26 U.S.C. § 594

Current through P.L. 118-106 (published on www.congress.gov on 10/04/2024)

Section 594 - Alternative tax for mutual savings banks conducting life insurance business

(a) Alternative tax

In the case of a mutual savings bank not having capital stock represented by shares, authorized under State law to engage in the business of issuing life insurance contracts, and which conducts a life insurance business in a separate department the accounts of which are maintained separately from the other accounts of the mutual savings bank, there shall be imposed in lieu of the tax imposed by section 11, a tax consisting of the sum of the partial taxes determined under paragraphs (1) and (2):

(1) A partial tax computed on the taxable income determined without regard to any items of gross income or deductions properly allocable to the business of the life insurance department, at the rates and in the manner as if this section had not been enacted; and

(2) a partial tax computed on the income of the life insurance department determined without regard to any items of gross income or deductions not properly allocable to such department, at the rates and in the manner provided in subchapter L (sec. 801 and following) with respect to life insurance companies.

(b) Limitations of section

Subsection (a) shall apply only if the life insurance department would, if it were treated as a separate corporation, qualify as a life insurance company under section 816.

26 U.S.C. § 594

Aug. 16, 1954, ch. 736, 68A Stat. 205; Mar. 13, 1956, ch. 83, §5(3), 70 Stat. 49; Pub. L. 98-369, div. A, title II, §211(b)(8), July 18, 1984, 98 Stat. 755; Pub. L. 115-97, §13001(b)(2)(E), Dec. 22, 2017, 131 Stat. 2096.

EDITORIAL NOTES

AMENDMENTS2017-Subsec. (a). Pub. L. 115-97 substituted "tax imposed by section 11" for "taxes imposed by section 11 or section 1201(a)" in introductory provisions.1984-Subsec. (b). Pub. L. 98-369 substituted "section 816" for "section 801". 1956-Subsec. (a)(2). Act Mar. 13, 1956, substituted "the income" for "the taxable income (as defined in section 803)".

STATUTORY NOTES AND RELATED SUBSIDIARIES

EFFECTIVE DATE OF 2017 AMENDMENT Amendment by Pub. L. 115-97 applicable to taxable years beginning after Dec. 31, 2017, see section 13001(c)(1) of Pub. L. 115-97, set out as a note under section 11 of this title.

EFFECTIVE DATE OF 1984 AMENDMENT Amendment by Pub. L. 98-369 applicable to taxable years beginning after Dec. 31, 1983, see section 215 of Pub. L. 98-369, set out as an Effective Date note under section 801 of this title.

EFFECTIVE DATE OF 1956 AMENDMENT Amendment by act Mar. 13, 1956, applicable only to taxable years beginning after Dec. 31, 1954, see section 6 of act Mar. 13, 1956, set out as a note under section 821 of this title.

State: The term "State" shall be construed to include the District of Columbia, where such construction is necessary to carry out provisions of this title.
corporation: The term "corporation" includes associations, joint-stock companies, and insurance companies.
stock: The term "stock" includes shares in an association, joint-stock company, or insurance company.