1999 Minnesota Statutes

     290.093 Tax computation for mutual savings banks 
  conducting life insurance business. 

    Mutual savings banks as defined in section 594 of the 
 Internal Revenue Code are subject to a tax consisting of the sum 
 of the taxes determined under clauses (1) and (2):  

    (1) a tax computed on the taxable income determined without 
 regard to any items of gross income or deductions properly 
 allocable to the business of the life insurance department, at 
 the rates and in the manner as if this section did not apply; 
 and 

    (2) a tax computed on the income of the life insurance 
 department determined without regard to any items of gross 
 income or deductions not properly allocable to the department 
 computed in the manner provided in section 290.35 and at the 
 rate provided in section 290.06.  

    This section applies only if the life insurance department 
 would, if it were treated as a separate corporation, qualify as 
 a life insurance company under section 816 of the Internal 
 Revenue Code. 

    HIST: 1987 c 268 art 1 s 55; 1988 c 719 art 3 s 12; 1989 c 28 
 s 25; 1990 c 604 art 2 s 16; 1991 c 291 art 6 s 46; 1992 c 511 
 art 6 s 19; 1993 c 375 art 8 s 14; 1994 c 587 art 1 s 24