# 26 U.S.C. § 11: Tax imposed Source: OLRC release point 119-134 . Cite pinpoints as 26 U.S.C. § 11(a)(1). ## § 11(a) Corporations in general A tax is hereby imposed for each taxable year on the taxable income of every corporation. ## § 11(b) Amount of tax The amount of the tax imposed by subsection (a) shall be 21 percent of taxable income. ## § 11(c) Exceptions Subsection (a) shall not apply to a corporation subject to a tax imposed by— **§ 11(c)(1)** section 594 (relating to mutual savings banks conducting life insurance business), **§ 11(c)(2)** subchapter L (sec. 801 and following, relating to insurance companies), or **§ 11(c)(3)** subchapter M (sec. 851 and following, relating to regulated investment companies and real estate investment trusts). ## § 11(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. ## Regulations - [Treas. Reg. § 1.11-1](/26/reg/1.11-1.md): Tax on corporations. (interprets § 11) ## Leading cases - [State of Michigan and Michigan Education Trust v. United States, 40 F.3d 817 (6th Cir. 1995)](https://www.courtlistener.com/opinion/682760/state-of-michigan-and-michigan-education-trust-v-united-states/) - [Lone Manor Farms, Inc. v. Commissioner, 61 T.C. 436 (1974)](https://www.courtlistener.com/opinion/4703791/lone-manor-farms-inc-v-commissioner/) - [Hewlett-Packard Co. v. Commissioner, 67 T.C. 736 (1977)](https://www.courtlistener.com/opinion/4704373/hewlett-packard-co-v-commissioner/) ## Connections Cites: § 55 Alternative minimum tax imposed; § 594 Alternative tax for mutual savings banks conducting life insurance business; § 882 Tax on income of foreign corporations connected with United States business Cited by: § 80 Restoration of value of certain securities; § 280C Certain expenses for which credits are allowable; § 460 Special rules for long-term contracts; § 468A Special rules for nuclear decommissioning costs; § 468B Special rules for designated settlement funds; § 511 Imposition of tax on unrelated business income of charitable, etc., organizations; § 527 Political organizations; § 594 Alternative tax for mutual savings banks conducting life insurance business; § 801 Tax imposed; § 831 Tax on insurance companies other than life insurance companies; § 832 Insurance company taxable income; § 835 Election by reciprocal; § 851 Definition of regulated investment company; § 852 Taxation of regulated investment companies and their shareholders; § 856 Definition of real estate investment trust; § 857 Taxation of real estate investment trusts and their beneficiaries; § 860E Treatment of income in excess of daily accruals on residual interests; § 860G Other definitions and special rules; § 882 Tax on income of foreign corporations connected with United States business; § 907 Special rules in case of foreign oil and gas income; § 954 Foreign base company income; § 962 Election by individuals to be subject to tax at corporate rates; § 965 Treatment of deferred foreign income upon transition to participation exemption system of taxation; § 1293 Current taxation of income from qualified electing funds; § 1351 Treatment of recoveries of foreign expropriation losses; § 1352 Alternative tax on qualifying shipping activities; § 1374 Tax imposed on certain built-in gains; § 1375 Tax imposed when passive investment income of corporation having accumulated earnings and profits exceeds 25 percent of gross receipts; § 1381 Organizations to which part applies; § 1445 Withholding of tax on dispositions of United States real property interests; § 1446 Withholding of tax on foreign partners’ share of effectively connected income; § 4942 Taxes on failure to distribute income; § 4960 Tax on excess tax-exempt organization executive compensation; § 4965 Excise tax on certain tax-exempt entities entering into prohibited tax shelter transactions; § 6033 Returns by exempt organizations; § 6425 Adjustment of overpayment of estimated income tax by corporation; § 6655 Failure by corporation to pay estimated income tax; § 6662A Imposition of accuracy-related penalty on understatements with respect to reportable transactions; § 7518 Tax incentives relating to merchant marine capital construction funds; § 7704 Certain publicly traded partnerships treated as corporations; § 7874 Rules relating to expatriated entities and their foreign parents Derived from: 1939 § 13(b); 1939 § 15(a), (b); 1939 § 104(b); 1939 § 261 ## Amendments - 1954-08-16: [Act Aug. 16, 1954, ch. 736](/26/act/1954-ch736.md), 68A Stat. 11 - 1955-03-30: [Act Mar. 30, 1955, ch. 18](/26/act/1955-ch18.md), 69 Stat. 14 - 1956-03-29: [Act Mar. 29, 1956, ch. 115](/26/act/1956-ch115.md), 70 Stat. 66 - 1957-03-29: [Pub. L. 85-12](/26/act/85-12.md), 71 Stat. 9 - 1958-06-30: [Pub. L. 85-475](/26/act/85-475.md), 72 Stat. 259 - 1959-06-30: [Pub. L. 86-75](/26/act/86-75.md), 73 Stat. 157 - 1960-06-30: [Pub. L. 86-564](/26/act/86-564.md), 74 Stat. 290 - 1960-09-14: [Pub. L. 86-779](/26/act/86-779.md), 74 Stat. 1009 - 1961-06-30: [Pub. L. 87-72](/26/act/87-72.md), 75 Stat. 193 - 1962-06-28: [Pub. L. 87-508](/26/act/87-508.md), 76 Stat. 114 - 1963-06-29: [Pub. L. 88-52](/26/act/88-52.md), 77 Stat. 72 - 1964-02-26: [Pub. L. 88-272](/26/act/88-272.md), 78 Stat. 25 - 1966-11-13: [Pub. L. 89-809](/26/act/89-809.md), 80 Stat. 1557 - 1969-12-30: [Pub. L. 91-172](/26/act/91-172.md), 83 Stat. 602 - 1975-03-29: [Pub. L. 94-12](/26/act/94-12.md), 89 Stat. 44 - 1975-12-23: [Pub. L. 94-164](/26/act/94-164.md), 89 Stat. 973 - 1976-10-04: [Pub. L. 94-455](/26/act/94-455.md), 90 Stat. 1606 - 1977-05-23: [Pub. L. 95-30](/26/act/95-30.md), 91 Stat. 141 - 1978-11-06: [Pub. L. 95-600](/26/act/95-600.md), 92 Stat. 2820 - 1981-08-13: [Pub. L. 97-34](/26/act/97-34.md), 95 Stat. 249 - 1984-07-18: [Pub. L. 98-369](/26/act/98-369.md), 98 Stat. 585 - 1986-10-22: [Pub. L. 99-514](/26/act/99-514.md), 100 Stat. 2249 - 1987-12-22: [Pub. L. 100-203](/26/act/100-203.md), 101 Stat. 1330 - 1988-11-10: [Pub. L. 100-647](/26/act/100-647.md), 102 Stat. 3436 - 1993-08-10: [Pub. L. 103-66](/26/act/103-66.md), 107 Stat. 477 - 2017-12-22: [Pub. L. 115-97](/26/act/115-97.md), 131 Stat. 2094 - 2022-08-16: [Pub. L. 117-169](/26/act/117-169.md), 136 Stat. 1822