Source: https://www.law.cornell.edu/uscode/text/26/11
Timestamp: 2019-05-23 13:41:02
Document Index: 767391051

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26 U.S. Code § 11 - Tax imposed | U.S. Code | US Law | LII / Legal Information Institute
Part II. TAX ON CORPORATIONS
Section 11. Tax imposed
26 U.S. Code § 11. Tax imposed
The amount of the tax imposed by subsection (a) shall be 21 percent of taxable income.
(c) ExceptionsSubsection (a) shall not apply to a corporation subject to a tax imposed by—
In the case of a foreigncorporation, the tax imposed by subsection (a) shall apply only as provided by section 882.
(Aug. 16, 1954, ch. 736, 68A Stat. 11; Mar. 30, 1955, ch. 18, § 2, 69 Stat. 14; Mar. 29, 1956, ch. 115, § 2, 70 Stat. 66; Pub. L. 85–12, § 2, Mar. 29, 1957, 71 Stat. 9; Pub. L. 85–475, § 2, June 30, 1958, 72 Stat. 259; Pub. L. 86–75, § 2, June 30, 1959, 73 Stat. 157; Pub. L. 86–564, title II, § 201, June 30, 1960, 74 Stat. 290; Pub. L. 86–779, § 10(d), Sept. 14, 1960, 74 Stat. 1009; Pub. L. 87–72, § 2, June 30, 1961, 75 Stat. 193; Pub. L. 87–508, § 2, June 28, 1962, 76 Stat. 114; Pub. L. 88–52, § 2, June 29, 1963, 77 Stat. 72; Pub. L. 88–272, title I, § 121, Feb. 26, 1964, 78 Stat. 25; Pub. L. 89–809, title I, § 104(b)(2), Nov. 13, 1966, 80 Stat. 1557; Pub. L. 91–172, title IV, § 401(b)(2)(B), Dec. 30, 1969, 83 Stat. 602; Pub. L. 94–12, title III, § 303(a), (b), Mar. 29, 1975, 89 Stat. 44; Pub. L. 94–164, § 4(a)–(c), Dec. 23, 1975, 89 Stat. 973, 974; Pub. L. 94–455, title IX, § 901(a), Oct. 4, 1976, 90 Stat. 1606; Pub. L. 95–30, title II, § 201(1), (2), May 23, 1977, 91 Stat. 141; Pub. L. 95–600, title III, § 301(a), Nov. 6, 1978, 92 Stat. 2820; Pub. L. 97–34, title II, § 231(a), Aug. 13, 1981, 95 Stat. 249; Pub. L. 98–369, div. A, title I, § 66(a), July 18, 1984, 98 Stat. 585; Pub. L. 99–514, title VI, § 601(a), Oct. 22, 1986, 100 Stat. 2249; Pub. L. 100–203, title X, § 10224(a), Dec. 22, 1987, 101 Stat. 1330–412; Pub. L. 100–647, title I, § 1007(g)(13)(B), Nov. 10, 1988, 102 Stat. 3436; Pub. L. 103–66, title XIII, § 13221(a), (b), Aug. 10, 1993, 107 Stat. 477; Pub. L. 115–97, title I, §§ 12001(b)(11), 13001(a), Dec. 22, 2017, 131 Stat. 2094, 2096.)
2017—Subsec. (b). Pub. L. 115–97, § 13001(a), amended subsec. (b) generally. Prior to amendment, text read as follows:
“(1) In general.—The amount of the tax imposed by subsection (a) shall be the sum of—
“(A) 15 percent of so much of the taxable income as does not exceed $50,000,
“(B) 25 percent of so much of the taxable income as exceeds $50,000 but does not exceed $75,000,
“(C) 34 percent of so much of the taxable income as exceeds $75,000 but does not exceed $10,000,000, and
“(D) 35 percent of so much of the taxable income as exceeds $10,000,000.
“(2) Certain personal service corporations not eligible for graduated rates.—Notwithstanding paragraph (1), the amount of the tax imposed by subsection (a) on the taxable income of a qualified personal service corporation (as defined in section 448(d)(2)) shall be equal to 35 percent of the taxable income.”
