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26 U.S.C. § 272 — Disposal of coal or domestic iron ore

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

26 U.S.C. § 272 — Disposal of coal or domestic iron ore

Where the disposal of coal or iron ore is covered by section 631, no deduction shall be allowed for expenditures attributable to the making and administering of the contract under which such disposition occurs and to the preservation of the economic interest retained under such contract, except that if in any taxable year such expenditures plus the adjusted depletion basis of the coal or iron ore disposed of in such taxable year exceed the amount realized under such contract, such excess, to the extent not availed of as a reduction of gain under section 1231, shall be a loss deductible under section 165(a). This section shall not apply to any taxable year during which there is no income under the contract.

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Source location: Title 26, Chapter 1, § 272; chapter-001-normal-taxes-and-surtaxes.md

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

42 U.S.C. § 411 — Definitions relating to self-employment

For the purposes of this subchapter— **(a) Net earnings from self-employment** The term “net earnings from self-employment” means the gross income, as computed under subtitle A of the Internal Revenue Code of 1986, derived by an individual from any trade or business carried on by such individual, less the deductions allowed under such subtitle which are attributable to such trade or business, plus his distributive share (whether or not distributed) of the ordinary net income or loss, as computed under section 702(a)(8) of such Code, from any trade or business carried on by a partnership of which he is a member; except that in computing such gross income and deductions and such distributive share of partnership ordinary net income or loss— (1) There shall be excluded rentals from real estate and from personal property leased with the real estate (including such rentals paid in crop shares, and including payments under [section 3833(2) of title 16](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title16-section3833/2&num=0&edition=prelim) 11 See References in Text note below. to individuals receiving benefits under section 402 or 423 of this title), together with the deductions attributable thereto, unless such rentals are received in the course of a trade or business as a real estate dealer; except that the preceding provisions of this paragraph shall not apply to any income derived by the owner or tenant of land if (A) such income is derived under an arrangement, between the owner or tenant and another individual, which provides that such other individual shall produce agricultural or horticultural commodities (including livestock, bees, poultry, and fur-bearing animals and wildlife) on such land, and that there shall be material participation by the owne

Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 411

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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

Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1016

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

26 U.S.C. § 1231 — Property used in the trade or business and involuntary conversions

**(a) General rule** (1) **Gains exceed losses** — If— (A) the section 1231 gains for any taxable year, exceed (B) the section 1231 losses for such taxable year, such gains and losses shall be treated as long-term capital gains or long-term capital losses, as the case may be. (2) **Gains do not exceed losses** — If— (A) the section 1231 gains for any taxable year, do not exceed (B) the section 1231 losses for such taxable year, such gains and losses shall not be treated as gains and losses from sales or exchanges of capital assets. (3) **Section 1231 gains and losses** — For purposes of this subsection— (A) *Section 1231 gain* — The term “section 1231 gain” means— (i) any recognized gain on the sale or exchange of property used in the trade or business, and (ii) any recognized gain from the compulsory or involuntary conversion (as a result of destruction in whole or in part, theft or seizure, or an exercise of the power of requisition or condemnation or the threat or imminence thereof) into other property or money of— (I) property used in the trade or business, or (II) any capital asset which is held for more than 1 year and is held in connection with a trade or business or a transaction entered into for profit. (B) *Section 1231 loss* — The term “section 1231 loss” means any recognized loss from a sale or exchange or conversion described in subparagraph (A). (4) **Special rules** — For purposes of this subsection— (A) In determining under this subsection whether gains exceed losses— (i) the section 1231 gains shall be included only if and to the extent taken into account in computing gross income, and (ii) the section 1231 losses shall be included only if and to the extent taken into account in computing ta

Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1231

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

26 U.S.C. § 1402 — Definitions

**(a) Net earnings from self-employment** The term “net earnings from self-employment” means the gross income derived by an individual from any trade or business carried on by such individual, less the deductions allowed by this subtitle which are attributable to such trade or business, plus his distributive share (whether or not distributed) of income or loss described in section 702(a)(8) from any trade or business carried on by a partnership of which he is a member; except that in computing such gross income and deductions and such distributive share of partnership ordinary income or loss— (1) there shall be excluded rentals from real estate and from personal property leased with the real estate (including such rentals paid in crop shares, and including payments under section 1233(a)(2) of the Food Security Act of 1985 ([16 U.S.C. 3833(a)(2)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title16-section3833/a/2&num=0&edition=prelim)) to individuals receiving benefits under section 202 or 223 of the Social Security Act) together with the deductions attributable thereto, unless such rentals are received in the course of a trade or business as a real estate dealer; except that the preceding provisions of this paragraph shall not apply to any income derived by the owner or tenant of land if (A) such income is derived under an arrangement, between the owner or tenant and another individual, which provides that such other individual shall produce agricultural or horticultural commodities (including livestock, bees, poultry, and fur-bearing animals and wildlife) on such land, and that there shall be material participation by the owner or tenant (as determined without regard to any activities of an agent of such owner or tenant) in the production or the manag

Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1402

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

26 U.S.C. § 631 — Gain or loss in the case of timber, coal, or domestic iron ore

**(a) Election to consider cutting as sale or exchange** If the taxpayer so elects on his return for a taxable year, the cutting of timber (for sale or for use in the taxpayer’s trade or business) during such year by the taxpayer who owns, or has a contract right to cut, such timber (providing he has owned such timber or has held such contract right for a period of more than 1 year) shall be considered as a sale or exchange of such timber cut during such year. If such election has been made, gain or loss to the taxpayer shall be recognized in an amount equal to the difference between the fair market value of such timber, and the adjusted basis for depletion of such timber in the hands of the taxpayer. Such fair market value shall be the fair market value as of the first day of the taxable year in which such timber is cut, and shall thereafter be considered as the cost of such cut timber to the taxpayer for all purposes for which such cost is a necessary factor. If a taxpayer makes an election under this subsection, such election shall apply with respect to all timber which is owned by the taxpayer or which the taxpayer has a contract right to cut and shall be binding on the taxpayer for the taxable year for which the election is made and for all subsequent years, unless the Secretary, on showing of undue hardship, permits the taxpayer to revoke his election; such revocation, however, shall preclude any further elections under this subsection except with the consent of the Secretary. For purposes of this subsection and subsection (b), the term “timber” includes evergreen trees which are more than 6 years old at the time severed from the roots and are sold for ornamental purposes. **(b) Disposal of timber** In the case of the disposal of timber held for more than 1 year

Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 631

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

26 U.S.C. § 272 — Disposal of coal or domestic iron ore

Page 1030 TITLE 26—INTERNAL REVENUE CODE § 272 Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1976 AMENDMENT Pub. L. 94–455, title XXI, § 2104(b), Oct. 4, 1976, 90 Stat. 1902, provided that: ‘‘The amendment made by sub- section (a) [amending this section] shall apply to tax- able years beginning after December 31, 1975.’’ § 272. Disposal of coal or domestic iron ore Where the disposal of coal or iron ore is cov- ered by section 631, no deduction shall be al- lowed for expenditures attributable to the mak- ing and administering of the contract under which such disposition occurs and to the preser- vation of the economic interest retained under such contract, except that if in any taxable year such expenditures plus the adjusted depletion basis of the coal or iron ore disposed of in such taxable year exceed the amount realized under such contract, such excess, to the extent not availed of as a reduction of gain under section 1231, shall be a loss deductible under section 165(a). This section shall not apply to any tax- able year during which there is no income under the contract. (Aug. 16, 1954, ch. 736, 68A Stat. 82; Pub. L. 88–272, title II, § 227(a)(3), (b)(3), Feb. 26, 1964, 78 Stat. 98.) Editorial Notes AMENDMENTS 1964—Pub. L. 88–272 inserted ‘‘or domestic iron ore’’ in section catchline, and ‘‘or iron ore’’ wherever appearing in text. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1964 AMENDMENT Pub. L. 88–272, title II, § 227(c), Feb. 26, 1964, 78 Stat. 98, provided that: ‘‘The amendments made by this sec- tion [amending this section and sections 631, 1016, 1231, and 1402 and section 411 of Title 42, The Public Health and Welfare] shall apply with respect to amounts re- ceived or accrued in taxable years beginning a

Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 272

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