Source: http://taxtv.com/code/00571-USCODE-2011-title26-subtitleA-chap1-subchapL-partII-sec835/
Timestamp: 2017-03-27 20:20:40
Document Index: 593366526

Matched Legal Cases: ['§835', '§835', '§835', '§8', '§826', '§1906', '§301', '§835', '§1024', '§1010', '§1010', '§1010', '§1024', '§1024', '§1024', '§1024', '§835']

IRC §835. Election by reciprocal - TaxTV.com
IRC §835. Election by reciprocal
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Except as otherwise provided in this section, any mutual insurance company which is an interinsurer or reciprocal underwriter (hereinafter in this section referred to as a “reciprocal”) subject to the taxes imposed by section 831(a) may, under regulations prescribed by the Secretary, elect to be subject to the limitation provided in subsection (b). Such election shall be effective for the taxable year for which made and for all succeeding taxable years, and shall not be revoked except with the consent of the Secretary.
(Added Pub. L. 87–834, §8(c), Oct. 16, 1962, 76 Stat. 996, §826; amended Pub. L. 94–455, title XIX, §1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834; Pub. L. 95–600, title III, §301(b)(10), Nov. 6, 1978, 92 Stat. 2822; renumbered §835 and amended Pub. L. 99– 4, title X, §1024(a)(3), (c)(9), Oct. 22, 1986, 100 Stat. 2405, 2407; Pub. L. 100–647, title I, §1010(f)(2), (3), Nov. 10, 1988, 102 Stat. 3454.)
1988—Subsec. (a). Pub. L. 100–647, §1010(f)(2), substituted “section 831(a)” for “section 821(a)”.
Subsec. (f). Pub. L. 100–647, §1010(f)(3), substituted “subsection (d)” for “subsection (e)”.
1986—Pub. L. 99– 4, §1024(a)(3), renumbered section 826 of this title as this section.
Subsec. (d). Pub. L. 99– 4, §1024(c)(9)(A), redesignated subsec. (e) as (d) and struck out former subsec. (d), special rule, which read as follows: “In applying section 824(d)(1)(D), any amount which was added to the protection against loss account by reason of an election under this section shall be treated as having been added by reason of section 824(a)(1)(A).”
Subsec. (e). Pub. L. 99– 4, §1024(c)(9), redesignated subsec. (f) as (e), substituted “Benefits of graduated rates” for “Surtax exemption” in heading, and amended text generally. Prior to amendment, text read as follows: “Any increase in taxable income of a reciprocal attributable to the limitation provided in subsection (b) shall be taxed without regard to the surtax exemption provided in section 821(a)(2).” Former subsec. (e) redesignated (d).
Subsecs. (f) to (h). Pub. L. 99– 4, §1024(c)(9)(A), redesignated subsecs. (f) to (h) as (e) to (g), respectively.
1978—Subsec. (c)(1). Pub. L. 95–600 substituted “the tax imposed by section 11” for “the taxes imposed by section 11(b) and (c)”.
1976—Subsecs. (a), (b), (c)(2), (e), (g). Pub. L. 94–455 struck out “or his delegate” after “Secretary”.
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