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26 U.S.C. § 1071 — Repealed. Pub. L. 104–7, § 2(a), Apr. 11, 1995, 109 Stat. 93]

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

26 U.S.C. § 1071 — Repealed. Pub. L. 104–7, § 2(a), Apr. 11, 1995, 109 Stat. 93]

### Statutory Notes Section, acts Aug. 16, 1954, ch. 736, 68A Stat. 311; Sept. 2, 1958, Pub. L. 85–866, title I, § 48(a), 72 Stat. 1642; Oct. 4, 1976, Pub. L. 94–455, title XIX, §§ 1901(b)(31)(E), 1906(b)(13)(A), 90 Stat. 1800, 1834, provided for nonrecognition on FCC certified sales and exchanges. #### Effective Date of Repeal Pub. L. 104–7, § 2(d), Apr. 11, 1995, 109 Stat. 93, provided that: “(1) In general.—The amendments made by this section [repealing this section and amending sections 1245 and 1250 of this title] shall apply to—“(A) sales and exchanges on or after January 17, 1995, and “(B) sales and exchanges before such date if the FCC tax certificate with respect to such sale or exchange is issued on or after such date. “(2) Binding contracts.—“(A) In general.—The amendments made by this section shall not apply to any sale or exchange pursuant to a written contract which was binding on January 16, 1995, and at all times thereafter before the sale or exchange, if the FCC tax certificate with respect to such sale or exchange was applied for, or issued, on or before such date. “(B) Sales contingent on issuance of certificate.—“(i) In general.—A contract shall be treated as not binding for purposes of subparagraph (A) if the sale or exchange pursuant to such contract, or the material terms of such contract, were contingent, at any time on January 16, 1995, on the issuance of an FCC tax certificate. The preceding sentence shall not apply if the FCC tax certificate for such sale or exchange is issued on or before January 16, 1995. “(ii) Material terms.—For purposes of clause (i), the material terms of a contract shall not be treated as contingent on the issuance of an FCC tax certificate solely because such terms provide that the sales price would, if such certific

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Source file: Laws/federal/codes/united-states-code/title-26/section-1071-repealed-pub-l-1047-2-a-apr-11-1995-109-stat-93--4b8f8584f2.md
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Source location: Title 26, Chapter 1, § 1071; chapter-001-normal-taxes-and-surtaxes.md

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

26 U.S.C. § 1245 — Gain from dispositions of certain depreciable property

**(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, (

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

26 U.S.C. § 1250 — Gain from dispositions of certain depreciable realty

**(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

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

26 U.S.C. § 1071 — Untitled legal text

Page 2302 TITLE 26—INTERNAL REVENUE CODE § 1062 2 So in original. Probably should be followed by a period. (ii) the value of such interest subject to tax under section 83 upon the receipt or vesting of such interest. (5) Third party investor The term ‘‘third party investor’’ means a person who— (A) holds an interest in the partnership which does not constitute property held in connection with an applicable trade or busi- ness; and (B) is not (and has not been) actively en- gaged, and is (and was) not related to a per- son so engaged, in (directly or indirectly) providing substantial services described in paragraph (1) for such partnership or any ap- plicable trade or business. (d) Transfer of applicable partnership interest to related person (1) In general If a taxpayer transfers any applicable part- nership interest, directly or indirectly, to a person related to the taxpayer, the taxpayer shall include in gross income (as short term capital gain) the excess (if any) of— (A) so much of the taxpayer’s long-term capital gains with respect to such interest for such taxable year attributable to the sale or exchange of any asset held for not more than 3 years as is allocable to such interest, over (B) any amount treated as short term cap- ital gain under subsection (a) with respect to the transfer of such interest. (2) Related person For purposes of this paragraph, a person is related to the taxpayer if— (A) the person is a member of the tax- payer’s family within the meaning of section 318(a)(1), or (B) the person performed a service within the current calendar year or the preceding three calendar years in any applicable trade or business in which or for which the tax- payer performed a service. (e) Reporting The Secretary shall require s

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