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26 U.S.C. § 4371 — Imposition of tax
Federal law — U.S. Code and appendices · legal_authorities
There is hereby imposed, on each policy of insurance, indemnity bond, annuity contract, or policy of reinsurance issued by any foreign insurer or reinsurer, a tax at the following rates:
(1) **Casualty insurance and indemnity bonds** — 4 cents on each dollar, or fractional part thereof, of the premium paid on the policy of casualty insurance or the indemnity bond, if issued to or for, or in the name of, an insured as defined in section 4372(d);
(2) **Life insurance, sickness, and accident policies, and annuity contracts** — 1 cent on each dollar, or fractional part thereof, of the premium paid on the policy of life, sickness, or accident insurance, or annuity contract; and
(3) **Reinsurance** — 1 cent on each dollar, or fractional part thereof, of the premium paid on the policy of reinsurance covering any of the contracts taxable under paragraph (1) or (2).
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Stable record: federal_law:legal_authorities:record_usc_2c1abf321d7dc9b7daf1c6ea
Source file: Laws/federal/codes/united-states-code/title-26/section-4371-imposition-of-tax--fdbba223cb.md
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Source location: Title 26, Chapter 34, § 4371; chapter-034-taxes-on-certain-insurance-policies.md
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There is hereby imposed, on each policy of insurance, indemnity bond, annuity contract, or policy of reinsurance issued by any foreign insurer or reinsurer, a tax at the following rates:
(1) **Casualty insurance and indemnity bonds** — 4 cents on each dollar, or fractional part thereof, of the premium paid on the policy of casualty insurance or the indemnity bond, if issued to or for, or in the name of, an insured as defined in section 4372(d);
(2) **Life insurance, sickness, and accident policies, and annuity contracts** — 1 cent on each dollar, or fractional part thereof, of the premium paid on the policy of life, sickness, or accident insurance, or annuity contract; and
(3) **Reinsurance** — 1 cent on each dollar, or fractional part thereof, of the premium paid on the policy of reinsurance covering any of the contracts taxable under paragraph (1) or (2).
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Life insurance company defined** For purposes of this subtitle, the term “life insurance company” means an insurance company which is engaged in the business of issuing life insurance and annuity contracts (either separately or combined with accident and health insurance), or noncancellable contracts of health and accident insurance, if—
(1) its life insurance reserves (as defined in subsection (b)), plus
(2) unearned premiums, and unpaid losses (whether or not ascertained), on noncancellable life, accident, or health policies not included in life insurance reserves,
comprise more than 50 percent of its total reserves (as defined in subsection (c)). For purposes of the preceding sentence, the term “insurance company” means any company more than half of the business of which during the taxable year is the issuing of insurance or annuity contracts or the reinsuring of risks underwritten by insurance companies.
**(b) Life insurance reserves defined**
(1) **In general** — For purposes of this part, the term “life insurance reserves” means amounts—
(A) which are computed or estimated on the basis of recognized mortality or morbidity tables and assumed rates of interest, and
(B) which are set aside to mature or liquidate, either by payment or reinsurance, future unaccrued claims arising from life insurance, annuity, and noncancellable accident and health insurance contracts (including life insurance or annuity contracts combined with noncancellable accident and health insurance) involving, at the time with respect to which the reserve is computed, life, accident, or health contingencies.
(2) **Reserves must be required by law** — Except—
(A) in the case of policies covering life, accident, and health insurance combined in one policy issued on the weekly pr
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 816
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Tax imposed** A tax is hereby imposed for each taxable year on the life insurance company taxable income of every life insurance company. Such tax shall consist of a tax computed as provided in section 11 as though the life insurance company taxable income were the taxable income referred to in section 11.
**(b) Life insurance company taxable income** For purposes of this part, the term “life insurance company taxable income” means—
(1) life insurance gross income, reduced by
(2) life insurance deductions.
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 801
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Federal law — U.S. Code and appendices · legal_authorities
**(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
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1
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Federal law — U.S. Code and appendices · legal_authorities
The tax imposed by this chapter shall be paid, on the basis of a return, by any person who makes, signs, issues, or sells any of the documents and instruments subject to the tax, or for whose use or benefit the same are made, signed, issued, or sold. The United States or any agency or instrumentality thereof shall not be liable for the tax.
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 4374
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** In the case of the acquisition of assets of a corporation by another corporation—
(1) in a distribution to such other corporation to which section 332 (relating to liquidations of subsidiaries) applies; or
(2) in a transfer to which section 361 (relating to nonrecognition of gain or loss to corporations) applies, but only if the transfer is in connection with a reorganization described in subparagraph (A), (C), (D), (F), or (G) of section 368(a)(1),
the acquiring corporation shall succeed to and take into account, as of the close of the day of distribution or transfer, the items described in subsection (c) of the distributor or transferor corporation, subject to the conditions and limitations specified in subsections (b) and (c). For purposes of the preceding sentence, a reorganization shall be treated as meeting the requirements of subparagraph (D) or (G) of section 368(a)(1) only if the requirements of subparagraphs (A) and (B) of section 354(b)(1) are met.
