§ 11. Tax imposed
(a)
Corporations in general
A tax is hereby imposed for each taxable year on the taxable income of every corporation.
(b)
Amount of tax
(1)
In general
The amount of the tax imposed by subsection (a) shall be the sum of—
(C)
34 percent of so much of the taxable income as exceeds $75,000 but does not exceed $10,000,000, and
In the case of a corporation which has taxable income in excess of $100,000 for any taxable year, the amount of tax determined under the preceding sentence for such taxable year shall be increased by the lesser of (i) 5 percent of such excess, or (ii) $11,750. In the case of a corporation which has taxable income in excess of $15,000,000, the amount of the tax determined under the foregoing provisions of this paragraph shall be increased by an additional amount equal to the lesser of (i) 3 percent of such excess, or (ii) $100,000.
(c)
Exceptions
Subsection (a) shall not apply to a corporation subject to a tax imposed by—
(3)
subchapter M (sec.
851 and following, relating to regulated investment companies and real estate investment trusts).