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26 U.S.C. § 1063 — Cross references
Federal law — U.S. Code and appendices · legal_authorities
(1) For nonrecognition of gain in connection with the transfer of obsolete vessels to the Maritime Administration under chapter 573 of title 46, United States Code, see [section 57307 of title 46](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title46-section57307&num=0&edition=prelim).
(2) For recognition of gain or loss in connection with the construction of new vessels, see chapter 533 of title 46, United States Code.
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Stable record: federal_law:legal_authorities:record_usc_21ca875040779598f47441e8
Source file: Laws/federal/codes/united-states-code/title-26/section-1063-cross-references--43a39b2367.md
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Source location: Title 26, Chapter 1, § 1063; chapter-001-normal-taxes-and-surtaxes.md
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(1) For nonrecognition of gain in connection with the transfer of obsolete vessels to the Maritime Administration under chapter 573 of title 46, United States Code, see [section 57307 of title 46](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title46-section57307&num=0&edition=prelim).
(2) For recognition of gain or loss in connection with the construction of new vessels, see chapter 533 of title 46, United States Code.
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Federal law — U.S. Code and appendices · legal_authorities
The owner of an obsolete vessel does not recognize a gain under the Federal income tax laws when the vessel is transferred to the Secretary of Transportation in exchange for a trade-in allowance under this chapter. The basis of the new vessel acquired with the allowance is the same as the basis of the obsolete vessel—
(1) increased by the difference between the cost of the new vessel and the trade-in allowance of the obsolete vessel; and
(2) decreased by the amount of loss recognized on the transfer.
Source: Supplied U.S. Code snapshot — release unconfirmed · 46 U.S.C. § 57307
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** If one or more applicable partnership interests are held by a taxpayer at any time during the taxable year, the excess (if any) of—
(1) the taxpayer’s net long-term capital gain with respect to such interests for such taxable year, over
(2) the taxpayer’s net long-term capital gain with respect to such interests for such taxable year computed by applying paragraphs (3) and (4) of sections 11 So in original. Probably should be “section”. 1222 by substituting “3 years” for “1 year”,
shall be treated as short-term capital gain, notwithstanding section 83 or any election in effect under section 83(b).
**(b) Special rule** To the extent provided by the Secretary, subsection (a) shall not apply to income or gain attributable to any asset not held for portfolio investment on behalf of third party investors.
**(c) Applicable partnership interest** For purposes of this section—
(1) **In general** — Except as provided in this paragraph or paragraph (4), the term “applicable partnership interest” means any interest in a partnership which, directly or indirectly, is transferred to (or is held by) the taxpayer in connection with the performance of substantial services by the taxpayer, or any other related person, in any applicable trade or business. The previous sentence shall not apply to an interest held by a person who is employed by another entity that is conducting a trade or business (other than an applicable trade or business) and only provides services to such other entity.
(2) **Applicable trade or business** — The term “applicable trade or business” means any activity conducted on a regular, continuous, and substantial basis which, regardless of whether the activity is conducted in one or more entities, consists, in whole or in part, of—
(A) rai
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1061
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** In the case of any applicable asset acquisition, for purposes of determining both—
(1) the transferee’s basis in such assets, and
(2) the gain or loss of the transferor with respect to such acquisition,
the consideration received for such assets shall be allocated among such assets acquired in such acquisition in the same manner as amounts are allocated to assets under section 338(b)(5). If in connection with an applicable asset acquisition, the transferee and transferor agree in writing as to the allocation of any consideration, or as to the fair market value of any of the assets, such agreement shall be binding on both the transferee and transferor unless the Secretary determines that such allocation (or fair market value) is not appropriate.
**(b) Information required to be furnished to Secretary** Under regulations, the transferor and transferee in an applicable asset acquisition shall, at such times and in such manner as may be provided in such regulations, furnish to the Secretary the following information:
(1) The amount of the consideration received for the assets which is allocated to section 197 intangibles.
(2) Any modification of the amount described in paragraph (1).
(3) Any other information with respect to other assets transferred in such acquisition as the Secretary deems necessary to carry out the provisions of this section.
**(c) Applicable asset acquisition** For purposes of this section, the term “applicable asset acquisition” means any transfer (whether directly or indirectly)—
(1) of assets which constitute a trade or business, and
(2) with respect to which the transferee’s basis in such assets is determined wholly by reference to the consideration paid for such assets.
A transfer shall not be treated as failing to be
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1060
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Election to pay tax in installments** In the case of gain from the sale or exchange of qualified farmland property to a qualified farmer, at the election of the taxpayer, the portion of the net income tax of such taxpayer for the taxable year of the sale or exchange which is equal to the applicable net tax liability shall be paid in 4 equal installments.
**(b) Rules relating to installment payments**
(1) **Date for payment of installments** — If an election is made under subsection (a), the first installment shall be paid on the due date (determined without regard to any extension of time for filing the return) for the return of tax for the taxable year in which the sale or exchange occurs and each succeeding installment shall be paid on the due date (as so determined) for the return of tax for the taxable year following the taxable year with respect to which the preceding installment was made.
(2) **Acceleration of payment**
(A) *In general* — If there is an addition to tax for failure to timely pay any installment required under this section, then the unpaid portion of all remaining installments shall be due on the date of such failure.
(B) *Individuals* — In the case of an individual, if the individual dies, then the unpaid portion of all remaining installment shall be paid on the due date for the return of tax for the taxable year in which the taxpayer dies.
