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26 U.S.C. § 114 — Repealed. Pub. L. 108–357, title I, § 101(a), Oct. 22, 2004, 118 Stat. 1423]

Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 114 — Repealed. Pub. L. 108–357, title I, § 101(a), Oct. 22, 2004, 118 Stat. 1423]

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Stable record: federal_law:legal_authorities:record_usc_0d6fe87251d2a9fb48485348
Source file: Laws/federal/codes/united-states-code/title-26/section-114-repealed-pub-l-108357-title-i-101-a-oct-22-2004-118-stat-1423--d20ec1d072.md
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Source location: Title 26, Chapter 1, § 114; chapter-001-normal-taxes-and-surtaxes.md

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### Statutory Notes Section, added Pub. L. 106–519, § 3(a), Nov. 15, 2000, 114 Stat. 2423, related to exclusion of extraterritorial income from gross income. A prior section 114, act Aug. 16, 1954, ch. 736, 68A Stat. 35, related to sports programs conducted for American National Red Cross, prior to repeal by Pub. L. 101–508, title XI, § 11801(a)(8), Nov. 5, 1990, 104 Stat. 1388–520. #### Effective Date of Repeal Repeal applicable to transactions after Dec. 31, 2004, see section 101(c) of Pub. L. 108–357, set out as an Effective Date of 2004 Amendments note under [section 56 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section56&num=0&edition=prelim). #### Transition Provisions Pub. L. 108–357, title I, § 101(d)–(f), Oct. 22, 2004, 118 Stat. 1423, 1424, as amended by Pub. L. 109–222, title V, § 513(b), May 17, 2006, 120 Stat. 366; Pub. L. 113–295, div. A, title II, § 219(a), Dec. 19, 2014, 128 Stat. 4035, provided that: “(d) Transitional Rule for 2005 and 2006.—“(1) In general.—In the case of transactions during 2005 or 2006, the amount includible in gross income by reason of the amendments made by this section [amending sections 56, 275, 864, 903, and 999 of this title and repealing this section and sections 941 to 943 of this title] shall not exceed the applicable percentage of the amount which would have been so included but for this subsection. “(2) Applicable percentage.—For purposes of paragraph (1), the applicable percentage shall be as follows:“(A) For 2005, the applicable percentage shall be 20 percent. “(B) For 2006, the applicable percentage shall be 40 percent. “(3) Coordination with section 199.—This subsection shall be applied without regard to any deduction allowable under section 199 [probably means former section 199 of the Internal Revenue Code of 1986]. “(e) Revocation of Election To Be Treated as Domestic Corporation.—If, during the 1-year period beginning on the date of the enactment of this Act [Oct. 22, 2004], a corporation for which an election is in effect under section 943(e) of the Internal Revenue Code of 1986 revokes such election, no gain or loss shall be recognized with respect to property treated as transferred under clause (ii) of section 943(e)(4)(B) of such Code to the extent such property—“(1) was treated as transferred under clause (i) thereof, or “(2) was acquired during a taxable year to which such election applies and before May 1, 2003, in the ordinary course of its trade or business. The Secretary of the Treasury (or such Secretary’s delegate) may prescribe such regulations as may be necessary to prevent the abuse of the purposes of this subsection. “[(f) Repealed. Pub. L. 109–222, title V, § 513(b), May 17, 2006, 120 Stat. 366.]”

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 56 — Adjustments in computing alternative minimum taxable income

