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26 U.S.C. § 1551 — Repealed. Pub. L. 115–97, title I, § 13001(b)(5)(A), Dec. 22, 2017, 131 Stat. 2098]

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

26 U.S.C. § 1551 — Repealed. Pub. L. 115–97, title I, § 13001(b)(5)(A), Dec. 22, 2017, 131 Stat. 2098]

### Statutory Notes Section, act Aug. 16, 1954, ch. 736, 68A Stat. 371; Pub. L. 85–866, title II, § 205(a), Sept. 2, 1958, 72 Stat. 1680; Pub. L. 88–272, title II, § 235(b), Feb. 26, 1964, 78 Stat. 125; Pub. L. 94–12, title III, § 304(b), Mar. 29, 1975, 89 Stat. 45; Pub. L. 94–455, title XIX, §§ 1901(a)(158), 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1790, 1834; Pub. L. 95–600, title III, § 301(b)(18)(A), (B), Nov. 6, 1978, 92 Stat. 2823; Pub. L. 97–34, title II, § 232(b)(2), Aug. 13, 1981, 95 Stat. 250; Pub. L. 99–514, title XVIII, § 1899A(36), Oct. 22, 1986, 100 Stat. 2960; Pub. L. 113–295, div. A, title II, § 221(a)(94), Dec. 19, 2014, 128 Stat. 4051, related to disallowance of the benefits of the graduated corporate rates and accumulated earnings credit. Repeal was executed to this section, which is in part I of subchapter B of chapter 6, to reflect the probable intent of Congress, notwithstanding directory language of Pub. L. 115–97, which repealed section 1551 in part I of subchapter B of chapter 5. #### 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).

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Source location: Title 26, Chapter 6, § 1551; chapter-006-consolidated-returns.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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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 269 — Acquisitions made to evade or avoid income tax

**(a) In general** If— (1) any person or persons acquire, directly or indirectly, control of a corporation, or (2) any corporation acquires, directly or indirectly, property of another corporation, not controlled, directly or indirectly, immediately before such acquisition, by such acquiring corporation or its stockholders, the basis of which property, in the hands of the acquiring corporation, is determined by reference to the basis in the hands of the transferor corporation, and the principal purpose for which such acquisition was made is evasion or avoidance of Federal income tax by securing the benefit of a deduction, credit, or other allowance which such person or corporation would not otherwise enjoy, then the Secretary may disallow such deduction, credit, or other allowance. For purposes of paragraphs (1) and (2), control means the ownership of stock possessing at least 50 percent of the total combined voting power of all classes of stock entitled to vote or at least 50 percent of the total value of shares of all classes of stock of the corporation. **(b) Certain liquidations after qualified stock purchases** (1) **In general** — If— (A) there is a qualified stock purchase by a corporation of another corporation, (B) an election is not made under section 338 with respect to such purchase, (C) the acquired corporation is liquidated pursuant to a plan of liquidation adopted not more than 2 years after the acquisition date, and (D) the principal purpose for such liquidation is the evasion or avoidance of Federal income tax by securing the benefit of a deduction, credit, or other allowance which the acquiring corporation would not otherwise enjoy, then the Secretary may disallow such deduction, credit, or other allowance. (2) **Meaning of terms** —

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

26 U.S.C. § 535 — Accumulated taxable income

**(a) Definition** For purposes of this subtitle, the term “accumulated taxable income” means the taxable income, adjusted in the manner provided in subsection (b), minus the sum of the dividends paid deduction (as defined in section 561) and the accumulated earnings credit (as defined in subsection (c)). **(b) Adjustments to taxable income** For purposes of subsection (a), taxable income shall be adjusted as follows: (1) **Taxes** — There shall be allowed as a deduction Federal income and excess profits taxes and income, war profits, and excess profits taxes of foreign countries and possessions of the United States (to the extent not allowable as a deduction under section 275(a)(4)), accrued during the taxable year or deemed to be paid by a domestic corporation under section 960 for the taxable year, but not including the accumulated earnings tax imposed by section 531 or the personal holding company tax imposed by section 541. (2) **Charitable contributions** — The deduction for charitable contributions provided under section 170 shall be allowed without regard to section 170(b)(2). (3) **Special deductions disallowed** — The special deductions for corporations provided in part VIII (except section 248) of subchapter B (section 241 and following, relating to the deduction for dividends received by corporations, etc.) shall not be allowed. (4) **Net operating loss** — The net operating loss deduction provided in section 172 shall not be allowed. (5) **Capital losses** (A) *In general* — Except as provided in subparagraph (B), there shall be allowed as a deduction an amount equal to the net capital loss for the taxable year (determined without regard to paragraph (7)(A)). (B) *Recapture of previous deductions for capital gains* — The aggregate amount allowab

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

26 U.S.C. § 1551 — Untitled legal text

Page 2555 TITLE 26—INTERNAL REVENUE CODE [§ 1551 1 Section numbers editorially supplied. losses of such Native Corporation (or such other corporation), and ‘‘(B) which is attributable to an asserted over- statement of losses by, or misassignment of income (or income attributable to property contributed) to, an affiliated group of which the Native Corporation (or such other corporation) is a member. Such notice shall only include information with re- spect to the transaction between the taxpayer and the Native Corporation. ‘‘(2) RIGHTS OF NATIVE CORPORATION.— ‘‘(A) IN GENERAL.—If a Native Corporation re- ceives a notice under paragraph (1), the Native Cor- poration shall have the right to— ‘‘(i) submit to the Secretary of the Treasury or his delegate a written statement regarding the proposed adjustment, and ‘‘(ii) meet with the Secretary of the Treasury or his delegate with respect to such proposed adjust- ment. The Secretary of the Treasury or his delegate may discuss such proposed adjustment with the Native Corporation or its designated representative. ‘‘(B) EXTENSION OF STATUTE OF LIMITATIONS.—Sub- paragraph (A) shall not apply if the Secretary of the Treasury or his delegate determines that an ex- tension of the statute of limitation[s] is necessary to permit the participation described in subpara- graph (A) and the taxpayer and the Secretary or his delegate have not agreed to such extension. ‘‘(3) JUDICIAL PROCEEDINGS.—In the case of any pro- ceeding in a Federal court or the United States Tax Court involving a proposed adjustment under para- graph (1), the Native Corporation, subject to the rules of such court, may file an amicus brief concerning such adjustment. ‘‘(4) FAILURES.—For purposes of the 1986 Code, any failure by the Secretary

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