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26 U.S.C. § 483 — Interest on certain deferred payments

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26 U.S.C. § 483 — Interest on certain deferred payments

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Source location: Title 26, Chapter 1, § 483; chapter-001-normal-taxes-and-surtaxes.md

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**(a) Amount constituting interest** For purposes of this title, in the case of any payment— (1) under any contract for the sale or exchange of any property, and (2) to which this section applies, there shall be treated as interest that portion of the total unstated interest under such contract which, as determined in a manner consistent with the method of computing interest under section 1272(a), is properly allocable to such payment. **(b) Total unstated interest** For purposes of this section, the term “total unstated interest” means, with respect to a contract for the sale or exchange of property, an amount equal to the excess of— (1) the sum of the payments to which this section applies which are due under the contract, over (2) the sum of the present values of such payments and the present values of any interest payments due under the contract. For purposes of the preceding sentence, the present value of a payment shall be determined under the rules of section 1274(b)(2) using a discount rate equal to the applicable Federal rate determined under section 1274(d). **(c) Payments to which subsection (a) applies** (1) **In general** — Except as provided in subsection (d), this section shall apply to any payment on account of the sale or exchange of property which constitutes part or all of the sales price and which is due more than 6 months after the date of such sale or exchange under a contract— (A) under which some or all of the payments are due more than 1 year after the date of such sale or exchange, and (B) under which there is total unstated interest. (2) **Treatment of other debt instruments** — For purposes of this section, a debt instrument of the purchaser which is given in consideration for the sale or exchange of property shall not be treated as a payment, and any payment due under such debt instrument shall be treated as due under the contract for the sale or exchange. (3) **Debt instrument defined** — For purposes of this subsection, the term “debt instrument” has the meaning given such term by section 1275(a)(1). **(d) Exceptions and limitations** (1) **Coordination with original issue discount rules** — This section shall not apply to any debt instrument for which an issue price is determined under section 1273(b) (other than paragraph (4) thereof) or section 1274. (2) **Sales prices of $3,000 or less** — This section shall not apply to any payment on account of the sale or exchange of property if it can be determined at the time of such sale or exchange that the sales price cannot exceed $3,000. (3) **Carrying charges** — In the case of the purchaser, the tax treatment of amounts paid on account of the sale or exchange of property shall be made without regard to this section if any such amounts are treated under section 163(b) as if they included interest. (4) **Certain sales of patents** — In the case of any transfer described in section 1235(a) (relating to sale or exchange of patents), this section shall not apply to any amount contingent on the productivity, use, or disposition of the property transferred. **(e) Maximum rate of interest on certain transfers of land between related parties** (1) **In general** — In the case of any qualified sale, the discount rate used in determining the total unstated interest rate under subsection (b) shall not exceed 6 percent, compounded semiannually. (2) **Qualified sale** — For purposes of this subsection, the term “qualified sale” means any sale or exchange of land by an individual to a member of such individual’s family (within the meaning of section 267(c)(4)). (3) **$500,000 limitation** — Paragraph (1) shall not apply to any qualified sale between individuals made during any calendar year to the extent that the sales price for such sale (when added to the aggregate sales price for prior qualified sales between such individuals during the calendar year) exceeds $500,000. (4) **Nonresident alien individuals** — Paragraph (1) shall not apply to any sale or exchange if any party to such sale or exchange is a nonresident alien individual. **(f) Regulations** The Secretary shall prescribe such regulations as may be necessary or appropriate to carry out the purposes of this section including regulations providing for the application of this section in the case of— (1) any contract for the sale or exchange of property under which the liability for, or the amount or due date of, a payment cannot be determined at the time of the sale or exchange, or (2) any change in the liability for, or the amount or due date of, any payment (including interest) under a contract for the sale or exchange of property. **(g) Cross references** (1) For treatment of assumptions, see section l274(c)(4). (2) For special rules for certain transactions where stated principal amount does not exceed $2,800,000, see section 1274A. (3) For special rules in case of the borrower under certain loans for personal use, see section 1275(b).

