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26 U.S.C. § 116 — Repealed. Pub. L. 99–514, title VI, § 612(a), Oct. 22, 1986, 100 Stat. 2250]

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

26 U.S.C. § 116 — Repealed. Pub. L. 99–514, title VI, § 612(a), Oct. 22, 1986, 100 Stat. 2250]

### Statutory Notes Section, acts Aug. 16, 1954, ch. 736, 68A Stat. 37; June 25, 1959, Pub. L. 86–69, § 3(a)(2), 73 Stat. 139; Sept. 14, 1960, Pub. L. 86–779, § 10(f), 74 Stat. 1009; Feb. 26, 1964, Pub. L. 88–272, title II, § 201(c), (d)(6)(C), 78 Stat. 32; Nov. 13, 1966, Pub. L. 89–809, title I, § 103(g), 80 Stat. 1552; Oct. 4, 1976, Pub. L. 94–455, title X, §§ 1051(h)(2), 1053(d)(1), title XIX, § 1901(a)(20), 90 Stat. 1647, 1649, 1766; Apr. 2, 1980, Pub. L. 96–223, title IV, § 404(a), 94 Stat. 305; Aug. 13, 1981, Pub. L. 97–34, title III, § 302(b)(2), 95 Stat. 272; July 18, 1984, Pub. L. 98–369, div. A, title V, § 542(b), 98 Stat. 891, authorized partial exclusion of dividends received by individuals. #### Effective Date of Repeal Repeal applicable to taxable years beginning after Dec. 31, 1986, see section 612(c) of Pub. L. 99–514, set out as an Effective Date of 1986 Amendment note under [section 301 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section301&num=0&edition=prelim).

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Source location: Title 26, Chapter 1, § 116; chapter-001-normal-taxes-and-surtaxes.md

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

26 U.S.C. § 301 — Distributions of property

**(a) In general** Except as otherwise provided in this chapter, a distribution of property (as defined in section 317(a)) made by a corporation to a shareholder with respect to its stock shall be treated in the manner provided in subsection (c). **(b) Amount distributed** (1) **General rule** — For purposes of this section, the amount of any distribution shall be the amount of money received, plus the fair market value of the other property received. (2) **Reduction for liabilities** — The amount of any distribution determined under paragraph (1) shall be reduced (but not below zero) by— (A) the amount of any liability of the corporation assumed by the shareholder in connection with the distribution, and (B) the amount of any liability to which the property received by the shareholder is subject immediately before, and immediately after, the distribution. (3) **Determination of fair market value** — For purposes of this section, fair market value shall be determined as of the date of the distribution. **(c) Amount taxable** In the case of a distribution to which subsection (a) applies— (1) **Amount constituting dividend** — That portion of the distribution which is a dividend (as defined in section 316) shall be included in gross income. (2) **Amount applied against basis** — That portion of the distribution which is not a dividend shall be applied against and reduce the adjusted basis of the stock. (3) **Amount in excess of basis** (A) *In general* — Except as provided in subparagraph (B), that portion of the distribution which is not a dividend, to the extent that it exceeds the adjusted basis of the stock, shall be treated as gain from the sale or exchange of property. (B) *Distributions out of increase in value accrued before March 1, 1913* — Th

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

26 U.S.C. § 22 — Credit for the elderly and the permanently and totally disabled

**(a) General rule** In the case of a qualified individual, there shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to 15 percent of such individual’s section 22 amount for such taxable year. **(b) Qualified individual** For purposes of this section, the term “qualified individual” means any individual— (1) who has attained age 65 before the close of the taxable year, or (2) who retired on disability before the close of the taxable year and who, when he retired, was permanently and totally disabled. **(c) Section 22 amount** For purposes of subsection (a)— (1) **In general** — An individual’s section 22 amount for the taxable year shall be the applicable initial amount determined under paragraph (2), reduced as provided in paragraph (3) and in subsection (d). (2) **Initial amount** (A) *In general* — Except as provided in subparagraph (B), the initial amount shall be— (i) $5,000 in the case of a single individual, or a joint return where only one spouse is a qualified individual, (ii) $7,500 in the case of a joint return where both spouses are qualified individuals, or (iii) $3,750 in the case of a married individual filing a separate return. (B) *Limitation in case of individuals who have not attained age 65* (i) *In general* — In the case of a qualified individual who has not attained age 65 before the close of the taxable year, except as provided in clause (ii), the initial amount shall not exceed the disability income for the taxable year. (ii) *Special rules in case of joint return* — In the case of a joint return where both spouses are qualified individuals and at least one spouse has not attained age 65 before the close of the taxable year— (I) if both spouses have

