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26 U.S.C. § 140 — Cross references to other Acts

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

26 U.S.C. § 140 — Cross references to other Acts

**(a)** For exemption of— (1) Allowances and expenditures to meet losses sustained by persons serving the United States abroad, due to appreciation of foreign currencies, see [section 5943 of title 5](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section5943&num=0&edition=prelim), United States Code. (2) Benefits under laws administered by the Department of Veterans Affairs, see [section 5301 of title 38](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title38-section5301&num=0&edition=prelim), United States Code. (3) Earnings of ship contractors deposited in special reserve funds, see [section 53507 of title 46](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title46-section53507&num=0&edition=prelim), United States Code. (4) Income derived from Federal Reserve banks, including capital stock and surplus, see section 7 of the Federal Reserve Act ([12 U.S.C. 531](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section531&num=0&edition=prelim)). (5) Special pensions of persons on Army and Navy medal of honor roll, see [38 U.S.C. 1562(a)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title38-section1562/a&num=0&edition=prelim)–(c). **(b)** For extension of military income tax-exemption benefits to commissioned officers of Public Health Service in certain circumstances, see section 212 of the Public Health Service Act ([42 U.S.C. 213](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section213&num=0&edition=prelim)).

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Source location: Title 26, Chapter 1, § 140; chapter-001-normal-taxes-and-surtaxes.md

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

26 U.S.C. § 134 — Certain military benefits

**(a) General rule** Gross income shall not include any qualified military benefit. **(b) Qualified military benefit** For purposes of this section— (1) **In general** — The term “qualified military benefit” means any allowance or in-kind benefit (other than personal use of a vehicle) which— (A) is received by any member or former member of the uniformed services of the United States or any dependent of such member by reason of such member’s status or service as a member of such uniformed services, and (B) was excludable from gross income on September 9, 1986, under any provision of law, regulation, or administrative practice which was in effect on such date (other than a provision of this title). (2) **No other benefit to be excludable except as provided by this title** — Notwithstanding any other provision of law, no benefit shall be treated as a qualified military benefit unless such benefit— (A) is a benefit described in paragraph (1), or (B) is excludable from gross income under this title without regard to any provision of law which is not contained in this title and which is not contained in a revenue Act. (3) **Limitations on modifications** (A) *In general* — Except as provided in subparagraphs (B) and (C) and paragraphs (4) and (5), no modification or adjustment of any qualified military benefit after September 9, 1986, shall be taken into account. (B) *Exception for certain adjustments to cash benefits* — Subparagraph (A) shall not apply to any adjustment to any qualified military benefit payable in cash which— (i) is pursuant to a provision of law or regulation (as in effect on September 9, 1986), and (ii) is determined by reference to any fluctuation in cost, price, currency, or other similar index. (C) *Exception for deat

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

38 U.S.C. § 5301 — Nonassignability and exempt status of benefits

**(a)** (1) Payments of benefits due or to become due under any law administered by the Secretary shall not be assignable except to the extent specifically authorized by law, and such payments made to, or on account of, a beneficiary shall be exempt from taxation, shall be exempt from the claim of creditors, and shall not be liable to attachment, levy, or seizure by or under any legal or equitable process whatever, either before or after receipt by the beneficiary. The preceding sentence shall not apply to claims of the United States arising under such laws nor shall the exemption therein contained as to taxation extend to any property purchased in part or wholly out of such payments. The provisions of this section shall not be construed to prohibit the assignment of insurance otherwise authorized under chapter 19 of this title, or of servicemen’s indemnity. (2) For the purposes of this subsection, in any case where a payee of an educational assistance allowance has designated the address of an attorney-in-fact as the payee’s address for the purpose of receiving a benefit check and has also executed a power of attorney giving the attorney-in-fact authority to negotiate such benefit check, such action shall be deemed to be an assignment and is prohibited. (3) (A) This paragraph is intended to clarify that, in any case where a beneficiary entitled to compensation, pension, or dependency and indemnity compensation enters into an agreement with another person under which agreement such other person acquires for consideration the right to receive such benefit by payment of such compensation, pension, or dependency and indemnity compensation, as the case may be, except as provided in subparagraph (B), and including deposit into a joint account from which such other pers

