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26 U.S.C. § 405 — Repealed. Pub. L. 98–369, div. A, title IV, § 491(a), July 18, 1984, 98 Stat. 848]
Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section, added Pub. L. 87–792, § 5(a), Oct. 10, 1962, 76 Stat. 826; amended Pub. L. 89–97, title I, § 106(d)(5), July 30, 1965, 79 Stat. 337; Pub. L. 91–172, title V, § 515(c)(1), Dec. 30, 1969, 83 Stat. 645; Pub. L. 93–406, title II, §§ 2004(c)(2), 2005(c)(11), Sept. 2, 1974, 88 Stat. 986, 992; Pub. L. 94–455, title XIX, § 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834; Pub. L. 97–34, title III, § 313(a), (b)(1), Aug. 13, 1981, 95 Stat. 285, 286; Pub. L. 97–452, § 2(c)(1), Jan. 12, 1983, 96 Stat. 2478; Pub. L. 98–369, div. A, title I, § 42(a)(6), July 18, 1984, 98 Stat. 557, related to qualified bond purchase plans.
#### Effective Date of Repeal
Repeal applicable to obligations issued after Dec. 31, 1983, see section 491(f)(1) of Pub. L. 98–369, set out as an Effective Date of 1984 Amendment note under [section 62 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section62&num=0&edition=prelim).
#### Rollover of Existing Bonds Into Qualified Employer Plans
Pub. L. 98–369, div. A, title IV, § 491(c)(1), (f)(2), July 18, 1984, 98 Stat. 848, 853, provided that, applicable to redemptions after July 18, 1984, in taxable years ending after such date, subsec. (d)(3)(A) of this section, as in effect before its repeal, is amended to read as follows:
“(A) In general.—If—
“(i) any qualified bond is redeemed,
“(ii) any portion of the excess of the proceeds from such redemption over the basis of such bond is transferred to an individual retirement plan which is maintained for the benefit of the individual redeeming such bond, or to a qualified trust (as defined in section 402(a)(5)(D)(iii)) for the benefit of such individual, and
“(iii) such transfer is made on or before the 60th day after the individual received the proceed
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Source file: Laws/federal/codes/united-states-code/title-26/section-405-repealed-pub-l-98369-div-a-title-iv-491-a-july-18-1984-98-stat-848--93210980ae.md
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Source location: Title 26, Chapter 1, § 405; chapter-001-normal-taxes-and-surtaxes.md
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### Statutory Notes
Section, added Pub. L. 87–792, § 5(a), Oct. 10, 1962, 76 Stat. 826; amended Pub. L. 89–97, title I, § 106(d)(5), July 30, 1965, 79 Stat. 337; Pub. L. 91–172, title V, § 515(c)(1), Dec. 30, 1969, 83 Stat. 645; Pub. L. 93–406, title II, §§ 2004(c)(2), 2005(c)(11), Sept. 2, 1974, 88 Stat. 986, 992; Pub. L. 94–455, title XIX, § 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834; Pub. L. 97–34, title III, § 313(a), (b)(1), Aug. 13, 1981, 95 Stat. 285, 286; Pub. L. 97–452, § 2(c)(1), Jan. 12, 1983, 96 Stat. 2478; Pub. L. 98–369, div. A, title I, § 42(a)(6), July 18, 1984, 98 Stat. 557, related to qualified bond purchase plans.
#### Effective Date of Repeal
Repeal applicable to obligations issued after Dec. 31, 1983, see section 491(f)(1) of Pub. L. 98–369, set out as an Effective Date of 1984 Amendment note under [section 62 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section62&num=0&edition=prelim).
#### Rollover of Existing Bonds Into Qualified Employer Plans
Pub. L. 98–369, div. A, title IV, § 491(c)(1), (f)(2), July 18, 1984, 98 Stat. 848, 853, provided that, applicable to redemptions after July 18, 1984, in taxable years ending after such date, subsec. (d)(3)(A) of this section, as in effect before its repeal, is amended to read as follows:
“(A) In general.—If—
“(i) any qualified bond is redeemed,
“(ii) any portion of the excess of the proceeds from such redemption over the basis of such bond is transferred to an individual retirement plan which is maintained for the benefit of the individual redeeming such bond, or to a qualified trust (as defined in section 402(a)(5)(D)(iii)) for the benefit of such individual, and
“(iii) such transfer is made on or before the 60th day after the individual received the proceeds of such redemption,
then gross income shall not include the proceeds to the extent so transferred and the transfer shall be treated as a rollover contribution described in section 408(d)(3).”
#### Bonds Under Qualified Bond Purchase Plans Redeemable at any Time After July 18, 1984
Pub. L. 98–369, div. A, title IV, § 491(f)(4), July 18, 1984, 98 Stat. 853, provided that: “Notwithstanding—“(A) subparagraph (D) of section 405(b)(1) of the Internal Revenue Code of 1954 (as in effect before its repeal by this section) [see above], and “(B) the terms of any bond described in subsection (b) of such section 405, such a bond may be redeemed at any time after the date of the enactment of this Act [July 18, 1984] in the same manner as if the individual redeeming the bond had attained age 59½.”
