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26 U.S.C. § 270 — Repealed. Pub. L. 91–172, title II, § 213(b), Dec. 30, 1969, 83 Stat. 572]

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

26 U.S.C. § 270 — Repealed. Pub. L. 91–172, title II, § 213(b), Dec. 30, 1969, 83 Stat. 572]

### Statutory Notes Section, act Aug. 16, 1954, ch. 736, 68A Stat. 81, related to the limitation on deductions allowable to certain individuals. See [section 183 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section183&num=0&edition=prelim). #### Effective Date of Repeal Repeal applicable to taxable years beginning after Dec. 31, 1969, see section 213(d) of Pub. L. 91–172, set out as an Effective Date note under [section 183 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section183&num=0&edition=prelim).

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Source location: Title 26, Chapter 1, § 270; chapter-001-normal-taxes-and-surtaxes.md

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

26 U.S.C. § 183 — Activities not engaged in for profit

**(a) General rule** In the case of an activity engaged in by an individual or an S corporation, if such activity is not engaged in for profit, no deduction attributable to such activity shall be allowed under this chapter except as provided in this section. **(b) Deductions allowable** In the case of an activity not engaged in for profit to which subsection (a) applies, there shall be allowed— (1) the deductions which would be allowable under this chapter for the taxable year without regard to whether or not such activity is engaged in for profit, and (2) a deduction equal to the amount of the deductions which would be allowable under this chapter for the taxable year only if such activity were engaged in for profit, but only to the extent that the gross income derived from such activity for the taxable year exceeds the deductions allowable by reason of paragraph (1). **(c) Activity not engaged in for profit defined** For purposes of this section, the term “activity not engaged in for profit” means any activity other than one with respect to which deductions are allowable for the taxable year under section 162 or under paragraph (1) or (2) of section 212. **(d) Presumption** If the gross income derived from an activity for 3 or more of the taxable years in the period of 5 consecutive taxable years which ends with the taxable year exceeds the deductions attributable to such activity (determined without regard to whether or not such activity is engaged in for profit), then, unless the Secretary establishes to the contrary, such activity shall be presumed for purposes of this chapter for such taxable year to be an activity engaged in for profit. In the case of an activity which consists in major part of the breeding, training, showing, or racing of horses, the preced

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

26 U.S.C. § 270 — Untitled legal text

Page 1029 TITLE 26—INTERNAL REVENUE CODE § 271 rule similar to the rule of subsection (c)(3) shall apply for purposes of this subsection. ‘‘(7) COORDINATION WITH SUBSECTION (a).—This sub- section shall not apply to the portion of any interest in real property that the exempt REIT or stapled en- tity holds or is treated as holding under this section without regard to this subsection. ‘‘(e) DEFINITIONS.—For purposes of this section— ‘‘(1) REIT GROSS INCOME PROVISIONS.—The term ‘REIT gross income provisions’ means— ‘‘(A) paragraphs (2), (3), and (6) of section 856(c) of the Internal Revenue Code of 1986; and ‘‘(B) section 857(b)(5) of such Code. ‘‘(2) EXEMPT REIT.—The term ‘exempt REIT’ means a real estate investment trust to which section 269B of the Internal Revenue Code of 1986 does not apply by reason of paragraph (3) of section 136(c) of the Tax Reform Act of 1984. ‘‘(3) STAPLED REIT GROUP.—The term ‘stapled REIT group’ means, with respect to an exempt REIT, the group consisting of— ‘‘(A) all entities which are stapled entities with respect to the exempt REIT; and ‘‘(B) all entities which are 10-percent subsidiary entities of the exempt REIT or any such stapled en- tity. ‘‘(4) 10-PERCENT SUBSIDIARY ENTITY.— ‘‘(A) IN GENERAL.—The term ‘10-percent sub- sidiary entity’ means, with respect to any exempt REIT or stapled entity, any entity in which the ex- empt REIT or stapled entity (as the case may be) directly or indirectly holds at least a 10-percent in- terest. ‘‘(B) EXCEPTION FOR CERTAIN C CORPORATION SUB- SIDIARIES OF REITS.—A corporation which would, but for this subparagraph, be treated as a 10-per- cent subsidiary of an exempt REIT shall not be so treated if such corporation is taxable under section 11 of the Internal Revenue Code of 1986

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