Browse Arkansas Code titles and sections
26 U.S.C. § 1037 — Certain exchanges of United States obligations
Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** When so provided by regulations promulgated by the Secretary in connection with the issue of obligations of the United States, no gain or loss shall be recognized on the surrender to the United States of obligations of the United States issued under chapter 31 of title 31 in exchange solely for other obligations issued under such chapter.
**(b) Application of original issue discount rules**
(1) **Exchanges involving obligations issued at a discount** — In any case in which gain has been realized but not recognized because of the provisions of subsection (a) (or so much of section 1031(b) as relates to subsection (a) of this section), to the extent such gain is later recognized by reason of a disposition or redemption of an obligation received in an exchange subject to such provisions, the first sentence of section 1271(c)(2) 11 See References in Text note below. shall apply to such gain as though the obligation disposed of or redeemed were the obligation surrendered to the Government in the exchange rather than the obligation actually disposed of or redeemed. For purposes of this paragraph and subpart A of part V of subchapter P, if the obligation surrendered in the exchange is a nontransferable obligation described in subsection (a) or (c) of section 454—
(A) the aggregate amount considered, with respect to the obligation surrendered, as ordinary income shall not exceed the difference between the issue price and the stated redemption price which applies at the time of the exchange, and
(B) the issue price of the obligation received in the exchange shall be considered to be the stated redemption price of the obligation surrendered in the exchange, increased by the amount of other consideration (if any) paid to the United States as a part of
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1037
Stored review status: release_metadata_unconfirmed. A text match is a research starting point; applicability is not established.
Original supplied file — preserved unchanged
Download original Markdown file
File SHA-256: 928e14ba1b7a977c6ae98f88d2a56d8239a08e0cb4feb712ea5a01569191bcc7. The original may include catalog metadata, neighboring provisions, or embedded records outside this collection's scope. Search shows only the selected federal record. Historical editions and unverified snapshots are not a statement of current law.
Authority boundary: historical or unconfirmed source not current law verified.
Open the recorded source website ↗
Record provenance
Stable record: federal_law:legal_authorities:record_usc_1eb5f085177af75ee8daf7f4
Source file: Laws/federal/codes/united-states-code/title-26/section-1037-certain-exchanges-of-united-states-obligations--e7b47f683b.md
Pages: Not recorded – Not recorded
Passage SHA-256: c81525b2aa219a7aa7217216d8182d033211e752aa8a3743603f5284e23cb931
Source location: Title 26, Chapter 1, § 1037; chapter-001-normal-taxes-and-surtaxes.md
Stored source content
**(a) General rule** When so provided by regulations promulgated by the Secretary in connection with the issue of obligations of the United States, no gain or loss shall be recognized on the surrender to the United States of obligations of the United States issued under chapter 31 of title 31 in exchange solely for other obligations issued under such chapter.
**(b) Application of original issue discount rules**
(1) **Exchanges involving obligations issued at a discount** — In any case in which gain has been realized but not recognized because of the provisions of subsection (a) (or so much of section 1031(b) as relates to subsection (a) of this section), to the extent such gain is later recognized by reason of a disposition or redemption of an obligation received in an exchange subject to such provisions, the first sentence of section 1271(c)(2) 11 See References in Text note below. shall apply to such gain as though the obligation disposed of or redeemed were the obligation surrendered to the Government in the exchange rather than the obligation actually disposed of or redeemed. For purposes of this paragraph and subpart A of part V of subchapter P, if the obligation surrendered in the exchange is a nontransferable obligation described in subsection (a) or (c) of section 454—
(A) the aggregate amount considered, with respect to the obligation surrendered, as ordinary income shall not exceed the difference between the issue price and the stated redemption price which applies at the time of the exchange, and
(B) the issue price of the obligation received in the exchange shall be considered to be the stated redemption price of the obligation surrendered in the exchange, increased by the amount of other consideration (if any) paid to the United States as a part of the exchange.
(2) **Exchanges of transferable obligations issued at not less than par** — In any case in which subsection (a) (or so much of section 1031(b) or (c) as relates to subsection (a) of this section) has applied to the exchange of a transferable obligation which was issued at not less than par for another transferable obligation, the issue price of the obligation received from the Government in the exchange shall be considered for purposes of applying subpart A of part V of subchapter P to be the same as the issue price of the obligation surrendered to the Government in the exchange, increased by the amount of other consideration (if any) paid to the United States as a part of the exchange.
**(c) Cross references**
(1) For rules relating to the recognition of gain or loss in a case where subsection (a) would apply except for the fact that the exchange was not made solely for other obligations of the United States, see subsections (b) and (c) of section 1031.
(2) For rules relating to the basis of obligations of the United States acquired in an exchange for other obligations described in subsection (a), see subsection (d) of section 1031.