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** For purposes of this subtitle, the term “adjusted gross income” means, in the case of an individual, gross income minus the following deductions:
(1) **Trade and business deductions** — The deductions allowed by this chapter (other than by part VII of this subchapter) which are attributable to a trade or business carried on by the taxpayer, if such trade or business does not consist of the performance of services by the taxpayer as an employee.
(2) **Certain trade and business deductions of employees**
(A) *Reimbursed expenses of employees* — The deductions allowed by part VI (section 161 and following) which consist of expenses paid or incurred by the taxpayer, in connection with the performance by him of services as an employee, under a reimbursement or other expense allowance arrangement with his employer. The fact that the reimbursement may be provided by a third party shall not be determinative of whether or not the preceding sentence applies.
(B) *Certain expenses of performing artists* — The deductions allowed by section 162 which consist of expenses paid or incurred by a qualified performing artist in connection with the performances by him of services in the performing arts as an employee.
(C) *Certain expenses of officials* — The deductions allowed by section 162 which consist of expenses paid or incurred with respect to services performed by an official as an employee of a State or a political subdivision thereof in a position compensated in whole or in part on a fee basis.
(D) *Certain expenses of elementary and secondary school teachers* — The deductions allowed by section 162 which consist of expenses, not in excess of $250, paid or incurred by an eligible educator—
(i) by reason of the participation of the educator
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 62
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Taxability of beneficiary of exempt trust** Except as otherwise provided in this section, any amount actually distributed to any distributee by any employees’ trust described in section 401(a) which is exempt from tax under section 501(a) shall be taxable to the distributee, in the taxable year of the distributee in which distributed, under section 72 (relating to annuities).
**(b) Taxability of beneficiary of nonexempt trust**
(1) **Contributions** — Contributions to an employees’ trust made by an employer during a taxable year of the employer which ends with or within a taxable year of the trust for which the trust is not exempt from tax under section 501(a) shall be included in the gross income of the employee in accordance with section 83 (relating to property transferred in connection with performance of services), except that the value of the employee’s interest in the trust shall be substituted for the fair market value of the property for purposes of applying such section.
(2) **Distributions** — The amount actually distributed or made available to any distributee by any trust described in paragraph (1) shall be taxable to the distributee, in the taxable year in which so distributed or made available, under section 72 (relating to annuities), except that distributions of income of such trust before the annuity starting date (as defined in section 72(c)(4)) shall be included in the gross income of the employee without regard to section 72(e)(5) (relating to amounts not received as annuities).
(3) **Grantor trusts** — A beneficiary of any trust described in paragraph (1) shall not be considered the owner of any portion of such trust under subpart E of part I of subchapter J (relating to grantors and others treated as substantial owners).
(4) **Failure t
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 402
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Federal law — U.S. Code and appendices · legal_authorities
Page 1301
TITLE 26—INTERNAL REVENUE CODE
§ 406
PLAN AMENDMENTS NOT REQUIRED UNTIL
JANUARY 1, 1989
For provisions directing that if any amendments
made by subtitle A or subtitle C of title XI [§§ 1101–1147
and 1171–1177] or title XVIII [§§ 1800–1899A] of Pub. L.
99–514 require an amendment to any plan, such plan
amendment shall not be required to be made before the
first plan year beginning on or after Jan. 1, 1989, see
section 1140 of Pub. L. 99–514, as amended, set out as a
note under section 401 of this title.
[§ 405. Repealed. Pub. L. 98–369, div. A, title IV,
§ 491(a), July 18, 1984, 98 Stat. 848]
Section, added Pub. L. 87–792, § 5(a), Oct. 10, 1962, 76
Stat. 826; amended Pub. L. 89–97, title I, § 106(d)(5), July
30, 1965, 79 Stat. 337; Pub. L. 91–172, title V, § 515(c)(1),
Dec. 30, 1969, 83 Stat. 645; Pub. L. 93–406, title II,
§§ 2004(c)(2), 2005(c)(11), Sept. 2, 1974, 88 Stat. 986, 992;
Pub. L. 94–455, title XIX, § 1906(b)(13)(A), Oct. 4, 1976, 90
Stat. 1834; Pub. L. 97–34, title III, § 313(a), (b)(1), Aug. 13,
1981, 95 Stat. 285, 286; Pub. L. 97–452, § 2(c)(1), Jan. 12,
1983, 96 Stat. 2478; Pub. L. 98–369, div. A, title I,
§ 42(a)(6), July 18, 1984, 98 Stat. 557, related to qualified
bond purchase plans.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF REPEAL
Repeal applicable to obligations issued after Dec. 31,
1983, see section 491(f)(1) of Pub. L. 98–369, set out as an
Effective Date of 1984 Amendment note under section 62
of this title.
ROLLOVER OF EXISTING BONDS INTO QUALIFIED
EMPLOYER PLANS
Pub. L. 98–369, div. A, title IV, § 491(c)(1), (f)(2), July
18, 1984, 98 Stat. 848, 853, provided that, applicable to re-
demptions after July 18, 1984, in taxable years ending
after such date, subsec. (d)(3)(A) of this section,
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 405
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.