Subsec. (d). Pub. L. 115–97, § 12001(b)(11), substituted “the tax imposed by subsection (a)” for “the taxes imposed by subsection (a) and section 55”.
1993—Subsec. (b)(1). Pub. L. 103–66, § 13221(a)(3), inserted at end of closing provisions “In the case of a corporation which has taxable income in excess of $15,000,000, the amount of the tax determined under the foregoing provisions of this paragraph shall be increased by an additional amount equal to the lesser of (i) 3 percent of such excess, or (ii) $100,000.”
Subsec. (b)(1)(C), (D). Pub. L. 103–66, § 13221(a)(1), (2), added subpars. (C) and (D) and struck out former subpar. (C) which read as follows: “34 percent of so much of the taxable income as exceeds $75,000.”
Subsec. (b)(2). Pub. L. 103–66, § 13221(b), substituted “35 percent” for “34 percent”.
1986—Subsec. (b). Pub. L. 99–514 amended subsec. (b) generally. Prior to amendment, subsec. (b) read as follows: “The amount of the tax imposed by subsection (a) shall be the sum of—
1981—Subsec. (b)(1). Pub. L. 97–34, § 231(a)(1), substituted “15 percent (16 percent for taxable years beginning in 1982)” for “17 percent”.
Subsec. (b)(2). Pub. L. 97–34, § 231(a)(2), substituted “18 percent (19 percent for taxable years beginning in 1982)” for “20 percent”.
1977—Subsec. (b)(1). Pub. L. 95–30, § 201(1), substituted “December 31, 1978” for “December 31, 1977”.
Subsec. (b)(2). Pub. L. 95–30, § 201(1), substituted “January 1, 1979” for “January 1, 1978” in provisions preceding subpar. (A).
Subsec. (d)(1). Pub. L. 95–30, § 201(2), substituted “December 31, 1978” for “December 31, 1977”.
Subsec. (d)(2). Pub. L. 95–30, § 201(2), substituted “January 1, 1979” for “January 1, 1978”.
Pub. L. 94–12, § 303(a), reduced the normal tax for a taxable year ending after Dec. 31, 1974, and before Jan. 1, 1976, to 20 percent of so much of the taxable income as does not exceed $25,000 plus 22 percent of so much of the taxable income as exceeds $25,000.
Pub. L. 94–12, § 303(b), substituted “$50,000” for “$25,000”.
1966—Subsec. (e)(4). Pub. L. 89–809, § 104(b)(2)(A), struck out par. (4) which made reference to section 881(a) (relating to foreign corporations not engaged in business in United States).
Subsec. (f). Pub. L. 89–809, § 104(b)(2)(B), added subsec. (f).
Pub. L. 115–97, title I, § 12001(c), Dec. 22, 2017, 131 Stat. 2094, provided that:
“The amendments made by this section [amending this section and sections 12, 38, 53, 55, 56, 58, 59, 168, 847, 848, 882, 897, 911, 962, 1561, 6425, and 6655 of this title] shall apply to taxable years beginning after December 31, 2017.”
Pub. L. 115–97, title I, § 13001(c), Dec. 22, 2017, 131 Stat. 2098, provided that:
Except as otherwise provided in this subsection, the amendments made by subsections (a) and (b) [amending this section and sections 12, 280C, 453A, 527, 535, 594, 691, 801, 831, 832, 834, 852, 857, 860E, 882, 904, 1374, 1381, 1445, 1446, 1561, 6425, 6655, 7518, and 7874 of this title and repealing sections 1201 and 1551 of this title] shall apply to taxable years beginning after December 31, 2017.
The amendments made by subsection (b)(3) [amending sections 1445 and 1446 of this title] shall apply to distributions made after December 31, 2017.
“(3)Certain transfers.—
The amendments made by subsection (b)(6) [amending section 1561 of this title] shall apply to transfers made after December 31, 2017.”
