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26 U.S.C. § 1044 — Repealed. Pub. L. 115–97, title I, § 13313(a), Dec. 22, 2017, 131 Stat. 2133]

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

26 U.S.C. § 1044 — Repealed. Pub. L. 115–97, title I, § 13313(a), Dec. 22, 2017, 131 Stat. 2133]

### Statutory Notes Section, added Pub. L. 103–66, title XIII, § 13114(a), Aug. 10, 1993, 107 Stat. 430; amended Pub. L. 104–188, title I, § 1703(a), Aug. 20, 1996, 110 Stat. 1875, related to rollover of publicly traded securities gain into specialized small business investment companies. #### Effective Date of Repeal Repeal applicable to sales after Dec. 31, 2017, see section 13313(c) of Pub. L. 115–97, set out as an Effective Date of 2017 Amendment note under [section 1016 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section1016&num=0&edition=prelim).

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Source location: Title 26, Chapter 1, § 1044; chapter-001-normal-taxes-and-surtaxes.md

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

26 U.S.C. § 1016 — Adjustments to basis

**(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

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

26 U.S.C. § 1044 — Untitled legal text

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

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