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26 U.S.C. § 1562 — Repealed. Pub. L. 91–172, title IV, § 401(a)(2), Dec. 30, 1969, 83 Stat. 600]
Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section, added Pub. L. 88–272, title II, § 235(a), Feb. 26, 1964, 78 Stat. 117, amended Pub. L. 91–172, title IV, § 401(b)(2)(A), Dec. 30, 1969, 83 Stat. 602, set limits on the privilege of groups to elect multiple surtax exemptions.
#### Effective Date of Repeal
Repeal applicable with respect to taxable years beginning after Dec. 31, 1974, see section 401(h)(1) of Pub. L. 91–172, set out as an Effective Date of 1969 Amendment note under [section 1561 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section1561&num=0&edition=prelim).
#### Retroactive Termination of Elections
Pub. L. 91–172, title IV, § 401(g), Dec. 30, 1969, 83 Stat. 604, authorized an affiliated group of corporations making a consolidated return for the taxable year which included Dec. 31, 1970, to terminate the election under [section 1562 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section1562&num=0&edition=prelim) with respect to any prior Dec. 31 which was included in a taxable year of any such corporations from which there was a net operating loss carryover to the 1970 consolidated return year and provided that the termination of such election was to be valid only if in accord with subsecs. (c)(1) and (e) of [section 1562 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section1562&num=0&edition=prelim) other than the requirement of making the termination prior to the expiration of the 3 year period specified in subsec. (e) of [section 1562 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section1562&num=0&edition=prelim).
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Source file: Laws/federal/codes/united-states-code/title-26/section-1562-repealed-pub-l-91172-title-iv-401-a-2-dec-30-1969-83-stat-600--da1d7600cf.md
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Source location: Title 26, Chapter 6, § 1562; chapter-006-consolidated-returns.md
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### Statutory Notes
Section, added Pub. L. 88–272, title II, § 235(a), Feb. 26, 1964, 78 Stat. 117, amended Pub. L. 91–172, title IV, § 401(b)(2)(A), Dec. 30, 1969, 83 Stat. 602, set limits on the privilege of groups to elect multiple surtax exemptions.
#### Effective Date of Repeal
Repeal applicable with respect to taxable years beginning after Dec. 31, 1974, see section 401(h)(1) of Pub. L. 91–172, set out as an Effective Date of 1969 Amendment note under [section 1561 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section1561&num=0&edition=prelim).
#### Retroactive Termination of Elections
Pub. L. 91–172, title IV, § 401(g), Dec. 30, 1969, 83 Stat. 604, authorized an affiliated group of corporations making a consolidated return for the taxable year which included Dec. 31, 1970, to terminate the election under [section 1562 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section1562&num=0&edition=prelim) with respect to any prior Dec. 31 which was included in a taxable year of any such corporations from which there was a net operating loss carryover to the 1970 consolidated return year and provided that the termination of such election was to be valid only if in accord with subsecs. (c)(1) and (e) of [section 1562 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section1562&num=0&edition=prelim) other than the requirement of making the termination prior to the expiration of the 3 year period specified in subsec. (e) of [section 1562 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section1562&num=0&edition=prelim).
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** The component members of a controlled group of corporations on a December 31 shall, for their taxable years which include such December 31, be limited for purposes of this subtitle to one $250,000 ($150,000 if any component member is a corporation described in section 535(c)(2)(B)) amount for purposes of computing the accumulated earnings credit under section 535(c)(2) and (3). Such amount shall be divided equally among the component members of such group on such December 31 unless the Secretary prescribes regulations permitting an unequal allocation of such amount.
**(b) Certain short taxable years** If a corporation has a short taxable year which does not include a December 31 and is a component member of a controlled group of corporations with respect to such taxable year, then for purposes of this subtitle, the amount to be used in computing the accumulated earnings credit under section 535(c)(2) and (3) of such corporation for such taxable year shall be the amount specified in subsection (a) with respect to such group, divided by the number of corporations which are component members of such group on the last day of such taxable year. For purposes of the preceding sentence, section 1563(b) shall be applied as if such last day were substituted for December 31.
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1561
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Federal law — U.S. Code and appendices · legal_authorities
Page 2558
TITLE 26—INTERNAL REVENUE CODE
[§ 1562
1969—Pub. L. 91–172 provided, with respect to taxable
years beginning after Dec. 31, 1974, that a controlled
group of corporations is limited to one $25,000 surtax
exemption under section 11(d), one $100,000 amount for
purposes of computing the accumulated earnings credit
under section 535(c)(2) and (3), and one $25,000 amount
for purposes of computing the limitation on the small
business deduction of life insurance companies under
sections 804(a)(4) and 809(d)(10).
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 2017 AMENDMENT
Amendment by section 12001(b)(16) of Pub. L. 115–97
applicable to taxable years beginning after Dec. 31,
2017, see section 12001(c) of Pub. L. 115–97, set out as a
note under section 11 of this title.
Amendment by section 13001(b)(6)(A) of Pub. L. 115–97
applicable to transfers made after Dec. 31, 2017, see sec-
tion 13001(c)(3) of Pub. L. 115–97, set out as a note under
section 11 of this title.
EFFECTIVE DATE OF 2014 AMENDMENT
Amendment by Pub. L. 113–295 effective Dec. 19, 2014,
subject to a savings provision, see section 221(b) of Pub.
L. 113–295, set out as a note under section 1 of this title.
EFFECTIVE DATE OF 1996 AMENDMENT
Amendment by Pub. L. 104–188 effective as if included
in the provision of the Revenue Reconciliation Act of
1993, Pub. L. 103–66, §§ 13001–13444, to which such amend-
ment relates, see section 1703(o) of Pub. L. 104–188, set
out as a note under section 39 of this title.
EFFECTIVE DATE OF 1988 AMENDMENT
Amendment by Pub. L. 100–647 effective, except as
otherwise provided, as if included in the provisions of
the Revenue Act of 1987, Pub. L. 100–203, title X, to
which such amendment relates, see section 2004(u) of
Pub. L. 100–647, s
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 1562
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