Source: http://taxtv.com/code/00567-USCODE-2011-title26-subtitleA-chap1-subchapL-partII-sec831/
Timestamp: 2017-11-21 01:06:32
Document Index: 184106060

Matched Legal Cases: ['§831', '§831', '§831', '§8', '§104', '§1901', '§1024', '§1010', '§206', '§206', '§1010', '§1901', '§1906', '§104', '§8', '§1010']

IRC §831. Tax on insurance companies other than life insurance companies - TaxTV.com
IRC §831. Tax on insurance companies other than life insurance companies
View related content: IRC §831
(i) the net written premiums (or, if greater, direct written premiums) for the taxable year do not exceed $1,200,000, and
(ii) such company elects the application of this subsection for such taxable year.
(B) Controlled group rules
For purposes of clause (i), the term “controlled group” means any controlled group of corporations (as defined in section 1563(a)); except that—
(I) “more than 50 percent” shall be substituted for “at least 80 percent” each place it appears in section 1563(a), and
For purposes of this section, the term “insurance company” has the meaning given to such term by section 816(a)).1
(1) For alternative tax in case of capital gains, see section 1201(a).
(2) For taxation of foreign corporations carrying on an insurance business within the United States, see section 842.
(3) For exemption from tax for certain insurance companies other than life, see section 501(c)(15).
(Aug. 16, 1954, ch. 736, 68A Stat. 264; Pub. L. 87–834, §8(e)(1), (f), (g)(4)(B), Oct. 16, 1962, 76 Stat. 997–999; Pub. L. 89–809, title I, §104(i)(6), Nov. 13, 1966, 80 Stat. 1562; Pub. L. 94–455, title XIX, §§1901(a)(107), 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1782, 1834; Pub. L. 99– 4, title X, §1024(a)(4), Oct. 22, 1986, 100 Stat. 2405; Pub. L. 100–647, title I, §1010(f)(1), (9), Nov. 10, 1988, 102 Stat. 3454, 3455; Pub. L. 108–218, title II, §206(c), (d), Apr. 10, 2004, 118 Stat. 611.)
2004—Subsec. (b)(2)(A)(i). Pub. L. 108–218, §206(d), struck out “exceed $350,000 but” after “taxable year”.
1988—Subsec. (b)(2)(A). Pub. L. 100–647, §1010(f)(1), inserted at end “The election under clause (ii) shall apply to the taxable year for which made and for all subsequent taxable years for which the requirements of clause (i) are met. Such an election, once made, may be revoked only with the consent of the Secretary.”
1986—Pub. L. 99– 4 amended section generally, substituting provisions imposing taxes on insurance companies other than life insurance companies, with an alternative tax on certain small companies, for provisions imposing taxes on insurance companies (other than life or mutual), mutual marine insurance companies, and certain mutual fire or flood insurance companies, with an election for multiple line companies to be taxed on total income.
1976—Subsec. (a). Pub. L. 94–455, §1901(a)(107), substituted “on the taxable income” for “or the taxable income”.
Subsec. (b). Pub. L. 94–455, §1906(b)(13)(A), struck out “or his delegate” after “Secretary” wherever appearing.
1966—Subsec. (b). Pub. L. 89–809, §104(i)(6)(A), redesignated subsec. (c) as (b). Former subsec. (b), which excepted foreign insurance companies other than life or mutual insurance companies, foreign mutual marine insurance companies, and foreign mutual fire insurance companies not carrying on an insurance business within the United States and provided that they would be taxable as other foreign corporations, was struck out.
1962—Pub. L. 87–834, §8(g)(4)(B), substituted “and certain mutual fire or flood insurance companies” for “and mutual fire insurance companies issuing perpetual policies” in section catchline.
Section 1024(e) of Pub. L. 99– 4 provided that: “The amendments made by this section [amending this section and sections 501, 832, 834, 835, 841, 842, 844, 891, 1201, 1504, and 1563 of this title, redesignating former sections 822 and 826 of this title as sections 834 and 835 of this title, respectively, and repealing sections 821, 823, 824, and 825 of this title] (and the provisions of subsection (d) [set out below]) shall apply to taxable years beginning after December 31, 1986.”
Section 1024(d) of Pub. L. 99– 4, as amended by Pub. L. 100–647, title I, §1010(f)(8), Nov. 10, 1988, 102 Stat. 3454, provided that: