26Title 26The US tax code, read & explained

26 U.S.C. § 11

§ 11. Tax imposed

128 words · amended 24 times · cited by 50 other sections

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No plain-English explainer yet. Below is the official text. Explainers are being added section by section.

History

Part of the code since 1954. Last changed August 16, 2022 by the Inflation Reduction Act of 2022.

Every change, newest first (27)
  1. August 16, 2022Inflation Reduction Act of 2022
  2. December 22, 2017Tax Cuts and Jobs Act (2017)
  3. August 10, 1993Omnibus Budget Reconciliation Act of 1993
  4. November 10, 1988Technical and Miscellaneous Revenue Act of 1988
  5. December 22, 1987Omnibus Budget Reconciliation Act of 1987
  6. October 22, 1986Tax Reform Act of 1986
  7. July 18, 1984Deficit Reduction Act of 1984
  8. August 13, 1981Economic Recovery Tax Act of 1981
  9. November 6, 1978Revenue Act of 1978
  10. May 23, 1977Public Law 95-30
  11. October 4, 1976Tax Reform Act of 1976
  12. December 23, 1975Public Law 94-164
  13. March 29, 1975Public Law 94-12
  14. December 30, 1969Tax Reform Act of 1969
  15. November 13, 1966Public Law 89-809
  16. February 26, 1964Public Law 88-272
  17. June 29, 1963Public Law 88-52
  18. June 28, 1962Public Law 87-508
  19. June 30, 1961Public Law 87-72
  20. September 14, 1960Public Law 86-779
  21. June 30, 1960Public Law 86-564
  22. June 30, 1959Public Law 86-75
  23. June 30, 1958Public Law 85-475
  24. March 29, 1957Public Law 85-12
  25. March 29, 1956Internal Revenue Code of 1954 (original text)
  26. March 30, 1955Internal Revenue Code of 1954 (original text)
  27. August 16, 1954Internal Revenue Code of 1954 (original text)

The law as written

Current through Public Law 119-102. Amendment notes omitted.

Structure

  1. (a) Corporations in general
  2. (b) Amount of tax
  3. (c) Exceptions
  4. (d) Foreign corporations
(a) Corporations in general

A tax is hereby imposed for each taxable year on the taxable income of every corporation.

(b) Amount of tax

The amount of the tax imposed by subsection (a) shall be 21 percent of taxable income.

(c) Exceptions

Subsection (a) shall not apply to a corporation subject to a tax imposed by—

(1)

section 594 (relating to mutual savings banks conducting life insurance business),

(2)

subchapter L (sec. 801 and following, relating to insurance companies), or

(3)

subchapter M (sec. 851 and following, relating to regulated investment companies and real estate investment trusts).

(d) Foreign corporations

In the case of a foreign corporation, the taxes imposed by subsection (a) and section 55 shall apply only as provided by section 882.