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

26 U.S.C. § 871 — Tax on nonresident alien individuals

**(a) Income not connected with United States business—30 percent tax** (1) **Income other than capital gains** — Except as provided in subsection (h), there is hereby imposed for each taxable year a tax of 30 percent of the amount received from sources within the United States by a nonresident alien individual as— (A) interest (other than original issue discount as defined in section 1273), dividends, rents, salaries, wages, premiums, annuities, compensations, remunerations, emoluments, and other fixed or determinable annual or periodical gains, profits, and income, (B) gains described in subsection (b) or (c) of section 631, (C) in the case of— (i) a sale or exchange of an original issue discount obligation, the amount of the original issue discount accruing while such obligation was held by the nonresident alien individual (to the extent such discount was not theretofore taken into account under clause (ii)), and (ii) a payment on an original issue discount obligation, an amount equal to the original issue discount accruing while such obligation was held by the nonresident alien individual (except that such original issue discount shall be taken into account under this clause only to the extent such discount was not theretofore taken into account under this clause and only to the extent that the tax thereon does not exceed the payment less the tax imposed by subparagraph (A) thereon), and (D) gains from the sale or exchange after October 4, 1966, of patents, copyrights, secret processes and formulas, good will, trademarks, trade brands, franchises, and other like property, or of any interest in any such property, to the extent such gains are from payments which are contingent on the productivity, use, or disposition of the property or interest

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

26 U.S.C. § 116 — Untitled legal text

Page 566 TITLE 26—INTERNAL REVENUE CODE § 115 The Secretary of the Treasury (or such Secretary’s del- egate) may prescribe such regulations as may be nec- essary to prevent the abuse of the purposes of this sub- section. ‘‘[(f) Repealed. Pub. L. 109–222, title V, § 513(b), May 17, 2006, 120 Stat. 366.]’’ § 115. Income of States, municipalities, etc. Gross income does not include— (1) income derived from any public utility or the exercise of any essential governmental function and accruing to a State or any polit- ical subdivision thereof, or the District of Co- lumbia; or (2) income accruing to the government of any possession of the United States, or any po- litical subdivision thereof. (Aug. 16, 1954, ch. 736, 68A Stat. 35; Pub. L. 94–455, title XIX, § 1901(a)(19), Oct. 4, 1976, 90 Stat. 1766.) Editorial Notes AMENDMENTS 1976—Pub. L. 94–455 struck out ‘‘(a) General rule’’ be- fore ‘‘Gross income does not include’’, struck out sub- secs. (b) and (c) which related to contracts concerning public utilities made before Sept. 8, 1916, and contracts concerning bridge acquisition made before May 29, 1928, respectively, and in par. (1) of former subsec. (a), struck out ‘‘or territory’’ after ‘‘accruing to a State’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1976 AMENDMENT Amendment by Pub. L. 94–455 applicable with respect to taxable years beginning after Dec. 31, 1976, see sec- tion 1901(d) of Pub. L. 94–455, set out as a note under section 2 of this title. TAX TREATMENT OF STATE OWNERSHIP OF RAILROAD REAL ESTATE INVESTMENT TRUST Pub. L. 109–59, title XI, § 11146, Aug. 10, 2005, 119 Stat. 1966, provided that: ‘‘(a) IN GENERAL.—If a State owns all of the out- standing stock of a corporation— ‘‘(1) which is a real estate investment trust

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