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26 U.S.C. § 1201 — Repealed. Pub. L. 115–97, title I, § 13001(b)(2)(A), Dec. 22, 2017, 131 Stat. 2096]

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

26 U.S.C. § 1201 — Repealed. Pub. L. 115–97, title I, § 13001(b)(2)(A), Dec. 22, 2017, 131 Stat. 2096]

### Statutory Notes Section, Aug. 16, 1954, ch. 736, 68A Stat. 320; Mar. 13, 1956, ch. 83, § 5(7), 70 Stat. 49; Pub. L. 86–69, § 3(f)(2), June 25, 1959, 73 Stat. 140; Pub. L. 87–834, § 8(g)(3), Oct. 16, 1962, 76 Stat. 999; Pub. L. 91–172, title V, § 511(b), Dec. 30, 1969, 83 Stat. 635; Pub. L. 94–455, title XIX, § 1901(a)(135), (b)(33)(L), Oct. 4, 1976, 90 Stat. 1786, 1801; Pub. L. 95–600, title IV, §§ 401(a), 403(a), (b), Nov. 6, 1978, 92 Stat. 2866, 2868; Pub. L. 96–222, title I, § 104(a)(2)(B), (3)(A), Apr. 1, 1980, 94 Stat. 214, 215; Pub. L. 98–369, div. A, title II, § 211(b)(16), July 18, 1984, 98 Stat. 756; Pub. L. 99–514, title III, § 311(a), title X, § 1024(c)(14), Oct. 22, 1986, 100 Stat. 2219, 2408; Pub. L. 100–647, title I, § 1003(c)(1), title II, § 2004(l), Nov. 10, 1988, 102 Stat. 3384, 3606; Pub. L. 103–66, title XIII, § 13221(c)(2), Aug. 10, 1993, 107 Stat. 477; Pub. L. 104–188, title I, § 1703(f), Aug. 20, 1996, 110 Stat. 1876; Pub. L. 105–34, title III, § 314(a), Aug. 5, 1997, 111 Stat. 842; Pub. L. 110–234, title XV, § 15311(a), May 22, 2008, 122 Stat. 1502; Pub. L. 110–246, § 4(a), title XV, § 15311(a), June 18, 2008, 122 Stat. 1664, 2264; Pub. L. 114–113, div. Q, title III, § 334(a), Dec. 18, 2015, 129 Stat. 3108, related to alternative tax for corporations. #### Effective Date of Repeal Repeal applicable to taxable years beginning after Dec. 31, 2017, see section 13001(c)(1) of Pub. L. 115–97, set out as an Effective Date of 2017 Amendment note under [section 11 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section11&num=0&edition=prelim). #### Extension of Special Rule Relating to Qualified Timber Gain Pub. L. 115–123, div. D, title I, § 40310, Feb. 9, 2018, 132 Stat. 147, provided that: “For purposes of app

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Source location: Title 26, Chapter 1, § 1201; chapter-001-normal-taxes-and-surtaxes.md

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

26 U.S.C. § 11 — Tax imposed

**(a) Corporations in general** A tax is hereby imposed for each taxable year on the taxable income of every corporation. **(b) Amount of tax** The amount of the tax imposed by subsection (a) shall be 21 percent of taxable income. **(c) Exceptions** Subsection (a) shall not apply to a corporation subject to a tax imposed by— (1) section 594 (relating to mutual savings banks conducting life insurance business), (2) subchapter L (sec. 801 and following, relating to insurance companies), or (3) subchapter M (sec. 851 and following, relating to regulated investment companies and real estate investment trusts). **(d) Foreign corporations** In the case of a foreign corporation, the taxes imposed by subsection (a) and section 55 shall apply only as provided by section 882.

