Title 26 — Internal Revenue Code
Part II · Chapter 1 — Normal Taxes and Surtaxes
§ 594. Alternative tax for mutual savings banks conducting life insurance business
Statutory text
Alternative tax
In the case of a mutual savings bank not having capital stock represented by shares, authorized under State law to engage in the business of issuing life insurance contracts, and which conducts a life insurance business in a separate department the accounts of which are maintained separately from the other accounts of the mutual savings bank, there shall be imposed in lieu of the tax imposed by section 11, a tax consisting of the sum of the partial taxes determined under paragraphs (1) and (2):
A partial tax computed on the taxable income determined without regard to any items of gross income or deductions properly allocable to the business of the life insurance department, at the rates and in the manner as if this section had not been enacted; and
a partial tax computed on the income of the life insurance department determined without regard to any items of gross income or deductions not properly allocable to such department, at the rates and in the manner provided in subchapter L (sec. 801 and following) with respect to life insurance companies.
Limitations of section
Subsection (a) shall apply only if the life insurance department would, if it were treated as a separate corporation, qualify as a life insurance company under section 816.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Aug. 16, 1954, ch. 736, 68A Stat. 205 · 68A Stat. 205
Enacted · 26 U.S.C. § 594
Aug. 16, 1954, ch. 736, 68A Stat. 205
Source evidence
Code source credit
Aug. 16, 1954, ch. 736, 68A Stat. 205Public Law not identified
Substituted · 26 U.S.C. § 594(a)(2)
Subsec. (a)(2). Act Mar. 13, 1956, substituted “the income” for “the taxable income (as defined in section 803)”
Unresolved: No Public Law or Statutes at Large citation in the Code source.
Source evidence
Code amendment note
Subsec. (a)(2). Act Mar. 13, 1956, substituted “the income” for “the taxable income (as defined in section 803)”.Tax Reform Act of 1984
Pub. L. 98–369 div. A title II § 211(b)(8) · 98 Stat. 494
Substituted · 26 U.S.C. § 594(b)
Pub. L. 98–369 substituted “section 816” for “section 801”
Source evidence
Code amendment note
Subsec. (b). Pub. L. 98–369 substituted “section 816” for “section 801”.Enacted provision · exact public law section
(8) Subsection (b) of section 594 (relating to alternative tax for 26 USC 594. mutual savings banks conducting life insurance business) is amended by striking out “section 801” and inserting in lieu thereof “section 816”.Pub. L. 115–97 title I § 13001(b)(2)(E) · 131 Stat. 2054
Substituted · 26 U.S.C. § 594(a)
Pub. L. 115–97 substituted “tax imposed by section 11” for “taxes imposed by section 11 or section 1201(a)” in introductory provisions
Source evidence
Code amendment note
Subsec. (a). Pub. L. 115–97 substituted “tax imposed by section 11” for “taxes imposed by section 11 or section 1201(a)” in introductory provisions.Enacted provision · exact public law section
(E) Sections 594(a) is amended by striking “taxes imposed by section 11 or 1201(a)” and inserting “tax imposed by section 11”.Effective date note
Amendment by Pub. L. 115–97 applicable to taxable years beginning after Dec. 31, 2017, see section 13001(c)(1) of Pub. L. 115–97, set out as a note under section 11 of this title.
2 of 4 references resolved to an enrolled provision · 1 partial · 1 unresolved
Editorial Notes
Amendments1956–2017 · 3 rounds
2017
Subsec. (a). Pub. L. 115–97 substituted “tax imposed by section 11” for “taxes imposed by section 11 or section 1201(a)” in introductory provisions.
1984
Subsec. (b). Pub. L. 98–369 substituted “section 816” for “section 801”.
1956
Subsec. (a)(2). Act , substituted “the income” for “the taxable income (as defined in section 803)”.
Statutory Notes and Related Subsidiaries
Effective Date of 2017 Amendment
Amendment by Pub. L. 115–97 applicable to taxable years beginning after , see section 13001(c)(1) of Pub. L. 115–97, set out as a note under section 11 of this title.
Effective Date of 1984 Amendment
Amendment by Pub. L. 98–369 applicable to taxable years beginning after , see section 215 of Pub. L. 98–369, set out as an Effective Date note under section 801 of this title.
Effective Date of 1956 Amendment
Amendment by act , applicable only to taxable years beginning after , see section 6 of act , set out as a note under section 821 of this title.
Credits
1954–2017 · 4 acts
- 1954Aug. 16, 1954, ch. 736, 68A Stat. 205
- 1956Mar. 13, 1956, ch. 83, § 5(3), 70 Stat. 49
- 1984Pub. L. 98–369, div. A, title II, § 211(b)(8), , 98 Stat. 755
- 2017Pub. L. 115–97, title I, § 13001(b)(2)(E), , 131 Stat. 2096.
Show as published
(Aug. 16, 1954, ch. 736, 68A Stat. 205; Mar. 13, 1956, ch. 83, § 5(3), 70 Stat. 49; Pub. L. 98–369, div. A, title II, § 211(b)(8), , 98 Stat. 755; Pub. L. 115–97, title I, § 13001(b)(2)(E), , 131 Stat. 2096.)