((a)) ** Corporations in general** A tax is hereby imposed for each taxable year on the taxable income of every corporation.

((b)) ** Amount of tax** The amount of the tax imposed by subsection (a) shall be 21 percent of taxable income.

((c)) ** Exceptions** Subsection (a) shall not apply to a corporation subject to a tax imposed by—

((1)) section 594 (relating to mutual savings banks conducting life insurance business),

((2)) subchapter L (sec. 801 and following, relating to insurance companies), or

((3)) subchapter M (sec. 851 and following, relating to regulated investment companies and real estate investment trusts).

((d)) ** Foreign corporations** In the case of a foreign corporation, the taxes imposed by subsection (a) and section 55 shall apply only as provided by section 882.