Page:United States Statutes at Large Volume 68A.djvu/51

 CH. 1

NORMAL TAXES AND SURTAXES

11

(7) For computation of tax where taxpayer restores substantial amount held under claim of right, see section 1341, (8) For limitation on surtax attributable to claims against the United States involving acquisitions of property, see section 1347.

PART II—TAX ON CORPORATIONS Sec. 11. Tax imposed. Sec. 12. Cross references relating to tax on corporations, SEC. 11. TAX IMPOSED.

(a) CORPORATIONS IN GENERAL.—A tax is hereby imposed for each taxable year on the taxable income of every corporation. The tax shall consist of a normal tax computed under subsection (b) and a surtax computed under subsection (c). (b)

NORMAL T A X. —

(1) TAXABLE YEARS BEGINNING BEFORE APRIL i, 1955.—In the case of a taxable year beginning before April 1, 1955, the normal tax is equal to 30 percent of the taxable income. (2) TAXABLE YEARS BEGINNING AFTER MARCH 31, 1955.—In the case of a taxable year beginning after March 31, 1955, the normal tax is equal to 25 percent of the taxable income. (c) SURTAX.—The surtax is equal to 22 percent of the amount by

which the taxable income (computed without regard to the deduction, if any, provided in section 242 for partially tax-exempt interest) exceeds $25,000. (d) EXCEPTIONS.—Subsection (a) shall not apply to a corporation subject to a tax imposed by— (1) section 594 (relating to mutual savings banlcs conducting life insurance business), (2) subchapter L (sec. 801 and following, relating to insurance companies), (3) subchapter M (sec. 851 and following, relating to regulated investment companies), or (4) section 881(a) (relating to foreign corporations not engaged in business in United States). SEC. 12. CROSS REFERENCES RELATING TO TAX ON CORPORATIONS. (1) For tax on the unrelated business income of certain charitable and other corporations exempt from tax under this chapter, see section 511. (2) For accumulated earnings tax and personal holding company tax, see parts I and II of subchapter G (sec. 531 and following). (3) For doubling of tax on corporations of certain foreign countries, see section 891. (4) For alternative tax in case of capital gains, see section 1201(a). (5) For rate of withholding in case of foreign corporations, see section 1442. (6) For withholding of tax on tax-free covenant bonds, see section 1451. (7) For limitation on the $25,000 exemption from surtax provided in section 11(c), see section 1551. (8) For additional tax for corporations filing consolidated returns, see section 1503.

§ 12(8)

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