26 U.S.C. § 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.

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, 198498 Stat. 755 Pub. L. 115–97, title I, § 13001(b)(2)(E)Dec. 22, 2017131 Stat. 2096(, ; , ; , , ; , , .)

Editorial Notes

Amendments

Pub. L. 115–972017—Subsec. (a). substituted “tax imposed by section 11” for “taxes imposed by section 11 or section 1201(a)” in introductory provisions.

Pub. L. 98–3691984—Subsec. (b). substituted “section 816” for “section 801”.

Mar. 13, 19561956—Subsec. (a)(2). Act , substituted “the income” for “the taxable income (as defined in section 803)”.

Statutory Notes and Related Subsidiaries

Effective Date of 2017 Amendment

Pub. L. 115–97Dec. 31, 2017section 13001(c)(1) of Pub. L. 115–97 section 11 of this titleAmendment by applicable to taxable years beginning after , see , set out as a note under .

Effective Date of 1984 Amendment

Pub. L. 98–369Dec. 31, 1983section 215 of Pub. L. 98–369 section 801 of this titleAmendment by applicable to taxable years beginning after , see , set out as an Effective Date note under .

Effective Date of 1956 Amendment

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