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26 U.S.C. § 81 — Repealed. Pub. L. 100–203, title X, § 10201(b)(1), Dec. 22, 1987, 101 Stat. 1330–387]

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

26 U.S.C. § 81 — Repealed. Pub. L. 100–203, title X, § 10201(b)(1), Dec. 22, 1987, 101 Stat. 1330–387]

### Statutory Notes Section, added Pub. L. 89–722, § 1(b)(1), Nov. 2, 1966, 80 Stat. 1152; amended Pub. L. 93–625, § 4(c)(1), Jan. 3, 1975, 88 Stat. 2111; Pub. L. 94–455, title VI, § 605(b), Oct. 4, 1976, 90 Stat. 1575; Pub. L. 99–514, title VIII, § 805(c)(1)(A), Oct. 22, 1986, 100 Stat. 2362, included increase in vacation pay suspense account in gross income. #### Effective Date of Repeal Repeal applicable to taxable years beginning after Dec. 31, 1987, see section 10201(c)(1) of Pub. L. 100–203, set out as an Effective Date of 1987 Amendment note under [section 404 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section404&num=0&edition=prelim).

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Source location: Title 26, Chapter 1, § 81; chapter-001-normal-taxes-and-surtaxes.md

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

26 U.S.C. § 404 — Deduction for contributions of an employer to an employees’ trust or annuity plan and compensation under a deferred-payment plan

**(a) General rule** If contributions are paid by an employer to or under a stock bonus, pension, profit-sharing, or annuity plan, or if compensation is paid or accrued on account of any employee under a plan deferring the receipt of such compensation, such contributions or compensation shall not be deductible under this chapter; but, if they would otherwise be deductible, they shall be deductible under this section, subject, however, to the following limitations as to the amounts deductible in any year: (1) **Pension trusts** (A) *In general* — In the taxable year when paid, if the contributions are paid into a pension trust (other than a trust to which paragraph (3) applies), and if such taxable year ends within or with a taxable year of the trust for which the trust is exempt under section 501(a), in the case of a defined benefit plan other than a multiemployer plan, in an amount determined under subsection (o), and in the case of any other plan in an amount determined as follows: (i) the amount necessary to satisfy the minimum funding standard provided by section 412(a) for plan years ending within or with such taxable year (or for any prior plan year), if such amount is greater than the amount determined under clause (ii) or (iii) (whichever is applicable with respect to the plan), (ii) the amount necessary to provide with respect to all of the employees under the trust the remaining unfunded cost of their past and current service credits distributed as a level amount, or a level percentage of compensation, over the remaining future service of each such employee, as determined under regulations prescribed by the Secretary, but if such remaining unfunded cost with respect to any 3 individuals is more than 50 percent of such remaining unfunded cost, the

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

26 U.S.C. § 166 — Bad debts

**(a) General rule** (1) **Wholly worthless debts** — There shall be allowed as a deduction any debt which becomes worthless within the taxable year. (2) **Partially worthless debts** — When satisfied that a debt is recoverable only in part, the Secretary may allow such debt, in an amount not in excess of the part charged off within the taxable year, as a deduction. **(b) Amount of deduction** For purposes of subsection (a), the basis for determining the amount of the deduction for any bad debt shall be the adjusted basis provided in section 1011 for determining the loss from the sale or other disposition of property. **(c) Repealed. Pub. L. 99–514, title VIII, § 805(a), Oct. 22, 1986, 100 Stat. 2361]** **(d) Nonbusiness debts** (1) **General rule** — In the case of a taxpayer other than a corporation— (A) subsection (a) shall not apply to any nonbusiness debt; and (B) where any nonbusiness debt becomes worthless within the taxable year, the loss resulting therefrom shall be considered a loss from the sale or exchange, during the taxable year, of a capital asset held for not more than 1 year. (2) **Nonbusiness debt defined** — For purposes of paragraph (1), the term “nonbusiness debt” means a debt other than— (A) a debt created or acquired (as the case may be) in connection with a trade or business of the taxpayer; or (B) a debt the loss from the worthlessness of which is incurred in the taxpayer’s trade or business. **(e) Worthless securities** This section shall not apply to a debt which is evidenced by a security as defined in section 165(g)(2)(C). **(f) Cross references** (1) For disallowance of deduction for worthlessness of debts owed by political parties and similar organizations, see section 271. (2) For special rule for banks with respect

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

26 U.S.C. § 81 — Untitled legal text

Page 501 TITLE 26—INTERNAL REVENUE CODE § 82 other property in respect of the property to which such security was related, the value so re- stored (to the extent that, when added to the value so restored during prior taxable years, it does not exceed the amount of the loss described in paragraph (2)) shall, except as provided in subsection (b), be included in gross income for the taxable year in which such restoration oc- curs. (b) Reduction for failure to receive tax benefit The amount otherwise includible in gross in- come under subsection (a) in respect of any se- curity shall be reduced by an amount equal to the amount (if any) of the loss described in sub- section (a)(2) which did not result in a reduction of the taxpayer’s tax under this subtitle for any taxable year, determined under regulations pre- scribed by the Secretary. (c) Character of income For purposes of this subtitle— (1) Except as provided in paragraph (2), the amount included in gross income under this section shall be treated as ordinary income. (2) If the loss described in subsection (a)(2) was taken into account as a loss from the sale or exchange of a capital asset, the amount in- cluded in gross income under this section shall be treated as long-term capital gain. (d) Treatment under foreign expropriation loss recovery provisions This section shall not apply to any recovery of a foreign expropriation loss to which section 1351 applies. (Added Pub. L. 89–384, § 1(b)(1), Apr. 8, 1966, 80 Stat. 101; amended Pub. L. 94–455, title XIX, §§ 1901(b)(3)(K), 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1793, 1834; Pub. L. 98–369, div. A, title II, § 211(b)(2), July 18, 1984, 98 Stat. 754.) Editorial Notes AMENDMENTS 1984—Subsec. (a). Pub. L. 98–369 substituted ‘‘801’’ for ‘‘802’

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