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** For purposes of this title—
(1) **Retirement** — Amounts received by the holder on retirement of any debt instrument shall be considered as amounts received in exchange therefor.
(2) **Ordinary income on sale or exchange where intention to call before maturity**
(A) *In general* — If at the time of original issue there was an intention to call a debt instrument before maturity, any gain realized on the sale or exchange thereof which does not exceed an amount equal to—
(i) the original issue discount, reduced by
(ii) the portion of original issue discount previously includible in the gross income of any holder (without regard to section 1272(a)(7) (or the corresponding provisions of prior law)),
shall be treated as ordinary income.
(B) *Exceptions* — This paragraph shall not apply to—
(i) any tax-exempt obligation, or
(ii) any holder who has purchased the debt instrument at a premium.
(3) **Certain short-term Government obligations**
(A) *In general* — On the sale or exchange of any short-term Government obligation, any gain realized which does not exceed an amount equal to the ratable share of the acquisition discount shall be treated as ordinary income.
(B) *Short-term Government obligation* — For purposes of this paragraph, the term “short-term Government obligation” means any obligation of the United States or any of its possessions, or of a State or any political subdivision thereof, or of the District of Columbia, which has a fixed maturity date not more than 1 year from the date of issue. Such term does not include any tax-exempt obligation.
(C) *Acquisition discount* — For purposes of this paragraph, the term “acquisition discount” means the excess of the stated redemption price at maturity over the t
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1271
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(a) Nonrecognition of gain or loss from exchanges solely in kind**
(1) **In general** — No gain or loss shall be recognized on the exchange of real property held for productive use in a trade or business or for investment if such real property is exchanged solely for real property of like kind which is to be held either for productive use in a trade or business or for investment.
(2) **Exception for real property held for sale** — This subsection shall not apply to any exchange of real property held primarily for sale.
(3) **Requirement that property be identified and that exchange be completed not more than 180 days after transfer of exchanged property** — For purposes of this subsection, any property received by the taxpayer shall be treated as property which is not like-kind property if—
(A) such property is not identified as property to be received in the exchange on or before the day which is 45 days after the date on which the taxpayer transfers the property relinquished in the exchange, or
(B) such property is received after the earlier of—
(i) the day which is 180 days after the date on which the taxpayer transfers the property relinquished in the exchange, or
(ii) the due date (determined with regard to extension) for the transferor’s return of the tax imposed by this chapter for the taxable year in which the transfer of the relinquished property occurs.
**(b) Gain from exchanges not solely in kind** If an exchange would be within the provisions of subsection (a), of section 1035(a), of section 1036(a), or of section 1037(a), if it were not for the fact that the property received in exchange consists not only of property permitted by such provisions to be received without the recognition of gain, but also of other property or money, then t
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1031
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(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
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
Page 2281
TITLE 26—INTERNAL REVENUE CODE
§ 1037
1 See References in Text note below.
Subsec. (a)(4). Pub. L. 109–280, § 844(b)(4), added par.
(4).
Subsec. (b)(2). Pub. L. 109–280, § 844(b)(1), inserted at
end ‘‘For purposes of the preceding sentence, a contract
shall not fail to be treated as an annuity contract sole-
ly because a qualified long-term care insurance con-
tract is a part of or a rider on such contract.’’
Subsec. (b)(3). Pub. L. 109–280, § 844(b)(2), inserted at
end ‘‘For purposes of the preceding sentence, a contract
shall not fail to be treated as a life insurance contract
solely because a qualified long-term care insurance
contract is a part of or a rider on such contract.’’
1997—Subsecs. (c), (d). Pub. L. 105–34 added subsec. (c)
and redesignated former subsec. (c) as (d).
1986—Subsec. (b)(1). Pub. L. 99–514 struck out ‘‘subject
to tax under subchapter L’’ after ‘‘with an insurance
company’’.
1984—Subsec. (b)(1). Pub. L. 98–369, § 224(a), which di-
rected the substitution of ‘‘an insurance company sub-
ject to tax under subchapter L’’ for ‘‘a life insurance
company as defined in section 801’’, was executed by
making such substitution for ‘‘a life insurance com-
pany as defined in section 816’’ to reflect the probable
intent of Congress and the earlier amendment by Pub.
L. 98–369, § 211(b)(15), which substituted ‘‘as defined in
section 816’’ for ‘‘as defined in section 801’’.
Pub. L. 98–369, § 211(b)(15), substituted ‘‘section 816’’
for ‘‘section 801’’.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 2006 AMENDMENT
Amendment by Pub. L. 109–280 applicable to contracts
issued after Dec. 31, 1996, but only with respect to tax-
able years beginning after Dec. 31, 2009, and to ex-
changes occurring after Dec. 31, 2009, see
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 1037
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.