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26 U.S.C. § 806 — Repealed. Pub. L. 115–97, title I, § 13512(a), Dec. 22, 2017, 131 Stat. 2142]
Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section, added Pub. L. 98–369, div. A, title II, § 211(a), July 18, 1984, 98 Stat. 724; amended Pub. L. 99–514, title X, § 1011(a), (b)(5)–(8), (11)(A), Oct. 22, 1986, 100 Stat. 2388, 2389, related to small life insurance company deduction.
A prior section 806, added Pub. L. 86–69, § 2(a), June 25, 1959, 73 Stat. 120; amended Pub. L. 94–455, title XIX, § 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834, related to certain changes in reserves and assets, prior to the general revision of this part by Pub. L. 98–369, § 211(a).
Another prior section 806, act Aug. 16, 1954, ch. 736, 68A Stat. 258, related to adjustment for certain reserves, prior to the general revision of this part by act Mar. 13, 1956, ch. 83, § 2, 70 Stat. 36.
#### Effective Date of Repeal
Repeal applicable to taxable years beginning after Dec. 31, 2017, see section 13512(c) of Pub. L. 115–97, set out as an Effective Date of 2017 Amendment note under [section 453B of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section453b&num=0&edition=prelim).
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Source file: Laws/federal/codes/united-states-code/title-26/section-806-repealed-pub-l-11597-title-i-13512-a-dec-22-2017-131-stat-2142--76b5d8fe2b.md
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Source location: Title 26, Chapter 1, § 806; chapter-001-normal-taxes-and-surtaxes.md
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### Statutory Notes
Section, added Pub. L. 98–369, div. A, title II, § 211(a), July 18, 1984, 98 Stat. 724; amended Pub. L. 99–514, title X, § 1011(a), (b)(5)–(8), (11)(A), Oct. 22, 1986, 100 Stat. 2388, 2389, related to small life insurance company deduction.
A prior section 806, added Pub. L. 86–69, § 2(a), June 25, 1959, 73 Stat. 120; amended Pub. L. 94–455, title XIX, § 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834, related to certain changes in reserves and assets, prior to the general revision of this part by Pub. L. 98–369, § 211(a).
Another prior section 806, act Aug. 16, 1954, ch. 736, 68A Stat. 258, related to adjustment for certain reserves, prior to the general revision of this part by act Mar. 13, 1956, ch. 83, § 2, 70 Stat. 36.
#### Effective Date of Repeal
Repeal applicable to taxable years beginning after Dec. 31, 2017, see section 13512(c) of Pub. L. 115–97, set out as an Effective Date of 2017 Amendment note under [section 453B of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section453b&num=0&edition=prelim).
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** If an installment obligation is satisfied at other than its face value or distributed, transmitted, sold, or otherwise disposed of, gain or loss shall result to the extent of the difference between the basis of the obligation and—
(1) the amount realized, in the case of satisfaction at other than face value or a sale or exchange, or
(2) the fair market value of the obligation at the time of distribution, transmission, or disposition, in the case of the distribution, transmission, or disposition otherwise than by sale or exchange.
any gain or loss so resulting shall be considered as resulting from the sale or exchange of the property in respect of which the installment obligation was received.
**(b) Basis of obligation** The basis of an installment obligation shall be the excess of the face value of the obligation over an amount equal to the income which would be returnable were the obligation satisfied in full.
**(c) Special rule for transmission at death** Except as provided in section 691 (relating to recipients of income in respect of decedents), this section shall not apply to the transmission of installment obligations at death.
**(d) Exception for distributions to which section 337(a) applies** Subsection (a) shall not apply to any distribution to which section 337(a) applies.
**(e) Life insurance companies**
(1) **In general** — In the case of a disposition of an installment obligation by any person other than a life insurance company (as defined in section 816(a)) to such an insurance company or to a partnership of which such an insurance company is a partner, no provision of this subtitle providing for the nonrecognition of gain shall apply with respect to any gain resulting under subsection (a). If a corporation which is a life insu
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 453B
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Federal law — U.S. Code and appendices · legal_authorities
Page 1901
TITLE 26—INTERNAL REVENUE CODE
§ 807
tion 166(c) (relating to reserve for bad debts) shall not
apply, was struck out.
Subsec. (b)(2)(A)(iii). Pub. L. 99–514, § 1011(b)(4), which
directed that subsec. (b)(3)(A)(iii) be amended by strik-
ing out ‘‘the special life insurance company deduction
and’’ before ‘‘the small life’’, was executed to subsec.
(b)(2)(A)(iii) to reflect the probable intent of Congress
and the redesignation of subsec. (b)(3) as (b)(2) by Pub.
L. 99–514, § 805(c)(6).
Subsec. (b)(3) to (6). Pub. L. 99–514, § 805(c)(6), redesig-
nated pars. (3) to (6) as (2) to (5), respectively.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 2017 AMENDMENT
Amendment by section 13511(a), (b)(4)–(6) of Pub. L.
115–97 applicable to losses arising in taxable years be-
ginning after Dec. 31, 2017, see section 13511(c) of Pub.
L. 115–97, set out as a note under section 381 of this
title.
Amendment by section 13512(b)(5), (6) of Pub. L. 115–97
applicable to taxable years beginning after Dec. 31,
2017, see section 13512(c) of Pub. L. 115–97, set out as a
note under section 453B of this title.
EFFECTIVE DATE OF 2014 AMENDMENT
Amendment by Pub. L. 113–295 not applicable to pre-
ferred stock issued before Oct. 1, 1942 (determined in
the same manner as under section 247 of this title as in
effect before its repeal by Pub. L. 113–295), see section
221(a)(41)(K) of Pub. L. 113–295, set out as a note under
section 172 of this title.
Except as otherwise provided in section 221(a) of Pub.
L. 113–295, amendment by Pub. L. 113–295 effective Dec.
19, 2014, subject to a savings provision, see section
221(b) of Pub. L. 113–295, set out as a note under section
1 of this title.
EFFECTIVE DATE OF 1997 AMENDMENT
Amendment by Pub. L. 105–34 applic
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 806
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