§3634 — Title 39 Postal Service | U.S. Code

Summary

The Postal Service must each year figure an assumed federal income tax tied to its competitive products and move that amount from the Competitive Products Fund to the Postal Service Fund. This starts in the year that includes the deadline for the Postal Service’s first report to the Postal Regulatory Commission under section 3652(a). The transfer is due on or before January 15 after the year ends. Assumed Federal income tax on competitive products income = the net tax that would be owed under chapter 1 of the Internal Revenue Code of 1986 on the assumed taxable income. Assumed taxable income from competitive products = the taxable income the Postal Service would have if it only had the activities and assets that section 2011(h) assigns to competitive products.

Title 39, §3634

Postal Service — Source: USLM XML via OLRC

(a)For purposes of this section—

(1)the term “assumed Federal income tax on competitive products income” means the net income tax that would be imposed by chapter 1 of the Internal Revenue Code of 1986 on the Postal Service’s assumed taxable income from competitive products for the year; and

(2)the term “assumed taxable income from competitive products”, with respect to a year, refers to the amount representing what would be the taxable income of a corporation under the Internal Revenue Code of 1986 for the year, if—

(A)the only activities of such corporation were the activities of the Postal Service allocable under section 2011(h) to competitive products; and

(B)the only assets held by such corporation were the assets of the Postal Service allocable under section 2011(h) to such activities.

(b)The Postal Service shall, for each year beginning with the year in which occurs the deadline for the Postal Service’s first report to the Postal Regulatory Commission under section 3652(a)—

(1)compute its assumed Federal income tax on competitive products income for such year; and

(2)transfer from the Competitive Products Fund to the Postal Service Fund the amount of that assumed tax.

(c)Any transfer required to be made under this section for a year shall be due on or before the January 15th next occurring after the close of such year.

Editorial Notes

References in Text

The Internal Revenue Code of 1986, referred to in subsec. (a), is classified to Title 26, Internal Revenue Code.

§3634 Assumed Federal Income Tax on Competitive Products Income

Summary

Title 39, §3634

Notes & Related Subsidiaries

Editorial Notes

References in Text

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