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39 U.S.C. § 3634 - U.S. Code - Unannotated Title 39. Postal Service § 3634. Assumed Federal income tax on competitive products income

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

(a) Definitions.--For purposes of this section--

(1) the term “assumed Federal income tax on competitive products income” means the net income tax that would be imposed by chapter 1 of the Internal Revenue Code of 1986 on the Postal Service's assumed taxable income from competitive products for the year; and

(2) the term “assumed taxable income from competitive products”, with respect to a year, refers to the amount representing what would be the taxable income of a corporation under the Internal Revenue Code of 1986 for the year, if--

(A) the only activities of such corporation were the activities of the Postal Service allocable under section 2011(h) to competitive products; and

(B) the only assets held by such corporation were the assets of the Postal Service allocable under section 2011(h) to such activities.

(b) Computation and transfer requirements.--The Postal Service shall, for each year beginning with the year in which occurs the deadline for the Postal Service's first report to the Postal Regulatory Commission under section 3652(a)--

(1) compute its assumed Federal income tax on competitive products income for such year; and

(2) transfer from the Competitive Products Fund to the Postal Service Fund the amount of that assumed tax.

(c) Deadline for transfers.--Any transfer required to be made under this section for a year shall be due on or before the January 15th next occurring after the close of such year.

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Cite this article: FindLaw.com - 39 U.S.C. § 3634 - U.S. Code - Unannotated Title 39. Postal Service § 3634. Assumed Federal income tax on competitive products income - last updated January 01, 2024 | https://codes.findlaw.com/us/title-39-postal-service/39-usc-sect-3634/

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