For purposes of this subtitle, the annual accounting period for each insurance company subject to a tax imposed by this subchapter shall be the calendar year. Under regulations prescribed by the Secretary, an insurance company which joins in the filing of a consolidated return (or is required to so file) may adopt the taxable year of the common parent corporation even though such year is not a calendar year.
1976—Pub. L. 94–455inserted provision permitting an insurance company which joins in the filing of a consolidated return to adopt the taxable year of the common parent corporation even though such year is not a calendar year.
Effective Date of 1976 Amendment
Amendment by Pub. L. 94–455applicable to taxable years beginning after Dec. 31, 1980, see section 1507(c)(1) ofPub. L. 94–455, set out as a note under section
1504 of this title.
Section applicable only to taxable years beginning after Dec. 31, 1954, see Effective Date of 1956 Amendment note set out under section
316 of this title.
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The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
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Description of Change
Statutes at Large
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