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26 U.S.C. § 3 — Tax tables for individuals

**(a) Imposition of tax table tax** (1) **In general** — In lieu of the tax imposed by section 1, there is hereby imposed for each taxable year on the taxable income of every individual— (A) who does not itemize his deductions for the taxable year, and (B) whose taxable income for such taxable year does not exceed the ceiling amount, a tax determined under tables, applicable to such taxable year, which shall be prescribed by the Secretary and which shall be in such form as he determines appropriate. In the table so prescribed, the amounts of the tax shall be computed on the basis of the rates prescribed by section 1. (2) **Ceiling amount defined** — For purposes of paragraph (1), the term “ceiling amount” means, with respect to any taxpayer, the amount (not less than $20,000) determined by the Secretary for the tax rate category in which such taxpayer falls. (3) **Authority to prescribe tables for taxpayers who itemize deductions** — The Secretary may provide that this section shall apply also for any taxable year to individuals who itemize their deductions. Any tables prescribed under the preceding sentence shall be on the basis of taxable income. **(b) Section inapplicable to certain individuals** This section shall not apply to— (1) an individual making a return under section 443(a)(1) for a period of less than 12 months on account of a change in annual accounting period, and (2) an estate or trust. **(c) Tax treated as imposed by section 1** For purposes of this title, the tax imposed by this section shall be treated as tax imposed by section 1. **(d) Taxable income** Whenever it is necessary to determine the taxable income of an individual to whom this section applies, the taxable income shall be determined under section 63. **(e) Cross reference**

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

26 U.S.C. § 55 — Alternative minimum tax imposed

**(a) General rule** There is hereby imposed (in addition to any other tax imposed by this subtitle) a tax equal to the excess (if any) of— (1) the tentative minimum tax for the taxable year, over (2) the regular tax for the taxable year plus, in the case of an applicable corporation, the tax imposed by section 59A. **(b) Tentative minimum tax** For purposes of this part— (1) **Noncorporate taxpayers** — In the case of a taxpayer other than a corporation— (A) *In general* — The tentative minimum tax for the taxable year is the sum of— (i) 26 percent of so much of the taxable excess as does not exceed $175,000, plus (ii) 28 percent of so much of the taxable excess as exceeds $175,000. The amount determined under the preceding sentence shall be reduced by the alternative minimum tax foreign tax credit for the taxable year. (B) *Taxable excess* — For purposes of this subsection, the term “taxable excess” means so much of the alternative minimum taxable income for the taxable year as exceeds the exemption amount. (C) *Married individual filing separate return* — In the case of a married individual filing a separate return, subparagraph (A) shall be applied by substituting 50 percent of the dollar amount otherwise applicable under clause (i) and clause (ii) thereof. For purposes of the preceding sentence, marital status shall be determined under section 7703. (D) *Alternative minimum taxable income* — The term “alternative minimum taxable income” means the taxable income of the taxpayer for the taxable year— (i) determined with the adjustments provided in section 56 and section 58, and (ii) increased by the amount of the items of tax preference described in section 57. If a taxpayer is subject to the regular tax, such taxpayer shal

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26 U.S.C. § 852 — Taxation of regulated investment companies and their shareholders

**(a) Requirements applicable to regulated investment companies** The provisions of this part (other than subsection (c) of this section) shall not be applicable to a regulated investment company for a taxable year unless— (1) the deduction for dividends paid during the taxable year (as defined in section 561, but without regard to capital gain dividends) equals or exceeds the sum of— (A) 90 percent of its investment company taxable income for the taxable year determined without regard to subsection (b)(2)(D); and (B) 90 percent of the excess of (i) its interest income excludable from gross income under section 103(a) over (ii) its deductions disallowed under sections 265 and 171(a)(2), and (2) either— (A) the provisions of this part applied to the investment company for all taxable years ending on or after November 8, 1983, or (B) as of the close of the taxable year, the investment company has no earnings and profits accumulated in any taxable year to which the provisions of this part (or the corresponding provisions of prior law) did not apply to it. The Secretary may waive the requirements of paragraph (1) for any taxable year if the regulated investment company establishes to the satisfaction of the Secretary that it was unable to meet such requirements by reason of distributions previously made to meet the requirements of section 4982. **(b) Method of taxation of companies and shareholders** (1) **Imposition of tax on regulated investment companies** — There is hereby imposed for each taxable year upon the investment company taxable income of every regulated investment company a tax computed as provided in section 11, as though the investment company taxable income were the taxable income referred to in section 11. (2) **Investment company taxable