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

26 U.S.C. § 121 — Exclusion of gain from sale of principal residence

**(a) Exclusion** Gross income shall not include gain from the sale or exchange of property if, during the 5-year period ending on the date of the sale or exchange, such property has been owned and used by the taxpayer as the taxpayer’s principal residence for periods aggregating 2 years or more. **(b) Limitations** (1) **In general** — The amount of gain excluded from gross income under subsection (a) with respect to any sale or exchange shall not exceed $250,000. (2) **Special rules for joint returns** — In the case of a husband and wife who make a joint return for the taxable year of the sale or exchange of the property— (A) *$500,000 Limitation for certain joint returns* — Paragraph (1) shall be applied by substituting “$500,000” for “$250,000” if— (i) either spouse meets the ownership requirements of subsection (a) with respect to such property; (ii) both spouses meet the use requirements of subsection (a) with respect to such property; and (iii) neither spouse is ineligible for the benefits of subsection (a) with respect to such property by reason of paragraph (3). (B) *Other joint returns* — If such spouses do not meet the requirements of subparagraph (A), the limitation under paragraph (1) shall be the sum of the limitations under paragraph (1) to which each spouse would be entitled if such spouses had not been married. For purposes of the preceding sentence, each spouse shall be treated as owning the property during the period that either spouse owned the property. (3) **Application to only 1 sale or exchange every 2 years** — Subsection (a) shall not apply to any sale or exchange by the taxpayer if, during the 2-year period ending on the date of such sale or exchange, there was any other sale or exchange by the taxpayer to which subsec

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

26 U.S.C. § 138 — Medicare Advantage MSA

**(a) Exclusion** Gross income shall not include any payment to the Medicare Advantage MSA of an individual by the Secretary of Health and Human Services under part C of title XVIII of the Social Security Act. **(b) Medicare Advantage MSA** For purposes of this section, the term “Medicare Advantage MSA” means an Archer MSA (as defined in section 220(d))— (1) which is designated as a Medicare Advantage MSA, (2) with respect to which no contribution may be made other than— (A) a contribution made by the Secretary of Health and Human Services pursuant to part C of title XVIII of the Social Security Act, or (B) a trustee-to-trustee transfer described in subsection (c)(4), (3) the governing instrument of which provides that trustee-to-trustee transfers described in subsection (c)(4) may be made to and from such account, and (4) which is established in connection with an MSA plan described in section 1859(b)(3) of the Social Security Act. **(c) Special rules for distributions** (1) **Distributions for qualified medical expenses** — In applying section 220 to a Medicare Advantage MSA— (A) qualified medical expenses shall not include amounts paid for medical care for any individual other than the account holder, and (B) section 220(d)(2)(C) shall not apply. (2) **Penalty for distributions from Medicare Advantage MSA not used for qualified medical expenses if minimum balance not maintained** (A) *In general* — The tax imposed by this chapter for any taxable year in which there is a payment or distribution from a Medicare Advantage MSA which is not used exclusively to pay the qualified medical expenses of the account holder shall be increased by 50 percent of the excess (if any) of— (i) the amount of such payment or distribution, over (ii) the exc

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

5 U.S.C. § 5943 — Foreign currency appreciation allowances

**(a)** The President, under such regulations as he may prescribe, may meet losses sustained by employees and members of the uniformed services while serving in a foreign country due to the appreciation of foreign currency in its relation to the American dollar. Allowances and expenditures under this section are not subject to income taxes. **(b)** Annual appropriations are authorized to carry out subsection (a) of this section and to cover any deficiency in the accounts of the Secretary of the Treasury, including interest, arising out of the arrangement approved by the President on July 27, 1933, for the conversion into foreign currency of checks and drafts of employees and members of the uniformed services for pay and expenses. **(c)** Payment under subsection (a) of this section may not be made to an employee or member of a uniformed service for a period during which his check or draft was converted into foreign currency under the arrangement referred to by subsection (b) of this section. **(d)** The President shall report annually to Congress all expenditures made under this section.

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

26 U.S.C. § 23 — Adoption expenses

**(a) Allowance of credit** (1) **In general** — In the case of an individual, there shall be allowed as a credit against the tax imposed by this chapter the amount of the qualified adoption expenses paid or incurred by the taxpayer. (2) **Year credit allowed** — The credit under paragraph (1) with respect to any expense shall be allowed— (A) in the case of any expense paid or incurred before the taxable year in which such adoption becomes final, for the taxable year following the taxable year during which such expense is paid or incurred, and (B) in the case of an expense paid or incurred during or after the taxable year in which such adoption becomes final, for the taxable year in which such expense is paid or incurred. (3) **$10,000 credit for adoption of child with special needs regardless of expenses** — In the case of an adoption of a child with special needs which becomes final during a taxable year, the taxpayer shall be treated as having paid during such year qualified adoption expenses with respect to such adoption in an amount equal to the excess (if any) of $10,000 over the aggregate qualified adoption expenses actually paid or incurred by the taxpayer with respect to such adoption during such taxable year and all prior taxable years. (4) **Portion of credit refundable** — So much of the credit allowed under paragraph (1) as does not exceed $5,000 shall be treated as a credit allowed under subpart C and not as a credit allowed under this subpart. **(b) Limitations** (1) **Dollar limitation** — The aggregate amount of qualified adoption expenses which may be taken into account under subsection (a) for all taxable years with respect to the adoption of a child by the taxpayer shall not exceed $10,000. (2) **Income limitation** (A) *In general* —

