For purposes of this subtitle, the annual accounting period for each insurance company subject to a tax imposed by this subchapter shall be the calendar year. Under regulations prescribed by the Secretary, an insurance company which joins in the filing of a consolidated return (or is required to so file) may adopt the taxable year of the common parent corporation even though such year is not a calendar year.
Mar. 13, 1956, ch. 83, § 4(a)70 Stat. 48Pub. L. 94–455, title XV, § 1507(b)(2)90 Stat. 1740(Added , ; amended , , .)
Editorial Notes
Amendments
Pub. L. 94–4551976— inserted provision permitting an insurance company which joins in the filing of a consolidated return to adopt the taxable year of the common parent corporation even though such year is not a calendar year.
Statutory Notes and Related Subsidiaries
Effective Date of 1976 Amendment
Pub. L. 94–455section 1507(c)(1) of Pub. L. 94–455section 1504 of this titleAmendment by applicable to taxable years beginning after , see , set out as a note under .
Effective Date
section 316 of this titleSection applicable only to taxable years beginning after , see Effective Date of 1956 Amendment note set out under .