26 USC 531 - Sec. 531. Imposition of accumulated earnings tax
26 USC - US Code - Title 26: Internal Revenue Code (January 2002)
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In addition to other taxes imposed by this chapter, there is hereby imposed for each taxable year on the accumulated taxable income (as defined in section 535) of each corporation described in section 532, an accumulated earnings tax equal to the product of the highest rate of tax under section 1(c) and the accumulated taxable income.
Amendment Of Section
For termination of amendment by section 901 of Pub. L. 107-16, see Effective and Termination Dates of 2001 Amendment note below.
Amendments
2001 - Pub. L. 107-16, Sec. 101(c)(4), 901, temporarily substituted ''equal to the product of the highest rate of tax under section 1(c) and the accumulated taxable income.'' for ''equal to 39.6 percent of the accumulated taxable income.'' See Effective and Termination Dates of 2001 Amendment note below. 1993 - Pub. L. 103-66, Sec. 13202(b), substituted ''39.6 percent'' for ''36 percent''. Pub. L. 103-66, Sec. 13201(b)(1), substituted ''36 percent'' for ''28 percent''. 1988 - Pub. L. 100-647 amended section generally.
Prior to amendment, section read as follows: ''In addition to other taxes imposed by this chapter, there is hereby imposed for each taxable year on the accumulated taxable income (as defined in section 535) of every corporation described in section 532, an accumulated earnings tax equal to the sum of - ''(1) 27 1/2 percent of the accumulated taxable income not in excess of $100,000, plus ''(2) 38 1/2 percent of the accumulated taxable income in excess of $100,000.'' EFFECTIVE AND TERMINATION DATES OF 2001 AMENDMENT Amendment by Pub. L. 107-16 applicable to taxable years beginning after Dec. 31, 2000, see section 101(d)(1) of Pub. L. 107-16, set out as a note under section 1 of this title.
Amendment by Pub. L. 107-16 inapplicable to taxable, plan, or limitation years beginning after Dec. 31, 2010, and the Internal Revenue Code of 1986 to be applied and administered to such years as if such amendment had never been enacted, see section 901 of Pub. L. 107-16, set out as a note under section 1 of this title.
EFFECTIVE DATE OF 1993 AMENDMENT
Amendment by Pub. L. 103-66 applicable to taxable years beginning after Dec. 31, 1992, see sections 13201(c) and 13202(c) of Pub. L. 103-66, set out as notes under section 1 of this title.
EFFECTIVE DATE OF 1988 AMENDMENT
Section 1001(a)(2)(B) of Pub. L. 100-647 provided that: ''The amendment made by subparagraph (A) (amending this section) shall apply to taxable years beginning after December 31, 1987. Such amendment shall not be treated as a change in a rate of tax for purposes of section 15 of the 1986 Code.''
Section Referred To In Other Sections
This section is referred to in sections 12, 26, 30A, 111, 532, 534, 535, 536, 545, 556, 563, 936, 1298, 6601, 7518 of this title; title 46 App. section 1177.
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