26 U.S. Code § 594. Alternative tax for mutual savings banks conducting life insurance business
(a) Alternative taxIn 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 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.
(b) Limitations of section
1984—Subsec. (b). Pub. L. 98–369 substituted “section 816” for “section 801”.
Effective Date of 2017 Amendment
Effective Date of 1984 Amendment