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31 U.S.C. § 3109 — Tax and loss bonds

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

31 U.S.C. § 3109 — Tax and loss bonds

**(a)** The Secretary of the Treasury may issue tax and loss bonds of the United States Government and may buy, redeem, and make refunds under [section 3111 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section3111&num=0&edition=prelim). The proceeds of the tax and loss bonds shall be used for expenditures authorized by law. Tax and loss bonds are nontransferrable except as provided by the Secretary, bear no interest, and shall be issued in amounts needed to allow persons to comply with section 832(e) of the Internal Revenue Code of 1986 ([26 U.S.C. 832(e)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section832/e&num=0&edition=prelim)). The Secretary may prescribe the amount of tax and loss bonds and the conditions under which the bonds will be issued as required by section 832(e). **(b)** For a taxable year in which amounts are deducted from the mortgage guaranty account referred to in section 832(e)(3) of the Internal Revenue Code of 1986 ([26 U.S.C. 832(e)(3)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section832/e/3&num=0&edition=prelim)), an amount of tax and loss bonds bought under section 832(e)(2) of the Internal Revenue Code of 1986 ([26 U.S.C. 832(e)(2)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section832/e/2&num=0&edition=prelim)) shall be redeemed for the amount deducted from the account. The amount redeemed shall be applied as necessary to pay taxes due because of the inclusion under section 832(b)(1)(E) of the Internal Revenue Code of 1986 ([26 U.S.C. 832(b)(1)(E)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section832/b/1/E&num=0&edition=prelim)) of amounts in gross income. The Secretary also may prescribe addition

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Source location: Title 31, Chapter 31, § 3109; chapter-031-public-debt.md

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

31 U.S.C. § 3111 — New issue used to buy, redeem, or refund outstanding obligations

An obligation may be issued under this chapter to buy, redeem, or refund, at or before maturity, outstanding bonds, notes, certificates of indebtedness, Treasury bills, or savings certificates of the United States Government. Under regulations of the Secretary of the Treasury, money received from the sale of an obligation and other money in the general fund of the Treasury may be used in making the purchases, redemptions, or refunds.

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

26 U.S.C. § 832 — Insurance company taxable income

**(a) Definition of taxable income** In the case of an insurance company subject to the tax imposed by section 831, the term “taxable income” means the gross income as defined in subsection (b)(1) less the deductions allowed by subsection (c). **(b) Definitions** In the case of an insurance company subject to the tax imposed by section 831— (1) **Gross income** — The term “gross income” means the sum of— (A) the combined gross amount earned during the taxable year, from investment income and from underwriting income as provided in this subsection, computed on the basis of the underwriting and investment exhibit of the annual statement approved by the National Association of Insurance Commissioners, (B) gain during the taxable year from the sale or other disposition of property, (C) all other items constituting gross income under subchapter B, except that, in the case of a mutual fire insurance company exclusively issuing perpetual policies, the amount of single deposit premiums paid to such company shall not be included in gross income, (D) in the case of a mutual fire or flood insurance company whose principal business is the issuance of policies— (i) for which the premium deposits are the same (regardless of the length of the term for which the policies are written), and (ii) under which the unabsorbed portion of such premium deposits not required for losses, expenses, or establishment of reserves is returned or credited to the policyholder on cancellation or expiration of the policy, an amount equal to 2 percent of the premiums earned on insurance contracts during the taxable year with respect to such policies after deduction of premium deposits returned or credited during the same taxable year, and (E) in the case of a company which wr

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

26 U.S.C. § 832 — Insurance company taxable income

Page 1925 TITLE 26—INTERNAL REVENUE CODE § 832 Subsecs. (c), (d). Pub. L. 89–809, § 104(i)(6)(B), redesig- nated subsec. (d) as (c) and added item (2). Former sub- sec. (c) redesignated (b). 1962—Pub. L. 87–834, § 8(g)(4)(B), substituted ‘‘and cer- tain mutual fire or flood insurance companies’’ for ‘‘and mutual fire insurance companies issuing per- petual policies’’ in section catchline. Subsec. (a). Pub. L. 87–834, § 8(e)(1), included flood in- surance companies, and substituted provisions author- izing imposition of the tax on those companies whose principal business is the issuance of policies for which the premium deposits are the same, regardless of the length of the term for which the policies are written, if the unabsorbed portion of such premium deposits not required for losses, expenses, or establishment of re- serves is returned or credited to the policyholder on cancellation or expiration of the policy for provisions which authorized imposition of tax on those companies which issued policies for which the sole premium charged is a single deposit which (except for such de- duction of underwriting costs as may be provided) is re- fundable on cancellation or expiration of the policy. Subsecs. (c), (d). Pub. L. 87–834, § 8(f), added subsec. (c) and redesignated former subsec. (c) as (d). Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2018 AMENDMENT Amendment by section 101(r) of Pub. L. 115–141 effec- tive as if included in the provision of the Protecting Americans from Tax Hikes Act of 2015, div. Q of Pub. L. 114–113, to which such amendment relates, see section 101(s) of Pub. L. 115–141, set out as a note under section 24 of this title. EFFECTIVE DATE OF 2017 AMENDMENT Amendment by section 11002(d)(1)(AA) of Pub. L. 115–97 ap

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

31 U.S.C. § 3109 — Tax and loss bonds

Page 222 TITLE 31—MONEY AND FINANCE § 3108 Enactment of the Tax Reform Act of 1984, referred to in text, means the date of enactment of division A of Pub. L. 98–369, which was approved July 18, 1984. AMENDMENTS 1984—Pub. L. 98–369 inserted ‘‘, as in effect before the enactment of the Tax Reform Act of 1984’’ after ‘‘(26 U.S.C. 405(b), 409(a))’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1984 AMENDMENT Amendment by Pub. L. 98–369 applicable to obliga- tions issued after Dec. 31, 1983, see section 491(f)(1) of Pub. L. 98–369, set out as a note under section 62 of Title 26, Internal Revenue Code. § 3108. Prohibition against circulation privilege An obligation issued under sections 3102–3104(a)(1) and 3105–3107 of this title may not bear the circulation privilege. (Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 942.) HISTORICAL AND REVISION NOTES Revised Section Source (U.S. Code) Source (Statutes at Large) 3108 ......... 31:753(d)(1st sen- tence). Sept. 24, 1917, ch. 56, 40 Stat. 288, § 18(d)(1st sentence); added Mar. 3, 1919, ch. 100, § 1, 40 Stat. 1310. 31:757c(d)(last sen- tence). Sept. 24, 1917, ch. 56, 40 Stat. 288, § 22(d)(last sentence); added Feb. 4, 1935, ch. 5, § 6, 49 Stat. 21; restated Feb. 19, 1941, ch. 7, § 3, 55 Stat. 8. 31:757c–2(c)(last sen- tence). Sept. 24, 1917, ch. 56, 40 Stat. 288, § 22A(c)(last sentence); added Nov. 8, 1966, Pub. L. 89–800, § 5, 80 Stat. 1515. 31:758. Sept. 24, 1917, ch. 56, § 7(1st sentence), 40 Stat. 291. The reference in 31:758 to certificates authorized under 31:757 is omitted because the authority under 31:757 was ended by section 2(b)(3) of the Public Debt Act of 1941 (ch. 7, 55 Stat. 7). § 3109. Tax and loss bonds (a) The Secretary of the Treasury may issue tax an

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