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

26 U.S.C. § 123 — Amounts received under insurance contracts for certain living expenses

**(a) General rule** In the case of an individual whose principal residence is damaged or destroyed by fire, storm, or other casualty, or who is denied access to his principal residence by governmental authorities because of the occurrence or threat of occurrence of such a casualty, gross income does not include amounts received by such individual under an insurance contract which are paid to compensate or reimburse such individual for living expenses incurred for himself and members of his household resulting from the loss of use or occupancy of such residence. **(b) Limitation** Subsection (a) shall apply to amounts received by the taxpayer for living expenses incurred during any period only to the extent the amounts received do not exceed the amount by which— (1) the actual living expenses incurred during such period for himself and members of his household resulting from the loss of use or occupancy of their residence, exceed (2) the normal living expenses which would have been incurred for himself and members of his household during such period.

Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 123

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

26 U.S.C. § 124 — Repealed. Pub. L. 101–508, title XI, § 11801(a)(9), Nov. 5, 1990, 104 Stat. 1388–520]

### Statutory Notes Section, added Pub. L. 95–618, title II, § 242(a), Nov. 9, 1978, 92 Stat. 3193, related to qualified transportation provided by employers. A prior section 124 was renumbered [section 140 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section140&num=0&edition=prelim). #### Savings Provision For provisions that nothing in repeal by 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 note under [section 45K of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section45k&num=0&edition=prelim).

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

26 U.S.C. § 135 — Income from United States savings bonds used to pay higher education tuition and fees

**(a) General rule** In the case of an individual who pays qualified higher education expenses during the taxable year, no amount shall be includible in gross income by reason of the redemption during such year of any qualified United States savings bond. **(b) Limitations** (1) **Limitation where redemption proceeds exceed higher education expenses** (A) *In general* — If— (i) the aggregate proceeds of qualified United States savings bonds redeemed by the taxpayer during the taxable year exceed (ii) the qualified higher education expenses paid by the taxpayer during such taxable year, the amount excludable from gross income under subsection (a) shall not exceed the applicable fraction of the amount excludable from gross income under subsection (a) without regard to this subsection. (B) *Applicable fraction* — For purposes of subparagraph (A), the term “applicable fraction” means the fraction the numerator of which is the amount described in subparagraph (A)(ii) and the denominator of which is the amount described in subparagraph (A)(i). (2) **Limitation based on modified adjusted gross income** (A) *In general* — If the modified adjusted gross income of the taxpayer for the taxable year exceeds $40,000 ($60,000 in the case of a joint return), the amount which would (but for this paragraph) be excludable from gross income under subsection (a) shall be reduced (but not below zero) by the amount which bears the same ratio to the amount which would be so excludable as such excess bears to $15,000 ($30,000 in the case of a joint return). (B) *Inflation adjustment* — In the case of any taxable year beginning in a calendar year after 1990, the $40,000 and $60,000 amounts contained in subparagraph (A) shall be increased by an amount equal to—

Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 135

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

26 U.S.C. § 136 — Energy conservation subsidies provided by public utilities

**(a) Exclusion** Gross income shall not include the value of any subsidy provided (directly or indirectly) by a public utility to a customer for the purchase or installation of any energy conservation measure. **(b) Denial of double benefit** Notwithstanding any other provision of this subtitle, no deduction or credit shall be allowed for, or by reason of, any expenditure to the extent of the amount excluded under subsection (a) for any subsidy which was provided with respect to such expenditure. The adjusted basis of any property shall be reduced by the amount excluded under subsection (a) which was provided with respect to such property. **(c) Energy conservation measure** (1) **In general** — For purposes of this section, the term “energy conservation measure” means any installation or modification primarily designed to reduce consumption of electricity or natural gas or to improve the management of energy demand with respect to a dwelling unit. (2) **Other definitions** — For purposes of this subsection— (A) *Dwelling unit* — The term “dwelling unit” has the meaning given such term by section 280A(f)(1). (B) *Public utility* — The term “public utility” means a person engaged in the sale of electricity or natural gas to residential, commercial, or industrial customers for use by such customers. For purposes of the preceding sentence, the term “person” includes the Federal Government, a State or local government or any political subdivision thereof, or any instrumentality of any of the foregoing. **(d) Exception** This section shall not apply to any payment to or from a qualified cogeneration facility or qualifying small power production facility pursuant to section 210 of the Public Utility Regulatory Policy Act of 1978.

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