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26 U.S.C. § 11 - U.S. Code - Unannotated Title 26. Internal Revenue Code § 11. Tax imposed

Current as of January 01, 2024 | Updated by Findlaw Staff

(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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Cite this article: FindLaw.com - 26 U.S.C. § 11 - U.S. Code - Unannotated Title 26. Internal Revenue Code § 11. Tax imposed - last updated January 01, 2024 | https://codes.findlaw.com/us/title-26-internal-revenue-code/26-usc-sect-11/

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