39 USC 3634 – Assumed Federal income tax on competitive products income
(a)
(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.
Terms Used In 39 USC 3634
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Postal Service: means the United States Postal Service established by section 201 of this title. See 39 USC 102
(b)
(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)