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26 U.S.C. § 6697 — Repealed. Pub. L. 111–325, title V, § 501(a), Dec. 22, 2010, 124 Stat. 3554]

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

26 U.S.C. § 6697 — Repealed. Pub. L. 111–325, title V, § 501(a), Dec. 22, 2010, 124 Stat. 3554]

### Statutory Notes Section, added Pub. L. 94–455, title XVI, § 1601(b)(1), Oct. 4, 1976, 90 Stat. 1745; amended Pub. L. 95–600, title III, § 362(b), Nov. 6, 1978, 92 Stat. 2851; Pub. L. 99–514, title VI, § 667(a), Oct. 22, 1986, 100 Stat. 2305, related to assessable penalties with respect to liability for tax of regulated investment companies. #### Effective Date of Repeal Repeal applicable to taxable years beginning after Dec. 22, 2010, see section 501(c) of Pub. L. 111–325, set out as an Effective Date of 2010 Amendment note under [section 860 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section860&num=0&edition=prelim).

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Source location: Title 26, Chapter 68, § 6697; chapter-068-additions-to-the-tax-additional-amounts-and-assessable-penalties.md

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

26 U.S.C. § 860 — Deduction for deficiency dividends

**(a) General rule** If a determination with respect to any qualified investment entity results in any adjustment for any taxable year, a deduction shall be allowed to such entity for the amount of deficiency dividends for purposes of determining the deduction for dividends paid (for purposes of section 852 or 857, whichever applies) for such year. **(b) Qualified investment entity defined** For purposes of this section, the term “qualified investment entity” means— (1) a regulated investment company, and (2) a real estate investment trust. **(c) Rules for application of section** (1) **Interest and additions to tax determined with respect to the amount of deficiency dividend deduction allowed** — For purposes of determining interest, additions to tax, and additional amounts— (A) the tax imposed by this chapter (after taking into account the deduction allowed by subsection (a)) on the qualified investment entity for the taxable year with respect to which the determination is made shall be deemed to be increased by an amount equal to the deduction allowed by subsection (a) with respect to such taxable year, (B) the last date prescribed for payment of such increase in tax shall be deemed to have been the last date prescribed for the payment of tax (determined in the manner provided by section 6601(b)) for the taxable year with respect to which the determination is made, and (C) such increase in tax shall be deemed to be paid as of the date the claim for the deficiency dividend deduction is filed. (2) **Credit or refund** — If the allowance of a deficiency dividend deduction results in an overpayment of tax for any taxable year, credit or refund with respect to such overpayment shall be made as if on the date of the determination 2 years remained before the

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

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. § 6697 — Untitled legal text

Page 3802 TITLE 26—INTERNAL REVENUE CODE [§ 6697 (b) Deficiency procedures not to apply Subchapter B of chapter 63 (relating to defi- ciency procedures for income, estate, gift, and certain excise taxes) shall not apply with re- spect to the assessment or collection of the pen- alties provided by sections 6694, 6695, and 6695A. (c) Procedure for claiming refund Any claim for credit or refund of any penalty paid under section 6694, 6695, or 6695A shall be filed in accordance with regulations prescribed by the Secretary. (d) Periods of limitation (1) Assessment The amount of any penalty under section 6694(a), 6695, or 6695A shall be assessed within 3 years after the return or claim for refund with respect to which the penalty is assessed was filed, and no proceeding in court without assessment for the collection of such tax shall be begun after the expiration of such period. In the case of any penalty under section 6694(b), the penalty may be assessed, or a pro- ceeding in court for the collection of the pen- alty may be begun without assessment, at any time. (2) Claim for refund Except as provided in section 6694(d), any claim for refund of an overpayment of any penalty assessed under section 6694, 6695, or 6695A shall be filed within 3 years from the time the penalty was paid. (e) Definitions For purposes of sections 6694, 6695, and 6695A— (1) Return The term ‘‘return’’ means any return of any tax imposed by this title, any administrative adjustment request under section 6227, and any partnership adjustment tracking report under section 6226(b)(4)(A). (2) Claim for refund The term ‘‘claim for refund’’ means a claim for refund of, or credit against, any tax im- posed by this title. (Added Pub. L. 94–455, title XII, § 1203(f), Oct. 4,

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