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

26 U.S.C. § 911 — Citizens or residents of the United States living abroad

**(a) Exclusion from gross income** At the election of a qualified individual (made separately with respect to paragraphs (1) and (2)), there shall be excluded from the gross income of such individual, and exempt from taxation under this subtitle, for any taxable year— (1) the foreign earned income of such individual, and (2) the housing cost amount of such individual. **(b) Foreign earned income** (1) **Definition** — For purposes of this section— (A) *In general* — The term “foreign earned income” with respect to any individual means the amount received by such individual from sources within a foreign country or countries which constitute earned income attributable to services performed by such individual during the period described in subparagraph (A) or (B) of subsection (d)(1), whichever is applicable. (B) *Certain amounts not included in foreign earned income* — The foreign earned income for an individual shall not include amounts— (i) received as a pension or annuity, (ii) paid by the United States or an agency thereof to an employee of the United States or an agency thereof, (iii) included in gross income by reason of section 402(b) (relating to taxability of beneficiary of nonexempt trust) or section 403(c) (relating to taxability of beneficiary under a nonqualified annuity), or (iv) received after the close of the taxable year following the taxable year in which the services to which the amounts are attributable are performed. (2) **Limitation on foreign earned income** (A) *In general* — The foreign earned income of an individual which may be excluded under subsection (a)(1) for any taxable year shall not exceed the amount of foreign earned income computed on a daily basis at an annual rate equal to the exclusion amount for t

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26 U.S.C. § 1201 — Untitled legal text

Page 2312 TITLE 26—INTERNAL REVENUE CODE [§ 1201 Sec. 1202. Partial exclusion for gain from certain small business stock. Editorial Notes AMENDMENTS 2017—Pub. L. 115–97, title I, § 13001(b)(2)(A), Dec. 22, 2017, 131 Stat. 2096, struck out item 1201 ‘‘Alternative tax for corporations’’. 2000—Pub. L. 106–554, § 1(a)(7) [title I, § 117(b)(3)], Dec. 21, 2000, 114 Stat. 2763, 2763A–604, substituted ‘‘Partial’’ for ‘‘50-percent’’ in item 1202. 1993—Pub. L. 103–66, title XIII, § 13113(d)(6), Aug. 10, 1993, 107 Stat. 430, added item 1202. 1986—Pub. L. 99–514, title III, § 301(b)(13), Oct. 22, 1986, 100 Stat. 2218, struck out item 1202 ‘‘Deduction for cap- ital gains’’. 1978—Pub. L. 95–600, title IV, § 401(b)(6), Nov. 6, 1978, 92 Stat. 2867, substituted ‘‘Alternative tax for corpora- tions’’ for ‘‘Alternative tax’’ in item 1201. [§ 1201. Repealed. Pub. L. 115–97, title I, § 13001(b)(2)(A), Dec. 22, 2017, 131 Stat. 2096] Section, Aug. 16, 1954, ch. 736, 68A Stat. 320; Mar. 13, 1956, ch. 83, § 5(7), 70 Stat. 49; Pub. L. 86–69, § 3(f)(2), June 25, 1959, 73 Stat. 140; Pub. L. 87–834, § 8(g)(3), Oct. 16, 1962, 76 Stat. 999; Pub. L. 91–172, title V, § 511(b), Dec. 30, 1969, 83 Stat. 635; Pub. L. 94–455, title XIX, § 1901(a)(135), (b)(33)(L), Oct. 4, 1976, 90 Stat. 1786, 1801; Pub. L. 95–600, title IV, §§ 401(a), 403(a), (b), Nov. 6, 1978, 92 Stat. 2866, 2868; Pub. L. 96–222, title I, § 104(a)(2)(B), (3)(A), Apr. 1, 1980, 94 Stat. 214, 215; Pub. L. 98–369, div. A, title II, § 211(b)(16), July 18, 1984, 98 Stat. 756; Pub. L. 99–514, title III, § 311(a), title X, § 1024(c)(14), Oct. 22, 1986, 100 Stat. 2219, 2408; Pub. L. 100–647, title I, § 1003(c)(1), title II, § 2004(l), Nov. 10, 1988, 102 Stat. 3384, 3606; Pub. L. 103–66, title XIII, § 13221(c)(2

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