§3634 Assumed Federal income tax on competitive products income

Summary

The Postal Service must each year calculate a federal income tax amount for its competitive products and move that money from the Competitive Products Fund to the Postal Service Fund. This starts with the year that contains the deadline for the Postal Service’s first report to the Postal Regulatory Commission under section 3652(a). Defined terms: "assumed Federal income tax on competitive products income" — the net tax that chapter 1 of the Internal Revenue Code of 1986 would impose on the Postal Service’s competitive-products income for the year. "assumed taxable income from competitive products" — the taxable income a corporation would have if its only activities and assets were those Postal Service activities and assets allocated to competitive products under section 2011(h). Each required transfer must be paid by January 15th after the end of the year.