Internal Revenue Code (Title 26 U.S.C.)
26 U.S.C. § 11
Tax imposed
# (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.
Source: view the official text
Nearby sections (18 sections)
- 1 · Tax imposed
- 2 · Definitions and special rules
- 3 · Tax tables for individuals
- 4 · [§4. Repealed. Pub. L. 94–455, title V, §501(b)(1), Oct. 4, 1976,…
- 5 · Cross references relating to tax on individuals
- 11 · Tax imposed
- 12 · Cross references relating to tax on corporations
- 15 · Effect of changes
- 21 · Expenses for household and dependent care services necessary for…
- 22 · Credit for the elderly and the permanently and totally disabled
- 23 · Adoption expenses
- 24 · Child tax credit
- 25 · Interest on certain home mortgages
- 25A · American Opportunity and Lifetime Learning credits
- 25B · Elective deferrals and IRA contributions by certain individuals
- 25C · Energy efficient home improvement credit
- 25D · Residential clean energy credit
- 25E · Previously-owned clean vehicles