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

26 U.S.C. § 1274 — Determination of issue price in the case of certain debt instruments issued for property

**(a) In general** In the case of any debt instrument to which this section applies, for purposes of this subpart, the issue price shall be— (1) where there is adequate stated interest, the stated principal amount, or (2) in any other case, the imputed principal amount. **(b) Imputed principal amount** For purposes of this section— (1) **In general** — Except as provided in paragraph (3), the imputed principal amount of any debt instrument shall be equal to the sum of the present values of all payments due under such debt instrument. (2) **Determination of present value** — For purposes of paragraph (1), the present value of a payment shall be determined in the manner provided by regulations prescribed by the Secretary— (A) as of the date of the sale or exchange, and (B) by using a discount rate equal to the applicable Federal rate, compounded semiannually. (3) **Fair market value rule in potentially abusive situations** (A) *In general* — In the case of any potentially abusive situation, the imputed principal amount of any debt instrument received in exchange for property shall be the fair market value of such property adjusted to take into account other consideration involved in the transaction. (B) *Potentially abusive situation defined* — For purposes of subparagraph (A), the term “potentially abusive situation” means— (i) a tax shelter (as defined in section 6662(d)(2)(C)(ii)), and (ii) any other situation which, by reason of— (I) recent sales transactions, (II) nonrecourse financing, (III) financing with a term in excess of the economic life of the property, or (IV) other circumstances, is of a type which the Secretary specifies by regulations as having potential for tax avoidance. **(c) Debt instruments

Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1274

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26 U.S.C. § 163 — Interest

**(a) General rule** There shall be allowed as a deduction all interest paid or accrued within the taxable year on indebtedness. **(b) Installment purchases where interest charge is not separately stated** (1) **General rule** — If personal property or educational services are purchased under a contract— (A) which provides that payment of part or all of the purchase price is to be made in installments, and (B) in which carrying charges are separately stated but the interest charge cannot be ascertained, then the payments made during the taxable year under the contract shall be treated for purposes of this section as if they included interest equal to 6 percent of the average unpaid balance under the contract during the taxable year. For purposes of the preceding sentence, the average unpaid balance is the sum of the unpaid balance outstanding on the first day of each month beginning during the taxable year, divided by 12. For purposes of this paragraph, the term “educational services” means any service (including lodging) which is purchased from an educational organization described in section 170(b)(1)(A)(ii) and which is provided for a student of such organization. (2) **Limitation** — In the case of any contract to which paragraph (1) applies, the amount treated as interest for any taxable year shall not exceed the aggregate carrying charges which are properly attributable to such taxable year. **(c) Redeemable ground rents** For purposes of this subtitle, any annual or periodic rental under a redeemable ground rent (excluding amounts in redemption thereof) shall be treated as interest on an indebtedness secured by a mortgage. **(d) Limitation on investment interest** (1) **In general** — In the case of a taxpayer other than a corporation, the amount al

Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 163

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26 U.S.C. § 1271 — Treatment of amounts received on retirement or sale or exchange of debt instruments

**(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

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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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26 U.S.C. § 48 — Energy credit

**(a) Energy credit** (1) **In general** — For purposes of section 46, except as provided in paragraphs (1)(B), (2)(B), and (3)(B) of subsection (c), the energy credit for any taxable year is the energy percentage of the basis of each energy property placed in service during such taxable year. (2) **Energy percentage** (A) *In general* — Except as provided in paragraphs (6) and (7), the energy percentage is— (i) 6 percent in the case of— (I) qualified fuel cell property, (II) energy property described in clause (i) or (iii) of paragraph (3)(A) but only with respect to property the construction of which begins before January 1, 2025, (III) energy property described in paragraph (3)(A)(ii), (IV) qualified small wind energy property, (V) waste energy recovery property, (VI) energy storage technology, (VII) qualified biogas property, (VIII) microgrid controllers, and (IX) energy property described in clauses (v) and (vii) of paragraph (3)(A), and (ii) in the case of any energy property to which clause (i) does not apply, 0 percent. (B) *Coordination with rehabilitation credit* — The energy percentage shall not apply to that portion of the basis of any property which is attributable to qualified rehabilitation expenditures. (C) *Nonapplication of increases to energy percentage* — For purposes of energy property described in subparagraph (A)(ii), the energy percentage applicable to such property pursuant to such subparagraph shall not be increased or otherwise adjusted by any provision of this section. (3) **Energy property** — For purposes of this subpart, the term “energy property” means any property— (A) which is— (i) equipment which uses solar energy to generate electricity, to he

Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 48

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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:

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26 U.S.C. § 401 — Qualified pension, profit-sharing, and stock bonus plans

**(a) Requirements for qualification** A trust created or organized in the United States and forming part of a stock bonus, pension, or profit-sharing plan of an employer for the exclusive benefit of his employees or their beneficiaries shall constitute a qualified trust under this section— (1) if contributions are made to the trust by such employer, or employees, or both, or by another employer who is entitled to deduct his contributions under section 404(a)(3)(B) (relating to deduction for contributions to profit-sharing and stock bonus plans), or by a charitable remainder trust pursuant to a qualified gratuitous transfer (as defined in section 664(g)(1)), for the purpose of distributing to such employees or their beneficiaries the corpus and income of the fund accumulated by the trust in accordance with such plan; (2) if under the trust instrument it is impossible, at any time prior to the satisfaction of all liabilities with respect to employees and their beneficiaries under the trust, for any part of the corpus or income to be (within the taxable year or thereafter) used for, or diverted to, purposes other than for the exclusive benefit of his employees or their beneficiaries (but this paragraph shall not be construed, in the case of a multiemployer plan, to prohibit the return of a contribution within 6 months after the plan administrator determines that the contribution was made by a mistake of fact or law (other than a mistake relating to whether the plan is described in section 401(a) or the trust which is part of such plan is exempt from taxation under section 501(a), or the return of any withdrawal liability payment determined to be an overpayment within 6 months of such determination)); (3) if the plan of which such trust is a part satisfies the requireme

Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 401

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26 U.S.C. § 482 — Allocation of income and deductions among taxpayers

In any case of two or more organizations, trades, or businesses (whether or not incorporated, whether or not organized in the United States, and whether or not affiliated) owned or controlled directly or indirectly by the same interests, the Secretary may distribute, apportion, or allocate gross income, deductions, credits, or allowances between or among such organizations, trades, or businesses, if he determines that such distribution, apportionment, or allocation is necessary in order to prevent evasion of taxes or clearly to reflect the income of any of such organizations, trades, or businesses. In the case of any transfer (or license) of intangible property (within the meaning of section 367(d)(4)), the income with respect to such transfer or license shall be commensurate with the income attributable to the intangible. For purposes of this section, the Secretary shall require the valuation of transfers of intangible property (including intangible property transferred with other property or services) on an aggregate basis or the valuation of such a transfer on the basis of the realistic alternatives to such a transfer, if the Secretary determines that such basis is the most reliable means of valuation of such transfers.

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26 U.S.C. § 483 — Interest on certain deferred payments

Page 1657 TITLE 26—INTERNAL REVENUE CODE § 483 made within six months after Sept. 2, 1958. Claims for refunds of overpayments of tax resulting from the elec- tion were to be filed within one year after the date of the election. Such an election was to be considered a consent to an assessment of a deficiency resulting from the election, where the assessment is made within one year after the date of the election. § 482. Allocation of income and deductions among taxpayers In any case of two or more organizations, trades, or businesses (whether or not incor- porated, whether or not organized in the United States, and whether or not affiliated) owned or controlled directly or indirectly by the same in- terests, the Secretary may distribute, appor- tion, or allocate gross income, deductions, cred- its, or allowances between or among such orga- nizations, trades, or businesses, if he determines that such distribution, apportionment, or allo- cation is necessary in order to prevent evasion of taxes or clearly to reflect the income of any of such organizations, trades, or businesses. In the case of any transfer (or license) of intangible property (within the meaning of section 367(d)(4)), the income with respect to such trans- fer or license shall be commensurate with the income attributable to the intangible. For pur- poses of this section, the Secretary shall require the valuation of transfers of intangible property (including intangible property transferred with other property or services) on an aggregate basis or the valuation of such a transfer on the basis of the realistic alternatives to such a transfer, if the Secretary determines that such basis is the most reliable means of valuation of such trans- fers. (Aug. 16, 1954, ch. 736, 68A Stat.

Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 483

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