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26 U.S.C. § 191 — Repealed. Pub. L. 97–34, title II, § 212(d)(1), Aug. 13, 1981, 95 Stat. 239]

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

26 U.S.C. § 191 — Repealed. Pub. L. 97–34, title II, § 212(d)(1), Aug. 13, 1981, 95 Stat. 239]

### Statutory Notes Section, added Pub. L. 94–455, title XXI, § 2124(a)(1), Oct. 4, 1976, 90 Stat. 1916; amended Pub. L. 95–600, title VII, § 701(f)(1), (2), (7), Nov. 6, 1978, 92 Stat. 2900–2902; Pub. L. 96–222, title I, § 107(a)(1)(E)(ii), Apr. 1, 1980, 94 Stat. 222; Pub. L. 96–541, § 2(a), Dec. 17, 1980, 94 Stat. 3204, related to amortization of certain rehabilitation expenditures for certified historic structures. #### Effective Date of Repeal Repeal applicable to expenditures incurred after Dec. 31, 1981, in taxable years ending after such date, with exceptions, see section 212(e) of Pub. L. 97–34, set out as an Effective Date of 1981 Amendment note under [section 46 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section46&num=0&edition=prelim).

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Source location: Title 26, Chapter 1, § 191; chapter-001-normal-taxes-and-surtaxes.md

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

26 U.S.C. § 46 — Amount of credit

For purposes of section 38, the amount of the investment credit determined under this section for any taxable year shall be the sum of— (1) the rehabilitation credit, (2) the energy credit, (3) the qualifying advanced coal project credit, (4) the qualifying gasification project credit, (5) the qualifying advanced energy project credit, (6) the advanced manufacturing investment credit, and (7) the clean electricity investment credit.

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

26 U.S.C. § 1250 — Gain from dispositions of certain depreciable realty

**(a) General rule** Except as otherwise provided in this section— (1) **Additional depreciation after December 31, 1975** (A) *In general* — If section 1250 property is disposed of after December 31, 1975, then the applicable percentage of the lower of— (i) that portion of the additional depreciation (as defined in subsection (b)(1) or (4)) attributable to periods after December 31, 1975, in respect of the property, or (ii) the excess of the amount realized (in the case of a sale, exchange, or involuntary conversion), or the fair market value of such property (in the case of any other disposition), over the adjusted basis of such property, shall be treated as gain which is ordinary income. Such gain shall be recognized notwithstanding any other provision of this subtitle. (B) *Applicable percentage* — For purposes of subparagraph (A), the term “applicable percentage” means— (i) in the case of section 1250 property with respect to which a mortgage is insured under section 221(d)(3) or 236 of the National Housing Act, or housing financed or assisted by direct loan or tax abatement under similar provisions of State or local laws and with respect to which the owner is subject to the restrictions described in section 1039(b)(1)(B) (as in effect on the day before the date of the enactment of the Revenue Reconciliation Act of 1990), 100 percent minus 1 percentage point for each full month the property was held after the date the property was held 100 full months; (ii) in the case of dwelling units which, on the average, were held for occupancy by families or individuals eligible to receive subsidies under section 8 of the United States Housing Act of 1937, as amended, or under the provisions of State or local law authorizing similar levels of su

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

26 U.S.C. § 642 — Special rules for credits and deductions

**(a) Foreign tax credit allowed** An estate or trust shall be allowed the credit against tax for taxes imposed by foreign countries and possessions of the United States, to the extent allowed by section 901, only in respect of so much of the taxes described in such section as is not properly allocable under such section to the beneficiaries. **(b) Deduction for personal exemption** (1) **Estates** — An estate shall be allowed a deduction of $600. (2) **Trusts** (A) *In general* — Except as otherwise provided in this paragraph, a trust shall be allowed a deduction of $100. (B) *Trusts distributing income currently* — A trust which, under its governing instrument, is required to distribute all of its income currently shall be allowed a deduction of $300. (C) *Disability trusts* (i) *In general* — A qualified disability trust shall be allowed a deduction equal to the exemption amount under section 151(d), determined— (I) by treating such trust as an individual described in section 68(b)(1)(C),11 See References in Text note below. and (II) by applying section 67(e) (without the reference to section 642(b)) for purposes of determining the adjusted gross income of the trust. (ii) *Qualified disability trust* — For purposes of clause (i), the term “qualified disability trust” means any trust if— (I) such trust is a disability trust described in subsection (c)(2)(B)(iv) of section 1917 of the Social Security Act ([42 U.S.C. 1396p](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1396p&num=0&edition=prelim)), and (II) all of the beneficiaries of the trust as of the close of the taxable year are determined by the Commissioner of Social Security to have been disabled (within the meaning of section 1614(a

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

26 U.S.C. § 191 — Untitled legal text

Page 916 TITLE 26—INTERNAL REVENUE CODE [§ 191 tion shall apply to taxable years beginning after De- cember 31, 1976, and before January 1, 1983, and to tax- able years beginning after December 31, 1983, and before January 1, 1986 for provisions which had required the Secretary to prescribe such regulations as might be necessary to carry out this section within 180 days after October 4, 1976. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1990 AMENDMENT Amendment by section 11611(c) of Pub. L. 101–508 ap- plicable to taxable years beginning after Nov. 5, 1990, see section 11611(e)(2) of Pub. L. 101–508, set out as a note under section 38 of this title. EFFECTIVE DATE OF 1984 AMENDMENT Pub. L. 98–369, div. A, title X, § 1062(c), July 18, 1984, 98 Stat. 1047, provided that: ‘‘The amendment made by subsection (b) [amending this section] shall apply to taxable years beginning after December 31, 1983.’’ EFFECTIVE DATE Pub. L. 94–455, title XXI, § 2122(c), Oct. 4, 1976, 90 Stat. 1915, as amended by Pub. L. 96–167, § 9(c), Dec. 29, 1979, 93 Stat. 1278; Pub. L. 98–369, div. A, title X, § 1062(a)(2), July 18, 1984, 98 Stat. 1047, provided that: ‘‘The amend- ments made by this section [enacting this section and amending sections 263, 1245, and 1250 of this title] shall apply to taxable years beginning after December 31, 1976.’’ SAVINGS PROVISION For provisions that nothing in amendment by section 11801(a)(14) of Pub. L. 101–508 be construed to affect treatment of certain transactions occurring, property acquired, or items of income, loss, deduction, or credit taken into account prior to Nov. 5, 1990, for purposes of determining liability for tax for periods ending after Nov. 5, 1990, see section 11821(b) of Pub. L. 101–508, set out as a not

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