**(b) Operating rules** Except in the case of an acquisition in connection with a reorganization described in subparagraph (F) of section 368(a)(1)—
(1) The taxable year of the distributor or transferor corporation shall end on the date of distribution or transfer.
(2) For purposes of this section, the date of distribution or transfer shall be the day on which the distribution or transfer is completed; except that, under regulations prescribed by the Secretary, the date when substantially all of the property has been distributed or transferred may be used if the distributor or transferor corporation ceases all operations, other than liquidating activities, after such date.
(3) The corporation acquiring property in a distribution or transfer described in subsection (a) shall not be entitle
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 381
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Diesel fuel and special motor fuels**
(1) **Tax on diesel fuel and kerosene in certain cases**
(A) *In general* — There is hereby imposed a tax on any liquid other than gasoline (as defined in section 4083)—
(i) sold by any person to an owner, lessee, or other operator of a diesel-powered highway vehicle or a diesel-powered train for use as a fuel in such vehicle or train, or
(ii) used by any person as a fuel in a diesel-powered highway vehicle or a diesel-powered train unless there was a taxable sale of such fuel under clause (i).
(B) *Exemption for previously taxed fuel* — No tax shall be imposed by this paragraph on the sale or use of any liquid if tax was imposed on such liquid under section 4081 (other than such tax at the Leaking Underground Storage Tank Trust Fund financing rate) and the tax thereon was not credited or refunded.
(C) *Rate of tax*
(i) *In general* — Except as otherwise provided in this subparagraph, the rate of the tax imposed by this paragraph shall be the rate of tax specified in section 4081(a)(2)(A) on diesel fuel which is in effect at the time of such sale or use.
(ii) *Rate of tax on trains* — In the case of any sale for use, or use, of diesel fuel in a train, the rate of tax imposed by this paragraph shall be—
(I) 3.3 cents per gallon after December 31, 2004, and before July 1, 2005,
(II) 2.3 cents per gallon after June 30, 2005, and before January 1, 2007, and
(III) 0 after December 31, 2006.
(iii) *Rate of tax on certain buses*
(I) *In general* — Except as provided in subclause (II), in the case of fuel sold for use or used in a use described in section 6427(b)(1) (after the application of section 6427(b)(3)), the rate of tax imposed by this paragraph shall be 7.3 cents
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 4041
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Federal law — U.S. Code and appendices · legal_authorities
**(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
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 316
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Federal law — U.S. Code and appendices · legal_authorities
Page 2968
TITLE 26—INTERNAL REVENUE CODE
§ 4371
A prior section 4332, acts Aug. 16, 1954, ch. 736, 68A
Stat. 516; Jan. 28, 1956, ch. 19, 70 Stat. 9; Sept. 2, 1958,
Pub. L. 85–859, title I, § 141(a), 72 Stat. 1296, granted ex-
emptions in the case of transfers and sales by brokers
and installment purchases of obligations and made ref-
erence to other exemptions listed in other sections.
A prior section 4333, acts Aug. 16, 1954, ch. 736, 68A
Stat. 516; Sept. 2, 1958, Pub. L. 85–859, title I, § 141(a), 72
Stat. 1296, made cross references to other sections and
subtitles for definitions, penalties, and other general
and administrative provisions.
A prior section 4341, acts Aug. 16, 1954, ch. 736, 68A
Stat. 517; Sept. 2, 1958, Pub. L. 85–859, title I, § 141(a), 72
Stat. 1297, granted an exemption from the imposition of
the tax under sections 4321 and 4331 in the case of trans-
fers as collateral security and as security for perform-
ance.
A prior section 4342, acts Aug. 16, 1954, ch. 736, 68A
Stat. 517; Sept. 2, 1958, Pub. L. 85–859, title I, § 141(a), 72
Stat. 1297, granted exemptions in the case of delivery or
transfer of instruments by a fiduciary to his nominee
or between nominees or by a custodian.
A prior section 4343, acts Aug. 16, 1954, ch. 736, 68A
Stat. 517; Sept. 2, 1958, Pub. L. 85–859, title I, § 141(a), 72
Stat. 1297, provided that taxes imposed by sections 4321
and 4331 would not apply in specified cases involving
decedents, minors, incompetents, financial institu-
tions, bankrupts, successors, foreign governments and
aliens, trustees, and survivors.
A prior section 4344, Pub. L. 85–859, title I, § 141(a),
Sept. 2, 1958, 72 Stat. 1298, made provision for an exemp-
tion from tax in the case of specified loan transactions,
worthless sto
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 4371
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