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26 U.S.C. § 188 — Repealed. Pub. L. 101–508, title XI, § 11801(a)(13), Nov. 5, 1990, 104 Stat. 1388–520]
Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section, added Pub. L. 92–178, title III, § 303(a), Dec. 10, 1971, 85 Stat. 521; amended Pub. L. 94–455, title XIX, § 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834; Pub. L. 95–30, title IV, § 402(a)(1)–(3), May 23, 1977, 91 Stat. 155, related to amortization of certain expenditures for child care facilities.
#### Savings Provision
For provisions that nothing in repeal by Pub. L. 101–508 be construed to affect treatment of certain transactions occurring, property acquired, or items of income, loss, deduction, or credit taken into account prior to Nov. 5, 1990, for purposes of determining liability for tax for periods ending after Nov. 5, 1990, see section 11821(b) of Pub. L. 101–508, set out as a note under [section 45K of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section45k&num=0&edition=prelim).
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Source file: Laws/federal/codes/united-states-code/title-26/section-188-repealed-pub-l-101508-title-xi-11801-a-13-nov-5-1990-104-stat-1388520--a41860ba24.md
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Source location: Title 26, Chapter 1, § 188; chapter-001-normal-taxes-and-surtaxes.md
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### Statutory Notes
Section, added Pub. L. 92–178, title III, § 303(a), Dec. 10, 1971, 85 Stat. 521; amended Pub. L. 94–455, title XIX, § 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834; Pub. L. 95–30, title IV, § 402(a)(1)–(3), May 23, 1977, 91 Stat. 155, related to amortization of certain expenditures for child care facilities.
#### Savings Provision
For provisions that nothing in repeal by Pub. L. 101–508 be construed to affect treatment of certain transactions occurring, property acquired, or items of income, loss, deduction, or credit taken into account prior to Nov. 5, 1990, for purposes of determining liability for tax for periods ending after Nov. 5, 1990, see section 11821(b) of Pub. L. 101–508, set out as a note under [section 45K of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section45k&num=0&edition=prelim).
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule**
(1) **Ordinary income** — Except as otherwise provided in this section, if section 1245 property is disposed of the amount by which the lower of—
(A) the recomputed basis of the property, or
(B)
(i) in the case of a sale, exchange, or involuntary conversion, the amount realized, or
(ii) in the case of any other disposition, the fair market value of such property,
exceeds the adjusted basis of such property shall be treated as ordinary income. Such gain shall be recognized notwithstanding any other provision of this subtitle.
(2) **Recomputed basis** — For purposes of this section—
(A) *In general* — The term “recomputed basis” means, with respect to any property, its adjusted basis recomputed by adding thereto all adjustments reflected in such adjusted basis on account of deductions (whether in respect of the same or other property) allowed or allowable to the taxpayer or to any other person for depreciation or amortization.
(B) *Taxpayer may establish amount allowed* — For purposes of subparagraph (A), if the taxpayer can establish by adequate records or other sufficient evidence that the amount allowed for depreciation or amortization for any period was less than the amount allowable, the amount added for such period shall be the amount allowed.
(C) *Certain deductions treated as amortization* — Any deduction allowable under section 179, 179B, 179C, 179D, 179E, 181, 190, 193, or 194 shall be treated as if it were a deduction allowable for amortization.
(3) **Section 1245 property** — For purposes of this section, the term “section 1245 property” means any property which is or has been property of a character subject to the allowance for depreciation provided in section 167 and is either—
(A) personal property,
(
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1245
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** Except as otherwise provided in this section—
(1) **Additional depreciation after December 31, 1975**
(A) *In general* — If section 1250 property is disposed of after December 31, 1975, then the applicable percentage of the lower of—
(i) that portion of the additional depreciation (as defined in subsection (b)(1) or (4)) attributable to periods after December 31, 1975, in respect of the property, or
(ii) the excess of the amount realized (in the case of a sale, exchange, or involuntary conversion), or the fair market value of such property (in the case of any other disposition), over the adjusted basis of such property,
shall be treated as gain which is ordinary income. Such gain shall be recognized notwithstanding any other provision of this subtitle.
