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26 U.S.C. § 843 — Annual accounting period

Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 843 — Annual accounting period

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.

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Source location: Title 26, Chapter 1, § 843; chapter-001-normal-taxes-and-surtaxes.md

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 1504 — Definitions

**(a) Affiliated group defined** For purposes of this subtitle— (1) **In general** — The term “affiliated group” means— (A) 1 or more chains of includible corporations connected through stock ownership with a common parent corporation which is an includible corporation, but only if— (B) (i) the common parent owns directly stock meeting the requirements of paragraph (2) in at least 1 of the other includible corporations, and (ii) stock meeting the requirements of paragraph (2) in each of the includible corporations (except the common parent) is owned directly by 1 or more of the other includible corporations. (2) **80-percent voting and value test** — The ownership of stock of any corporation meets the requirements of this paragraph if it— (A) possesses at least 80 percent of the total voting power of the stock of such corporation, and (B) has a value equal to at least 80 percent of the total value of the stock of such corporation. (3) **5 years must elapse before reconsolidation** (A) *In general* — If— (i) a corporation is included (or required to be included) in a consolidated return filed by an affiliated group, and (ii) such corporation ceases to be a member of such group, with respect to periods after such cessation, such corporation (and any successor of such corporation) may not be included in any consolidated return filed by the affiliated group (or by another affiliated group with the same common parent or a successor of such common parent) before the 61st month beginning after its first taxable year in which it ceased to be a member of such affiliated group. (B) *Secretary may waive application of subparagraph (A)* — The Secretary may waive the application of subparagraph (A) to any corporation for any period subjec

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 316 — Dividend defined

**(a) General rule** For purposes of this subtitle, the term “dividend” means any distribution of property made by a corporation to its shareholders— (1) out of its earnings and profits accumulated after February 28, 1913, or (2) out of its earnings and profits of the taxable year (computed as of the close of the taxable year without diminution by reason of any distributions made during the taxable year), without regard to the amount of the earnings and profits at the time the distribution was made. Except as otherwise provided in this subtitle, every distribution is made out of earnings and profits to the extent thereof, and from the most recently accumulated earnings and profits. To the extent that any distribution is, under any provision of this subchapter, treated as a distribution of property to which section 301 applies, such distribution shall be treated as a distribution of property for purposes of this subsection. **(b) Special rules** (1) **Certain insurance company dividends** — The definition in subsection (a) shall not apply to the term “dividend” as used in subchapter L in any case where the reference is to dividends of insurance companies paid to policyholders as such. (2) **Distributions by personal holding companies** (A) In the case of a corporation which— (i) under the law applicable to the taxable year in which the distribution is made, is a personal holding company (as defined in section 542), or (ii) for the taxable year in respect of which the distribution is made under section 563(b) (relating to dividends paid after the close of the taxable year), or section 547 (relating to deficiency dividends), or the corresponding provisions of prior law, is a personal holding company under the law applicable to such taxable year, the t

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26 U.S.C. § 1 — Tax imposed

**(a) Married individuals filing joint returns and surviving spouses** There is hereby imposed on the taxable income of— (1) every married individual (as defined in section 7703) who makes a single return jointly with his spouse under section 6013, and (2) every surviving spouse (as defined in section 2(a)), a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $36,90015% of taxable income. Over $36,900 but not over $89,150$5,535, plus 28% of the excess over $36,900. Over $89,150 but not over $140,000$20,165, plus 31% of the excess over $89,150. Over $140,000 but not over $250,000$35,928.50, plus 36% of the excess over $140,000. Over $250,000$75,528.50, plus 39.6% of the excess over $250,000. **(b) Heads of households** There is hereby imposed on the taxable income of every head of a household (as defined in section 2(b)) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $29,60015% of taxable income. Over $29,600 but not over $76,400$4,440, plus 28% of the excess over $29,600. Over $76,400 but not over $127,500$17,544, plus 31% of the excess over $76,400. Over $127,500 but not over $250,000$33,385, plus 36% of the excess over $127,500. Over $250,000$77,485, plus 39.6% of the excess over $250,000. **(c) Unmarried individuals (other than surviving spouses and heads of households)** There is hereby imposed on the taxable income of every individual (other than a surviving spouse as defined in section 2(a) or the head of a household as defined in section 2(b)) who is not a married individual (as defined in section 7703) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $22,10015% of taxable income. Over $22,100 but not over $53,50

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 843 — Annual accounting period

Page 1944 TITLE 26—INTERNAL REVENUE CODE § 843 former par. (1). Prior to amendment, text of par. (1) read as follows: ‘‘In the case of a foreign company tax- able under part I, subsection (b) shall be applied before computing the small life insurance company deduc- tion.’’ 2004—Subsec. (c)(3), (4). Pub. L. 108–218 redesignated par. (4) as (3) and struck out heading and text of former par. (3). Text read as follows: ‘‘For purposes of section 809, the equity base of any foreign mutual life insur- ance company as of the close of any taxable year shall be increased by the excess of— ‘‘(A) the required United States assets of the com- pany (determined under subsection (b)(2)), over ‘‘(B) the mean of the assets held in the United States during the taxable year.’’ 1989—Subsec. (c)(4). Pub. L. 101–239 substituted ‘‘yields’’ for ‘‘yeilds’’ in heading. 1988—Subsec. (b)(3)(B). Pub. L. 100–647, § 2004(q)(2)(A), struck out ‘‘held for the production of such income’’ after ‘‘same companies’’. Subsec. (b)(4)(B)(ii). Pub. L. 100–647, § 2004(q)(2)(B), struck out ‘‘held for the production of investment in- come’’ after ‘‘United States)’’. Subsec. (d)(4). Pub. L. 100–647, § 2004(q)(3), added par. (4). 1987—Pub. L. 100–203 substituted ‘‘companies’’ for ‘‘corporations’’ in section catchline and amended text generally. Prior to amendment, text read as follows: ‘‘If a foreign corporation carrying on an insurance business within the United States would qualify under part I or II of this subchapter for the taxable year if (without re- gard to income not effectively connected with the con- duct of any trade or business within the United States) it were a domestic corporation, such corporation shall be taxable under such part on its income effectively connected with its co

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