole on a new security.

The security, known as step-down real estate investment preferred, died an early death after the IRS ruling last Thursday.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.