(B) *Applicable percentage* — For purposes of subparagraph (A), the term “applicable percentage” means—
(i) in the case of section 1250 property with respect to which a mortgage is insured under section 221(d)(3) or 236 of the National Housing Act, or housing financed or assisted by direct loan or tax abatement under similar provisions of State or local laws and with respect to which the owner is subject to the restrictions described in section 1039(b)(1)(B) (as in effect on the day before the date of the enactment of the Revenue Reconciliation Act of 1990), 100 percent minus 1 percentage point for each full month the property was held after the date the property was held 100 full months;
(ii) in the case of dwelling units which, on the average, were held for occupancy by families or individuals eligible to receive subsidies under section 8 of the United States Housing Act of 1937, as amended, or under the provisions of State or local law authorizing similar levels of su
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1250
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Foreign tax credit allowed** An estate or trust shall be allowed the credit against tax for taxes imposed by foreign countries and possessions of the United States, to the extent allowed by section 901, only in respect of so much of the taxes described in such section as is not properly allocable under such section to the beneficiaries.
**(b) Deduction for personal exemption**
(1) **Estates** — An estate shall be allowed a deduction of $600.
(2) **Trusts**
(A) *In general* — Except as otherwise provided in this paragraph, a trust shall be allowed a deduction of $100.
(B) *Trusts distributing income currently* — A trust which, under its governing instrument, is required to distribute all of its income currently shall be allowed a deduction of $300.
(C) *Disability trusts*
(i) *In general* — A qualified disability trust shall be allowed a deduction equal to the exemption amount under section 151(d), determined—
(I) by treating such trust as an individual described in section 68(b)(1)(C),11 See References in Text note below. and
(II) by applying section 67(e) (without the reference to section 642(b)) for purposes of determining the adjusted gross income of the trust.
(ii) *Qualified disability trust* — For purposes of clause (i), the term “qualified disability trust” means any trust if—
(I) such trust is a disability trust described in subsection (c)(2)(B)(iv) of section 1917 of the Social Security Act ([42 U.S.C. 1396p](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1396p&num=0&edition=prelim)), and
(II) all of the beneficiaries of the trust as of the close of the taxable year are determined by the Commissioner of Social Security to have been disabled (within the meaning of section 1614(a
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 642
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Federal law — U.S. Code and appendices · legal_authorities
Page 915
TITLE 26—INTERNAL REVENUE CODE
§ 190
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF REPEAL
Repeal effective for taxable years beginning after
Dec. 31, 1976, see section 1901(d) of Pub. L. 94–455, set
out as an Effective Date of 1976 Amendment note under
section 2 of this title.
[§ 188.
Repealed.
Pub.
L.
101–508,
title
XI,
§ 11801(a)(13),
Nov.
5,
1990,
104
Stat.
1388–520]
Section, added Pub. L. 92–178, title III, § 303(a), Dec.
10, 1971, 85 Stat. 521; amended Pub. L. 94–455, title XIX,
§ 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834; Pub. L. 95–30,
title IV, § 402(a)(1)–(3), May 23, 1977, 91 Stat. 155, related
to amortization of certain expenditures for child care
facilities.
Statutory Notes and Related Subsidiaries
SAVINGS PROVISION
For provisions that nothing in repeal by Pub. L.
101–508 be construed to affect treatment of certain
transactions occurring, property acquired, or items of
income, loss, deduction, or credit taken into account
prior to Nov. 5, 1990, for purposes of determining liabil-
ity for tax for periods ending after Nov. 5, 1990, see sec-
tion 11821(b) of Pub. L. 101–508, set out as a note under
section 45K of this title.
[§ 189. Repealed. Pub. L. 99–514, title VIII,
§ 803(b)(1), Oct. 22, 1986, 100 Stat. 2355]
Section, added Pub. L. 94–455, title II, § 201(a), Oct. 4,
1976, 90 Stat. 1525; amended Pub. L. 95–600, title VII,
§ 701(m)(1), Nov. 6, 1978, 92 Stat. 2907; Pub. L. 97–34, title
II, § 262(a), (b), Aug. 13, 1981, 95 Stat. 264; Pub. L. 97–248,
title II, § 207(a)–(d), Sept. 3, 1982, 96 Stat. 431, 432; Pub.
L. 97–354, § 5(a)(24), Oct. 19, 1982, 96 Stat. 1694; Pub. L.
98–369, div. A, title I, § 93(a), title VII, § 712(c), July 18,
1984, 98 Stat. 614, 947, related to amortization of real
prop
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 188
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.