highest rate
Defined in 1 place of the United States Code.
The term “highest rate” means—
(I) the highest rate of tax specified in section 11, or
(II) if at all times during the year involved more than 50 percent of the interests in the entity are held by individuals directly or through 1 or more other pass-thru entities, the highest rate of tax specified in section 1.
Source
- 1994–present26 U.S.C. § 460Internal Revenue Code · Special rules for long-term contracts · in this section