The issue focused on federal financial laws and financial institution reporting requirements. The Commission held that federal financial reporting requirements require financial institutions to treat financial reporting information as legitimate economic activity and not as economic activity for federal tax purposes. The Commission then explained that federal financial reporting requirements required financial institutions to treat financial reporting information as legitimate economic activity and not as economic activity for federal tax purposes. The Commission next explained that federal financial reporting requirements required financial institutions to treat financial reporting information as legitimate economic activity and not as economic activity for federal tax