
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 26USC594]

 
                     TITLE 26--INTERNAL REVENUE CODE
 
                        Subtitle A--Income Taxes
 
                  CHAPTER 1--NORMAL TAXES AND SURTAXES
 
                   Subchapter H--Banking Institutions
 
                   PART II--MUTUAL SAVINGS BANKS, ETC.
 
Sec. 594. Alternative tax for mutual savings banks conducting 
        life insurance business
        

(a) Alternative tax

    In the case of a mutual savings bank not having capital stock 
represented by shares, authorized under State law to engage in the 
business of issuing life insurance contracts, and which conducts a life 
insurance business in a separate department the accounts of which are 
maintained separately from the other accounts of the mutual savings 
bank, there shall be imposed in lieu of the taxes imposed by section 11 
or section 1201(a), a tax consisting of the sum of the partial taxes 
determined under paragraphs (1) and (2):
        (1) A partial tax computed on the taxable income determined 
    without regard to any items of gross income or deductions properly 
    allocable to the business of the life insurance department, at the 
    rates and in the manner as if this section had not been enacted; and
        (2) a partial tax computed on the income of the life insurance 
    department determined without regard to any items of gross income or 
    deductions not properly allocable to such department, at the rates 
    and in the manner provided in subchapter L (sec. 801 and following) 
    with respect to life insurance companies.

(b) Limitations of section

    Subsection (a) shall apply only if the life insurance department 
would, if it were treated as a separate corporation, qualify as a life 
insurance company under section 816.

(Aug. 16, 1954, ch. 736, 68A Stat. 205; Mar. 13, 1956, ch. 83, 
Sec. 5(3), 70 Stat. 49; Pub. L. 98-369, div. A, title II, 
Sec. 211(b)(8), July 18, 1984, 98 Stat. 755.)


                               Amendments

    1984--Subsec. (b). Pub. L. 98-369 substituted ``section 816'' for 
``section 801''.
    1956--Subsec. (a)(2). Act Mar. 13, 1956, substituted ``the income'' 
for ``the taxable income (as defined in section 803)''.


                    Effective Date of 1984 Amendment

    Amendment by Pub. L. 98-369 applicable to taxable years beginning 
after Dec. 31, 1983, see section 215 of Pub. L. 98-369, set out as an 
Effective Date note under section 801 of this title.


                    Effective Date of 1956 Amendment

    Amendment by act Mar. 13, 1956, applicable only to taxable years 
beginning after Dec. 31, 1954, see section 6 of act Mar. 13, 1956, set 
out as a note under section 821 of this title.

                  Section Referred to in Other Sections

    This section is referred to in section 11 of this title.