**(a) Adjustments applicable to all taxpayers** In determining the amount of the alternative minimum taxable income for any taxable year the following treatment shall apply (in lieu of the treatment applicable for purposes of computing the regular tax): (1) **Depreciation** (A) *In general* (i) *Property other than certain personal property* — Except as provided in clause (ii), the depreciation deduction allowable under section 167 with respect to any tangible property placed in service after December 31, 1986, shall be determined under the alternative system of section 168(g). In the case of property placed in service after December 31, 1998, the preceding sentence shall not apply but clause (ii) shall continue to apply. (ii) *150-percent declining balance method for certain property* — The method of depreciation used shall be— (I) the 150 percent declining balance method, (II) switching to the straight line method for the 1st taxable year for which using the straight line method with respect to the adjusted basis as of the beginning of the year will yield a higher allowance. The preceding sentence shall not apply to any section 1250 property (as defined in section 1250(c)) (and the straight line method shall be used for such section 1250 property) or to any other property if the depreciation deduction determined under section 168 with respect to such other property for purposes of the regular tax is determined by using the straight line method. (B) *Exception for certain property* — This paragraph shall not apply to property described in paragraph (1), (2), (3), or (4) of section 168(f), or in section 168(e)(3)(C)(iv). (C) *Coordination with transitional rules* (i) *In general* — This paragraph shall not apply to property pla

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 904 — Limitation on credit

**(a) Limitation** The total amount of the credit taken under section 901(a) shall not exceed the same proportion of the tax against which such credit is taken which the taxpayer’s taxable income from sources without the United States (but not in excess of the taxpayer’s entire taxable income) bears to his entire taxable income for the same taxable year. **(b) Taxable income for purpose of computing limitation** (1) **Personal exemptions** — For purposes of subsection (a), the taxable income in the case of an individual, estate, or trust shall be computed without any deduction for personal exemptions under section 151 or 642(b). (2) **Capital gains** — For purposes of this section— (A) *In general* — Taxable income from sources outside the United States shall include gain from the sale or exchange of capital assets only to the extent of foreign source capital gain net income. (B) *Special rules where capital gain rate differential* — In the case of any taxable year for which there is a capital gain rate differential— (i) in lieu of applying subparagraph (A), the taxable income from sources outside the United States shall include gain from the sale or exchange of capital assets only in an amount equal to foreign source capital gain net income reduced by the rate differential portion of foreign source net capital gain, (ii) the entire taxable income shall include gain from the sale or exchange of capital assets only in an amount equal to capital gain net income reduced by the rate differential portion of net capital gain, and (iii) for purposes of determining taxable income from sources outside the United States, any net capital loss (and any amount which is a short-term capital loss under section 1212(a)) from sources outside the United States to

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 114 — Untitled legal text

Page 565 TITLE 26—INTERNAL REVENUE CODE [§ 114 EX. ORD. NO. 12744. DESIGNATION OF ARABIAN PENINSULA AREAS, AIRSPACE, AND ADJACENT WATERS AS COMBAT ZONE Ex. Ord. No. 12744, Jan. 21, 1991, 56 F.R. 2663, provided: By the authority vested in me as President by the Constitution and the laws of the United States of America, including section 112 of the Internal Revenue Code of 1986 (26 U.S.C. 112), I hereby designate, for pur- poses of that section, the following locations, including the airspace above such locations, as an area in which Armed Forces of the United States are and have been engaged in combat: —the Persian Gulf —the Red Sea —the Gulf of Oman —that portion of the Arabian Sea that lies north of 10 degrees north latitude and west of 68 degrees east longitude —the Gulf of Aden —the total land areas of Iraq, Kuwait, Saudi Arabia, Oman, Bahrain, Qatar, and the United Arab Emirates. For the purposes of this order, the date of the com- mencing of combatant activities in such zone is hereby designated as January 17, 1991. GEORGE BUSH. EX. ORD. NO. 13002. TERMINATION OF COMBAT ZONE DES- IGNATION IN VIETNAM AND WATERS ADJACENT THERETO Ex. Ord. No. 13002, May 13, 1996, 61 F.R. 24665, pro- vided: By the authority vested in me as President by the Constitution and the laws of the United States of America, including section 112(c)(3) of the Internal Rev- enue Code of 1986 (26 U.S.C. 112(c)(3)), June 30, 1996, as of midnight thereof, is hereby designated as the date of termination of combatant activities in the zone com- prised of the area described in Executive Order No. 11216 of April 24, 1965 [set out above]. WILLIAM J. CLINTON. EX. ORD. NO. 13119. DESIGNATION OF FEDERAL REPUBLIC OF YUGOSLAVIA (SERBIA/MONTENEGRO), ALBANIA, THE AIRSPACE ABOVE,

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