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26 U.S.C. § 11 — Tax imposed

submitted 72 years ago by ch. 736 to r/title-26-INTERNAL-REVENUE-CODE · 124 words · no verdicts yet

in plain englishAI-generated · not legal advice

Every corporation must pay a tax on its taxable income each year. This tax rate is 21 percent. Some corporations, like insurers and mutual funds, are taxed under different rules instead.

(a) Every corporation must pay a tax each year on its taxable income. (b) That tax equals 21 percent of the corporation's taxable income. (c) This tax does not apply to a corporation that is instead taxed under section 594, which covers mutual savings banks running a life insurance business; under subchapter L, starting at section 801, which covers insurance companies; or under subchapter M, starting at section 851, which covers regulated investment companies and real estate investment trusts. (d) For a foreign corporation, the tax under subsection (a) -- and the tax under section 55 -- only applies in the way that section 882 sets out.
the actual law source: uscode.house.gov ↗public domain
(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.

Source credit: (Aug. 16, 1954, ch. 736, 68A Stat. 11; Mar. 30, 1955, ch. 18, § 2, 69 Stat. 14; Mar. 29, 1956, ch. 115, § 2, 70 Stat. 66; Pub. L. 85–12, § 2, Mar. 29, 1957, 71 Stat. 9; Pub. L. 85–475, § 2, June 30, 1958, 72 Stat. 259; Pub. L. 86–75, § 2, June 30, 1959, 73 Stat. 157; Pub. L. 86–564, title II, § 201, June 30, 1960, 74 Stat. 290; Pub. L. 86–779, § 10(d), Sept. 14, 1960, 74 Stat. 1009; Pub. L. 87–72, § 2, June 30, 1961, 75 Stat. 193; Pub. L. 87–508, § 2, June 28, 1962, 76 Stat. 114; Pub. L. 88–52, § 2, June 29, 1963, 77 Stat. 72; Pub. L. 88–272, title I, § 121, Feb. 26, 1964, 78 Stat. 25; Pub. L. 89–809, title I, § 104(b)(2), Nov. 13, 1966, 80 Stat. 1557; Pub. L. 91–172, title IV, § 401(b)(2)(B), Dec. 30, 1969, 83 Stat. 602; Pub. L. 94–12, title III, § 303(a), (b), Mar. 29, 1975, 89 Stat. 44; Pub. L. 94–164, § 4(a)–(c), Dec. 23, 1975, 89 Stat. 973, 974; Pub. L. 94–455, title IX, § 901(a), Oct. 4, 1976, 90 Stat. 1606; Pub. L. 95–30, title II, § 201(1), (2), May 23, 1977, 91 Stat. 141; Pub. L. 95–600, title III, § 301(a), Nov. 6, 1978, 92 Stat. 2820; Pub. L. 97–34, title II, § 231(a), Aug. 13, 1981, 95 Stat. 249; Pub. L. 98–369, div. A, title I, § 66(a), July 18, 1984, 98 Stat. 585; Pub. L. 99–514, title VI, § 601(a), Oct. 22, 1986, 100 Stat. 2249; Pub. L. 100–203, title X, § 10224(a), Dec. 22, 1987, 101 Stat. 1330–412; Pub. L. 100–647, title I, § 1007(g)(13)(B), Nov. 10, 1988, 102 Stat. 3436; Pub. L. 103–66, title XIII, § 13221(a), (b), Aug. 10, 1993, 107 Stat. 477; Pub. L. 115–97, title I, §§ 12001(b)(11), 13001(a), Dec. 22, 2017, 131 Stat. 2094, 2096; Pub. L. 117–169, title I, § 10101(a)(4)(C), Aug. 16, 2022, 136 Stat. 1822.)

history & why it existsrecord from the source credit
  • 1954Enacted · Act of Aug. 16, 1954, ch. 736
  • 1955Amended · Act of Mar. 30, 1955, ch. 18 · 69 Stat. 14
  • 1956Amended · Act of Mar. 29, 1956, ch. 115 · 70 Stat. 66
  • 1957Amended · Pub. L. 85-12 · 71 Stat. 9
  • 1958Amended · Pub. L. 85-475 · 72 Stat. 259
  • 1959Amended · Pub. L. 86-75 · 73 Stat. 157
  • 1960Amended · Pub. L. 86-564 · 74 Stat. 290
  • 1960Amended · Pub. L. 86-779 · 74 Stat. 1009
  • 1961Amended · Pub. L. 87-72 · 75 Stat. 193
  • 1962Amended · Pub. L. 87-508 · 76 Stat. 114
  • 1963Amended · Pub. L. 88-52 · 77 Stat. 72
  • 1964Amended · Pub. L. 88-272 · 78 Stat. 25
  • 1966Amended · Pub. L. 89-809 · 80 Stat. 1557
  • 1969Amended · Pub. L. 91-172 · 83 Stat. 602
  • 1975Amended · Pub. L. 94-12 · 89 Stat. 44
  • 1975Amended · Pub. L. 94-164 · 89 Stat. 973, 974
  • 1976Amended · Pub. L. 94-455 · 90 Stat. 1606
  • 1977Amended · Pub. L. 95-30 · 91 Stat. 141
  • 1978Amended · Pub. L. 95-600 · 92 Stat. 2820
  • 1981Amended · Pub. L. 97-34 · 95 Stat. 249
  • 1984Amended · Pub. L. 98-369 · 98 Stat. 585
  • 1986Amended · Pub. L. 99-514 · 100 Stat. 2249
  • 1987Amended · Pub. L. 100-203 · 101 Stat. 1330
  • 1988Amended · Pub. L. 100-647 · 102 Stat. 3436
  • 1993Amended · Pub. L. 103-66 · 107 Stat. 477
  • 2017Amended · Pub. L. 115-97 · 131 Stat. 2094, 2096
  • 2022Amended · Pub. L. 117-169 · 136 Stat. 1822

A history note hasn’t been published yet. The record shows enactment by ch. 736 on 1954-08-16.

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