Browse Arkansas Code titles and sections
26 U.S.C. § 1045 — Rollover of gain from qualified small business stock to another qualified small business stock
Federal law — U.S. Code and appendices · legal_authorities
**(a) Nonrecognition of gain** In the case of any sale of qualified small business stock held by a taxpayer other than a corporation for more than 6 months and with respect to which such taxpayer elects the application of this section, gain from such sale shall be recognized only to the extent that the amount realized on such sale exceeds—
(1) the cost of any qualified small business stock purchased by the taxpayer during the 60-day period beginning on the date of such sale, reduced by
(2) any portion of such cost previously taken into account under this section.
This section shall not apply to any gain which is treated as ordinary income for purposes of this title.
**(b) Definitions and special rules** For purposes of this section—
(1) **Qualified small business stock** — The term “qualified small business stock” has the meaning given such term by section 1202(c).
(2) **Purchase** — A taxpayer shall be treated as having purchased any property if, but for paragraph (3), the unadjusted basis of such property in the hands of the taxpayer would be its cost (within the meaning of section 1012).
(3) **Basis adjustments** — If gain from any sale is not recognized by reason of subsection (a), such gain shall be applied to reduce (in the order acquired) the basis for determining gain or loss of any qualified small business stock which is purchased by the taxpayer during the 60-day period described in subsection (a).
(4) **Holding period** — For purposes of determining whether the nonrecognition of gain under subsection (a) applies to stock which is sold—
(A) the taxpayer’s holding period for such stock and the stock referred to in subsection (a)(1) shall be determined without regard to section 1223, and
(B) only the first 6 months of the taxpayer’s holding period f
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1045
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: 649253d5a5f4a701568b7c30461d1033f01dff9ba3e6a50465ee16054b6e935e. 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_3179218b86e5ce6d1cc3a79b
Source file: Laws/federal/codes/united-states-code/title-26/section-1045-rollover-of-gain-from-qualified-small-business-stock-to-another-qualifie--3edb6c2866.md
Pages: Not recorded – Not recorded
Passage SHA-256: 2014233ea333a28db67d215fffe146a69c68931b185d7d611812c7bfc05b3bcb
Source location: Title 26, Chapter 1, § 1045; chapter-001-normal-taxes-and-surtaxes.md
Stored source content
**(a) Nonrecognition of gain** In the case of any sale of qualified small business stock held by a taxpayer other than a corporation for more than 6 months and with respect to which such taxpayer elects the application of this section, gain from such sale shall be recognized only to the extent that the amount realized on such sale exceeds—
(1) the cost of any qualified small business stock purchased by the taxpayer during the 60-day period beginning on the date of such sale, reduced by
(2) any portion of such cost previously taken into account under this section.
This section shall not apply to any gain which is treated as ordinary income for purposes of this title.
**(b) Definitions and special rules** For purposes of this section—
(1) **Qualified small business stock** — The term “qualified small business stock” has the meaning given such term by section 1202(c).
(2) **Purchase** — A taxpayer shall be treated as having purchased any property if, but for paragraph (3), the unadjusted basis of such property in the hands of the taxpayer would be its cost (within the meaning of section 1012).
(3) **Basis adjustments** — If gain from any sale is not recognized by reason of subsection (a), such gain shall be applied to reduce (in the order acquired) the basis for determining gain or loss of any qualified small business stock which is purchased by the taxpayer during the 60-day period described in subsection (a).
(4) **Holding period** — For purposes of determining whether the nonrecognition of gain under subsection (a) applies to stock which is sold—
(A) the taxpayer’s holding period for such stock and the stock referred to in subsection (a)(1) shall be determined without regard to section 1223, and
(B) only the first 6 months of the taxpayer’s holding period for the stock referred to in subsection (a)(1) shall be taken into account for purposes of applying section 1202(c)(2).
(5) **Certain rules to apply** — Rules similar to the rules of subsections (f), (g), (h), (i), (j), and (k) of section 1202 shall apply.
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** Proper adjustment in respect of the property shall in all cases be made—
(1) for expenditures, receipts, losses, or other items, properly chargeable to capital account, but no such adjustment shall be made—
(A) for—
(i) taxes or other carrying charges described in section 266; or
(ii) expenditures described in section 173 (relating to circulation expenditures),
for which deductions have been taken by the taxpayer in determining taxable income for the taxable year or prior taxable years; or
(B) for mortality, expense, or other reasonable charges incurred under an annuity or life insurance contract;
(2) in respect of any period since February 28, 1913, for exhaustion, wear and tear, obsolescence, amortization, and depletion, to the extent of the amount—
(A) allowed as deductions in computing taxable income under this subtitle or prior income tax laws, and
(B) resulting (by reason of the deductions so allowed) in a reduction for any taxable year of the taxpayer’s taxes under this subtitle (other than chapter 2, relating to tax on self-employment income), or prior income, war-profits, or excess-profits tax laws,
but not less than the amount allowable under this subtitle or prior income tax laws. Where no method has been adopted under section 167 (relating to depreciation deduction), the amount allowable shall be determined under the straight line method. Subparagraph (B) of this paragraph shall not apply in respect of any period since February 28, 1913, and before January 1, 1952, unless an election has been made under section 1020 (as in effect before the date of the enactment of the Tax Reform Act of 1976). Where for any taxable year before the taxable year 1932 the depletion allowance was based on discovery value or a pe
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1016
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) 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
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 2292
TITLE 26—INTERNAL REVENUE CODE
[§ 1044
by this section [amending this section] shall apply to
sales after the date of enactment of this Act [Dec. 20,
2006].’’
EFFECTIVE DATE OF 1990 AMENDMENT
Pub. L. 101–508, title XI, § 11703(a)(2), Nov. 5, 1990, 104
Stat. 1388–517, provided that: ‘‘The amendment made by
paragraph (1) [amending this section] shall apply to
sales after November 30, 1989.’’
Pub. L. 101–280, § 6(a)(3), May 4, 1990, 104 Stat. 160, pro-
vided that: ‘‘The amendment made by paragraph (1)
[amending this section] and the provisions of paragraph
(2) [set out below] shall apply to sales after November
30, 1989.’’
EFFECTIVE DATE
Section applicable to sales after Nov. 30, 1989, see sec-
tion 502(c) of Pub. L. 101–194, set out as an Effective
Date of 1989 Amendment note under section 1016 of this
title.
PROPERTY SOLD BEFORE JUNE 19, 1990
Pub. L. 101–280, § 6(a)(2), May 4, 1990, 104 Stat. 160, pro-
vided that:
‘‘(A) For purposes of section 1043 of such Code—
‘‘(i) any property sold before June 19, 1990, shall be
treated as sold pursuant to a certificate of divestiture
(as defined in subsection (b)(2) thereof) if such a cer-
tificate is issued with respect to such sale before such
date, and
‘‘(ii) in any such case, the 60-day period referred to
in subsection (a) thereof shall not expire before the
end of the 60-day period beginning on the date on
which the certificate of divestiture was issued.
‘‘(B) Notwithstanding subparagraph (A), section 1043
of such Code shall not apply to any sale before April 19,
1990, unless—
‘‘(i) the sale was made in order to comply with an
ethics agreement or pursuant to specific direction
from the appropriate agency or confirming com-
mittee, and
‘‘(ii) the justification for the sale meets the criteria
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 1045
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.