2017 US Code
Title 26 - Internal Revenue Code
Subtitle A - Income Taxes
Chapter 1 - Normal Taxes and Surtaxes
Subchapter H - Banking Institutions
Part II - Mutual Savings Banks, Etc.
Sec. 594 - Alternative tax for mutual savings banks conducting life insurance business
| 26 U.S.C. § 594 (2017) |
| §594. Alternative tax for mutual savings banks conducting life insurance business |
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(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. 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. |
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(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, title I, §13001(b)(2)(E), Dec. 22, 2017, 131 Stat. 2096.) |
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AMENDMENTS
2017—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)". EFFECTIVE DATE OF 2017 AMENDMENTAmendment 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 AMENDMENTAmendment 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 AMENDMENTAmendment 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. |
| United States Code, 2012 Edition, Supplement 5, Title 26 - INTERNAL REVENUE CODE |
| Bills and Statutes |
| United States Code |
| Y 1.2/5: |
| Title 26 - INTERNAL REVENUE CODE Subtitle A - Income Taxes CHAPTER 1 - NORMAL TAXES AND SURTAXES Subchapter H - Banking Institutions PART II - MUTUAL SAVINGS BANKS, ETC. Sec. 594 - Alternative tax for mutual savings banks conducting life insurance business |
| section 594 |
| 2017 |
| January 12, 2018 |
| No |
| standard |
| 70 Stat. 49 98 Stat. 755 131 Stat. 2096 |
| Public Law 98-369, Public Law 115-97 |
