Treasury Regulations · 26 CFR
§ 1.594-1. Mutual savings banks conducting life insurance business.
Regulation text, no changes From the eCFR, current as of October 15, 2026. The eCFR is an authoritative but unofficial editorial compilation of the Code of Federal Regulations; the official text is the annual CFR on govinfo. Compare it with this section on ecfr.gov (external site) or the official annual CFR on govinfo (external site).
Regulation under 26 U.S.C. § 594
Cite as 26 CFR § 1.594-1
At a glance
Read from the text and its source citation. Not part of the regulation.
- Status
- In the current eCFR
- Source
- T.D. 6500, 25 FR 11402, Nov. 26, 1960; 25 FR 14021, Dec. 21, 1960; T.D. 9989, 89 FR 17606, Mar. 11, 2024, unless otherwise noted.
- Issued under
- 26 U.S.C. § 594
- Length
- 243 words · about 1 min to read
- Cross-references
- cites 4 Code sections and 0 regulations; cited by 1
¶(a) Scope of application. Section 594 applies to the case of a mutual savings bank not having capital stock represented by shares which conducts a life insurance business, if:
¶(1) The conduct of the life insurance business is authorized under State law,
¶(2) The life insurance business is carried on in a separate department of the bank,
¶(3) The books of account of the life insurance business are maintained separately from other departments of the bank, and
¶(4) The life insurance department of the bank would, if it were treated as a separate corporation, qualify as a life insurance company under section 801.
¶(b) Computation of tax. In the case of a mutual savings bank conducting a life insurance business to which section 594 is applicable, the tax upon such bank consists of the sum of the following:
¶(2) A partial tax computed on the income (or, in the case of taxable years beginning before January 1, 1955, the taxable income (as defined in section 803)) of the life insurance department determined without regard to any items of income or deduction not properly allocable to such department, at the rates and in the manner provided in subchapter L (section 801 and following), chapter 1 of the Code, with respect to life insurance companies.
Cross-references
Computed from the citations in the text of 26 CFR.
Code sections it cites
- § 594 Alternative tax for mutual savings banks conducting life insurance business
- § 11 Tax imposed
- § 803 Life insurance gross income
- § 801 Tax imposed
Cited by 1 other regulation
Where it sits in 26 CFR
- Subchapter A Income tax
- Part 1 Income taxes
- Mutual Savings Banks, Etc.
Nearby sections
- § 1.591-1 Deduction for dividends paid on deposits.
- § 1.592-1 Repayment of certain loans by mutual savings banks, building and loan associations, and cooperative banks.
- § 1.594-1 Mutual savings banks conducting life insurance business.
- § 1.596-1 Limitation on dividends received deduction.
- § 1.597-1 Definitions.
- § 1.597-2 Taxation of FFA.
- § 1.597-3 Other rules.