26 U.S. Code § 541 - Imposition of personal holding company tax
In addition to other taxes imposed by this chapter, there is hereby imposed for each taxable year on the undistributed personal holding company income (as defined in section 545) of every personal holding company (as defined in section 542) a personal holding company tax equal to 20 percent of the undistributed personal holding company income.
2013—Pub. L. 112–240 substituted “20 percent” for “15 percent”.
2003—Pub. L. 108–27 substituted “equal to 15 percent of the undistributed personal holding company income.” for “equal to the product of the highest rate of tax under section 1(c) and the undistributed personal holding company income.”
2001—Pub. L. 107–16 substituted “equal to the product of the highest rate of tax under section 1(c) and the undistributed personal holding company income.” for “equal to 39.6 percent of the undistributed personal holding company income.”
1993—Pub. L. 103–66, § 13202(b), substituted “39.6 percent” for “36 percent”.
Pub. L. 103–66, § 13201(b)(2), substituted “36 percent” for “28 percent”.
1990—Pub. L. 101–508 struck out “(38.5 percent in the case of taxable years beginning in 1987)” after “28 percent”.
1986—Pub. L. 99–514 substituted “28 percent (38.5 percent in the case of taxable years beginning in 1987)” for “50 percent”.
1981—Pub. L. 97–34 substituted “50 percent” for “70 percent”.
1964—Pub. L. 88–272 reduced the tax from 75 percent of undistributed income not in excess of $2,000, and 85 percent when in excess of $2,000, to 70 percent.
Amendment by Pub. L. 108–27 applicable, except as otherwise provided, to taxable years beginning after Dec. 31, 2002, see section 302(f) of Pub. L. 108–27, set out as an Effective and Termination Dates of 2003 Amendment note under section 1 of this title.
Amendment by Pub. L. 107–16 applicable to taxable years beginning after Dec. 31, 2000, see section 101(d) of Pub. L. 107–16, set out as an Effective and Termination Dates of 2001 Amendment note under section 1 of this title.
For provisions that nothing in amendment by Pub. L. 101–508 be construed to affect treatment of certain transactions occurring, property acquired, or items of income, loss, deduction, or credit taken into account prior to Nov. 5, 1990, for purposes of determining liability for tax for periods ending after Nov. 5, 1990, see section 11821(b) of Pub. L. 101–508, set out as a note under section 45K of this title.
Written determinations for this section
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- Definition of Personal Holding Company : 2010-09-17
- Extension of Time for Making Certain Elections : 2001-12-28
- Extension of Time for Making Certain Elections : 2001-08-10
- Making and Filing Consents : 2001-08-10
- Extension of Time for Making Certain Elections : 2001-02-02
- Making and Filing Consents : 2001-02-02