Pub. L. 103–66, title XIII, § 13221(d), Aug. 10, 1993, 107 Stat. 477, provided that:
“The amendments made by this section [amending this section and sections 852, 1201, and 1445 of this title] shall apply to taxable years beginning on or after January 1, 1993; except that the amendment made by subsection (c)(3) [amending section 1445 of this title] shall take effect on the date of the enactment of this Act [Aug. 10, 1993].”
Pub. L. 100–203, title X, § 10224(b), Dec. 22, 1987, 101 Stat. 1330–413, provided that:
Pub. L. 99–514, title VI, § 601(b), Oct. 22, 1986, 100 Stat. 2249, provided that:
The amendment made by subsection (a) [amending this section] shall apply to taxable years beginning on or after July 1, 1987.
Pub. L. 98–369, div. A, title I, § 66(c), July 18, 1984, 98 Stat. 585, as amended by Pub. L. 99–514, § 2, Oct. 22, 1986, 100 Stat. 2095, provided that:
The amendments made by this section [amending this section and section 1561 of this title] shall apply to taxable years beginning after December 31, 1983.
“(2)Amendments not treated as changed in rate of tax.—
The amendments made by this subsection [probably should be “section”] shall not be treated as a change in a rate of tax for purposes of section 21 of the Internal Revenue Code of 1986 [formerly I.R.C. 1954].”
Pub. L. 97–34, title II, § 231(c), Aug. 13, 1981, 95 Stat. 250, provided that:
“The amendments made by subsection (a) [amending this section] shall apply to taxable years beginning after December 31, 1981.”
Pub. L. 95–600, title III, § 301(c), Nov. 6, 1978, 92 Stat. 2824, provided that:
“The amendments made by this section [amending this section and sections 12, 57, 244, 247, 511, 527, 528, 802, 821, 826, 852, 857, 882, 907, 922, 962, 1351, 1551, 1561, 6154, and 6655 of this title] shall apply to taxable years beginning after December 31, 1978.”
Pub. L. 94–455, title IX, § 901(d), Oct. 4, 1976, 90 Stat. 1607, provided that:
“The amendment made by subsection (a) [amending this section] shall take effect on December 23, 1975. The amendments made by subsection (b) [amending section 821 of this title] shall apply to taxable years ending after December 31, 1974. The amendments made by subsection (c) [amending sections 21, 1561, and 6154 of this title] shall apply to taxable years ending after December 31, 1975.”
Pub. L. 94–164, § 4(e), Dec. 23, 1975, 89 Stat. 975, provided that:
“The amendments made by subsections (b), (c), and (d) [amending this section and sections 21, 962, and 1561 of this title] apply to taxable years beginning after December 31, 1975. The amendment made by subsection (c) [amending this section] ceases to apply for taxable years beginning after December 31, 1976.”
Pub. L. 94–12, title III, § 305(b)(1), Mar. 29, 1975, 89 Stat. 45, provided that:
“The amendments made by section 303 [amending this section and sections 12, 962, and 1561 of this title and enacting provisions set out as a note under this section] shall apply to taxable years ending after December 31, 1974. The amendments made by subsections (b) and (c) of such section [amending this section and sections 12, 962, and 1561 of this title and enacting provisions set out as a note under this section] shall cease to apply for taxable years ending after December 31, 1975.”
Pub. L. 89–809, title I, § 104(n), Nov. 13, 1966, 80 Stat. 1563, provided that:
“The amendments made by this section (other than subsection (k)) [enacting section 6683 to this title and amending this section and sections 245, 301, 512, 542, 543, 545, 819, 821, 822, 831, 832, 841, 842, 881, 882, 884, 952, 953, 1249, 1442, and 6016 of this title] shall apply with respect to taxable years beginning after December 31, 1966. The amendment made by subsection (k) [amending section 1248(d)(4) of this title] shall apply with respect to sales or exchanges occurring after December 31, 1966.”
Pub. L. 94–12, title III, § 303(c)(1), Mar. 29, 1975, 89 Stat. 44, provided in part that:
“In applying subsection (b)(2) of section 11 [former subsec. (b)(2) of this section], the first $25,000 of taxable income and the second $25,000 of taxable income shall each be allocated among the component members of a controlled group of corporations in the same manner as the surtax exemption is allocated.”