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26 U.S.C. § 1252 — Gain from disposition of farm land

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26 U.S.C. § 1252 — Gain from disposition of farm land

**(a) General rule** (1) **Ordinary income** — Except as otherwise provided in this section, if farm land which the taxpayer has held for less than 10 years is disposed of, the lower of— (A) the applicable percentage of the aggregate of the deductions allowed under section 175 (relating to soil and water conservation expenditures) for expenditures made by the taxpayer with respect to the farm land or (B) the excess of— (i) the amount realized (in the case of a sale, exchange, or involuntary conversion), or the fair market value of the farm land (in the case of any other disposition), over (ii) the adjusted basis of such land, shall be treated as ordinary income. Such gain shall be recognized notwithstanding any other provision of this subtitle. (2) **Farm land** — For purposes of this section, the term “farm land” means any land with respect to which deductions have been allowed under section 175 (relating to soil and water conservation expenditures). (3) **Applicable percentage** — For purposes of this section— If the farm land is disposed of—The applicablepercentage is— Within 5 years after the date it was acquired100 percent. Within the sixth year after it was acquired80 percent. Within the seventh year after it was acquired60 percent. Within the eighth year after it was acquired40 percent. Within the ninth year after it was acquired20 percent. 10 years or more years after it was acquired0 percent. **(b) Special rules** Under regulations prescribed by the Secretary, rules similar to the rules of section 1245 shall be applied for purposes of this section.

Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1252

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Source file: Laws/federal/codes/united-states-code/title-26/section-1252-gain-from-disposition-of-farm-land--81f7dadc1a.md
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Source location: Title 26, Chapter 1, § 1252; chapter-001-normal-taxes-and-surtaxes.md

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

26 U.S.C. § 182 — Repealed. Pub. L. 99–514, title IV, § 402(a), Oct. 22, 1986, 100 Stat. 2221]

### Statutory Notes Section, added Pub. L. 87–834, § 21(a), Oct. 16, 1962, 76 Stat. 1063; amended Pub. L. 94–455, title XIX, § 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834, authorized deduction of expenditures by farmers for clearing land. #### Effective Date of Repeal Pub. L. 99–514, title IV, § 402(c), Oct. 22, 1986, 100 Stat. 2221, provided that: “The amendments made by this section [amending sections 263 and 1252 of this title and repealing this section] shall apply to amounts paid or incurred after December 31, 1985, in taxable years ending after such date.”

Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 182

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

26 U.S.C. § 23 — Adoption expenses

**(a) Allowance of credit** (1) **In general** — In the case of an individual, there shall be allowed as a credit against the tax imposed by this chapter the amount of the qualified adoption expenses paid or incurred by the taxpayer. (2) **Year credit allowed** — The credit under paragraph (1) with respect to any expense shall be allowed— (A) in the case of any expense paid or incurred before the taxable year in which such adoption becomes final, for the taxable year following the taxable year during which such expense is paid or incurred, and (B) in the case of an expense paid or incurred during or after the taxable year in which such adoption becomes final, for the taxable year in which such expense is paid or incurred. (3) **$10,000 credit for adoption of child with special needs regardless of expenses** — In the case of an adoption of a child with special needs which becomes final during a taxable year, the taxpayer shall be treated as having paid during such year qualified adoption expenses with respect to such adoption in an amount equal to the excess (if any) of $10,000 over the aggregate qualified adoption expenses actually paid or incurred by the taxpayer with respect to such adoption during such taxable year and all prior taxable years. (4) **Portion of credit refundable** — So much of the credit allowed under paragraph (1) as does not exceed $5,000 shall be treated as a credit allowed under subpart C and not as a credit allowed under this subpart. **(b) Limitations** (1) **Dollar limitation** — The aggregate amount of qualified adoption expenses which may be taken into account under subsection (a) for all taxable years with respect to the adoption of a child by the taxpayer shall not exceed $10,000. (2) **Income limitation** (A) *In general* —

Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 23

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

26 U.S.C. § 1 — Tax imposed

**(a) Married individuals filing joint returns and surviving spouses** There is hereby imposed on the taxable income of— (1) every married individual (as defined in section 7703) who makes a single return jointly with his spouse under section 6013, and (2) every surviving spouse (as defined in section 2(a)), a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $36,90015% of taxable income. Over $36,900 but not over $89,150$5,535, plus 28% of the excess over $36,900. Over $89,150 but not over $140,000$20,165, plus 31% of the excess over $89,150. Over $140,000 but not over $250,000$35,928.50, plus 36% of the excess over $140,000. Over $250,000$75,528.50, plus 39.6% of the excess over $250,000. **(b) Heads of households** There is hereby imposed on the taxable income of every head of a household (as defined in section 2(b)) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $29,60015% of taxable income. Over $29,600 but not over $76,400$4,440, plus 28% of the excess over $29,600. Over $76,400 but not over $127,500$17,544, plus 31% of the excess over $76,400. Over $127,500 but not over $250,000$33,385, plus 36% of the excess over $127,500. Over $250,000$77,485, plus 39.6% of the excess over $250,000. **(c) Unmarried individuals (other than surviving spouses and heads of households)** There is hereby imposed on the taxable income of every individual (other than a surviving spouse as defined in section 2(a) or the head of a household as defined in section 2(b)) who is not a married individual (as defined in section 7703) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $22,10015% of taxable income. Over $22,100 but not over $53,50

Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1

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

26 U.S.C. § 2 — Definitions and special rules

**(a) Definition of surviving spouse** (1) **In general** — For purposes of section 1, the term “surviving spouse” means a taxpayer— (A) whose spouse died during either of his two taxable years immediately preceding the taxable year, and (B) who maintains as his home a household which constitutes for the taxable year the principal place of abode (as a member of such household) of a dependent (i) who (within the meaning of section 152, determined without regard to subsections (b)(1), (b)(2), and (d)(1)(B) thereof) is a son, stepson, daughter, or stepdaughter of the taxpayer, and (ii) with respect to whom the taxpayer is entitled to a deduction for the taxable year under section 151. (2) **Limitations** — Notwithstanding paragraph (1), for purposes of section 1 a taxpayer shall not be considered to be a surviving spouse— (A) if the taxpayer has remarried at any time before the close of the taxable year, or (B) unless, for the taxpayer’s taxable year during which his spouse died, a joint return could have been made under the provisions of section 6013 (without regard to subsection (a)(3) thereof). (3) **Special rule where deceased spouse was in missing status** — If an individual was in a missing status (within the meaning of section 6013(f)(3)) as a result of service in a combat zone (as determined for purposes of section 112) and if such individual remains in such status until the date referred to in subparagraph (A) or (B), then, for purposes of paragraph (1)(A), the date on which such individual died shall be treated as the earlier of the date determined under subparagraph (A) or the date determined under subparagraph (B): (A) the date on which the determination is made under [section 556 of title 37](https://uscode.house.gov/view.xhtml?req=granuleid:

Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 2

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

26 U.S.C. § 170 — Charitable, etc., contributions and gifts

**(a) Allowance of deduction** (1) **General rule** — There shall be allowed as a deduction any charitable contribution (as defined in subsection (c)) payment of which is made within the taxable year. A charitable contribution shall be allowable as a deduction only if verified under regulations prescribed by the Secretary. (2) **Corporations on accrual basis** — In the case of a corporation reporting its taxable income on the accrual basis, if— (A) the board of directors authorizes a charitable contribution during any taxable year, and (B) payment of such contribution is made after the close of such taxable year and on or before the 15th day of the fourth month following the close of such taxable year, then the taxpayer may elect to treat such contribution as paid during such taxable year. The election may be made only at the time of the filing of the return for such taxable year, and shall be signified in such manner as the Secretary shall by regulations prescribe. (3) **Future interests in tangible personal property** — For purposes of this section, payment of a charitable contribution which consists of a future interest in tangible personal property shall be treated as made only when all intervening interests in, and rights to the actual possession or enjoyment of, the property have expired or are held by persons other than the taxpayer or those standing in a relationship to the taxpayer described in section 267(b) or 707(b). For purposes of the preceding sentence, a fixture which is intended to be severed from the real property shall be treated as tangible personal property. **(b) Percentage limitations** (1) **Individuals** — In the case of an individual, the deduction provided in subsection (a) shall be limited as provided in the succeeding subparagra

Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 170

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

26 U.S.C. § 1252 — Gain from disposition of farm land

Page 2365 TITLE 26—INTERNAL REVENUE CODE § 1253 Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF REPEAL Repeal applicable to taxable years beginning after Dec. 31, 1983, see section 492(d) of Pub. L. 98–369, set out as an Effective Date of 1984 Amendment note under sec- tion 170 of this title. § 1252. Gain from disposition of farm land (a) General rule (1) Ordinary income Except as otherwise provided in this section, if farm land which the taxpayer has held for less than 10 years is disposed of, the lower of— (A) the applicable percentage of the aggre- gate of the deductions allowed under section 175 (relating to soil and water conservation expenditures) for expenditures made by the taxpayer with respect to the farm land or (B) the excess of— (i) the amount realized (in the case of a sale, exchange, or involuntary conversion), or the fair market value of the farm land (in the case of any other disposition), over (ii) the adjusted basis of such land, shall be treated as ordinary income. Such gain shall be recognized notwithstanding any other provision of this subtitle. (2) Farm land For purposes of this section, the term ‘‘farm land’’ means any land with respect to which deductions have been allowed under section 175 (relating to soil and water conservation ex- penditures). (3) Applicable percentage For purposes of this section— If the farm land is disposed of— The applicable percentage is— Within 5 years after the date it was acquired ....................................... 100 percent. Within the sixth year after it was acquired ....................................... 80 percent. Within the seventh year after it was acquired ................................ 60 percent. Within the eighth year after it was acquired ............

Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 1252

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