credit allowable for the recovered amount did not reduce the amount of tax imposed by this chapter. (3) Exception for investment tax credit and foreign tax creditThis subsection shall not apply with respect to the credit determined under section 46 and the foreign tax credit. (c) Treatment of carryovers

(a) In generalExcept as otherwise provided in this section, any mutual insurance company which is an interinsurer or reciprocal underwriter (hereinafter in this section referred to as a "reciprocal") subject to the taxes imposed by section 831(a) may, under regulations prescribed by the Secretary, elect to be subject to the limitation

(a) General ruleFor purposes of this part, the term "reasonable needs of the business" includes— (1) the reasonably anticipated needs of the business, (2) the section 303 redemption needs of the business, and (3) the excess

(a) In generalFor purposes of this subtitle, the taxable year of any trust shall be the calendar year. (b) Exception for trusts exempt from tax and charitable trustsSubsection (a) shall not apply to a trust exempt from taxation under section 501(a) or to a trust described in

subsection (a) of section 530 of the Revenue Act of 1978 with respect to such an individual, upon the filing of an appropriate pleading, the Tax Court may determine whether such a determination by the Secretary is correct and the proper amount of employment tax under such determination. Any such redetermination by the Tax Court shall have the force and effect of a decision of

(2) For provisions relating to the time for filing information returns by banks with respect to common trust funds, see §1.6032-1. (3) For provisions relating to the time for filing information returns by certain organizations exempt from taxation under section 501(a), see paragraph (e) of

(a) General ruleFor purposes of this part, the items of tax preference determined under this section are— (1) DepletionWith respect to each property (as defined in section 614), the excess of the deduction for depletion allowable under

on behalf of, an employee after the expiration of 6 calendar months following the last calendar month in which the employee worked for such employer; (5) any payment made to, or on behalf of, an employee or his beneficiary— (A) from or to a trust described in section 401(a) which is exempt from tax under

931 possession (as defined in §1.931-1(c)(1)). (3) Resident alien. The term resident alien has the meaning set forth in section 7701(b) and §§301.7701(b)-1 through 301.7701(b)-9 of

section 5102, added Pub. L. 85–859, title II, §201, Sept. 2, 1958, 72 Stat. 1339, defined manufacturer of stills, prior to the general revision of this subpart by Pub. L. 98–369. Another prior

(a) In generalFor purposes of this title— (1) a qualified long-term care insurance contract shall be treated as an accident and health insurance contract, (2) amounts (other than policyholder dividends, as defined in section 808, or premium refunds) received under a