(C) *C corporations* — In the case of a taxpayer which is a C corporation, trust, or estate, if there is a liquidation or sale of substantially all the assets of the taxpayer (including in a title 11 or similar case), a cessation of business by the taxpayer (in the case of a C corporation), or any similar circumstance, then the unpaid portion of all remaining installments shall be due on the da
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1062
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Federal law — U.S. Code and appendices · legal_authorities
In the case of a share of stock issued pursuant to section 303(c) of the Federal National Mortgage Association Charter Act (12 U.S.C., sec. 1718), the basis of such share in the hands of the initial holder shall be an amount equal to the capital contributions evidenced by such share reduced by the amount (if any) required by section 162(d) to be treated (with respect to such share) as ordinary and necessary expenses paid or incurred in carrying on a trade or business.
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1054
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Character** For purposes of this subtitle—
(1) a redeemable ground rent shall be treated as being in the nature of a mortgage, and
(2) real property held subject to liabilities under a redeemable ground rent shall be treated as held subject to liabilities under a mortgage.
**(b) Application of subsection (a)**
(1) **In general** — Subsection (a) shall take effect on the day after the date of the enactment of this section and shall apply with respect to taxable years ending after such date of enactment.
(2) **Basis of holder** — In determining the basis of real property held subject to liabilities under a redeemable ground rent, subsection (a) shall apply whether such real property was acquired before or after the enactment of this section.
(3) **Basis of reserved redeemable ground rent** — In the case of a redeemable ground rent reserved or created on or before the date of the enactment of this section in connection with a transfer of the right to hold real property subject to liabilities under such ground rent, the basis of such ground rent after such date in the hands of the person who reserved or created the ground rent shall be the amount taken into account in respect of such ground rent for Federal income tax purposes as consideration for the disposition of such real property. If no such amount was taken into account, such basis shall be determined as if this section had not been enacted.
**(c) Redeemable ground rent defined** For purposes of this subtitle, the term “redeemable ground rent” means only a ground rent with respect to which—
(1) there is a lease of land which is assignable by the lessee without the consent of the lessor and which (together with periods for which the lease may be renewed at the option of the lessee) is for a term in excess
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1055
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section, added Pub. L. 94–455, title II, § 212(a)(1), Oct. 4, 1976, 90 Stat. 1545; amended Pub. L. 99–514, title VI, § 631(e)(13), Oct. 22, 1986, 100 Stat. 2275, related to basis limitation for player contracts transferred in connection with the sale of a franchise.
A prior section 1056 was renumbered [section 1063 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section1063&num=0&edition=prelim).
#### Effective Date of Repeal
Repeal applicable to property acquired after Oct. 22, 2004, see section 886(c)(1) of Pub. L. 108–357, set out as an Effective Date of 2004 Amendment note under [section 197 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section197&num=0&edition=prelim).
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1056
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section, added Pub. L. 94–455, title X, § 1015(c), Oct. 4, 1976, 90 Stat. 1618, related to election to treat transfer to foreign trust, etc., as taxable exchange.
A prior section 1057 was renumbered [section 1063 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section1063&num=0&edition=prelim).
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1057
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** In the case of a taxpayer who transfers securities (as defined in section 1236(c)) pursuant to an agreement which meets the requirements of subsection (b), no gain or loss shall be recognized on the exchange of such securities by the taxpayer for an obligation under such agreement, or on the exchange of rights under such agreement by that taxpayer for securities identical to the securities transferred by that taxpayer.
**(b) Agreement requirements** In order to meet the requirements of this subsection, an agreement shall—
(1) provide for the return to the transferor of securities identical to the securities transferred;
(2) require that payments shall be made to the transferor of amounts equivalent to all interest, dividends, and other distributions which the owner of the securities is entitled to receive during the period beginning with the transfer of the securities by the transferor and ending with the transfer of identical securities back to the transferor;
(3) not reduce the risk of loss or opportunity for gain of the transferor of the securities in the securities transferred; and
(4) meet such other requirements as the Secretary may by regulation prescribe.
**(c) Basis** Property acquired by a taxpayer described in subsection (a), in a transaction described in that subsection, shall have the same basis as the property transferred by that taxpayer.
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1058
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** If any corporation receives any extraordinary dividend with respect to any share of stock and such corporation has not held such stock for more than 2 years before the dividend announcement date—
(1) **Reduction in basis** — The basis of such corporation in such stock shall be reduced (but not below zero) by the nontaxed portion of such dividends.
(2) **Amounts in excess of basis** — If the nontaxed portion of such dividends exceeds such basis, such excess shall be treated as gain from the sale or exchange of such stock for the taxable year in which the extraordinary dividend is received.
**(b) Nontaxed portion** For purposes of this section—
(1) **In general** — The nontaxed portion of any dividend is the excess (if any) of—
(A) the amount of such dividend, over
(B) the taxable portion of such dividend.
(2) **Taxable portion** — The taxable portion of any dividend is—
(A) the portion of such dividend includible in gross income, reduced by
(B) the amount of any deduction allowable with respect to such dividend under section 243 11 So in original. Probably should be followed by a comma. 245, or 245A.
**(c) Extraordinary dividend defined** For purposes of this section—
(1) **In general** — The term “extraordinary dividend” means any dividend with respect to a share of stock if the amount of such dividend equals or exceeds the threshold percentage of the taxpayer’s adjusted basis in such share of stock.
(2) **Threshold percentage** — The term “threshold percentage” means—
(A) 5 percent in the case of stock which is preferred as to dividends, and
(B) 10 percent in the case of any other stock.
(3) **Aggregation of dividends**
(A) *Aggregation within 85-day period* — All dividends—
(i) which are received by the taxpayer
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1059
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