US Laws, Codes, Statutes & Cases

     290.093 Tax computation for mutual savings banks 
  conducting life insurance business. 

    Mutual savings banks as defined in section 594 of the 
 Internal Revenue Code are subject to a 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 for a 
 corporation not engaged in the business of issuing life 
 insurance contracts.  

    This section applies only if the life insurance department 
 would, if it were treated as a separate corporation, qualify as 
 a life insurance company under section 816 of the Internal 
 Revenue Code. 

    HIST: 1987 c 268 art 1 s 55; 1988 c 719 art 3 s 12; 1989 c 28 
 s 25; 1990 c 604 art 2 s 16; 1991 c 291 art 6 s 46; 1992 c 511 
 art 6 s 19; 1993 c 375 art 8 s 14; 1994 c 587 art 1 s 24; 
 1Sp2001 c 5 art 9 s 18 

Copyright 2005 by the Office of Revisor of Statutes, State of Minnesota.