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26 U.S.C. § 6871 — Claims for income, estate, gift, and certain excise taxes in receivership proceedings, etc.
Federal law — U.S. Code and appendices · legal_authorities
**(a) Immediate assessment in receivership proceedings** On the appointment of a receiver for the taxpayer in any receivership proceeding before any court of the United States or of any State or of the District of Columbia, any deficiency (together with all interest, additional amounts, and additions to the tax provided by law) determined by the Secretary in respect of a tax imposed by subtitle A or B or by chapter 41, 42, 43, or 44 on such taxpayer may, despite the restrictions imposed by section 6213(a) on assessments, be immediately assessed if such deficiency has not theretofore been assessed in accordance with law.
**(b) Immediate assessment with respect to certain title 11 cases** Any deficiency (together with all interest, additional amounts, and additions to the tax provided by law) determined by the Secretary in respect of a tax imposed by subtitle A or B or by chapter 41, 42, 43, or 44 on—
(1) the debtor’s estate in a case under title 11 of the United States Code, or
(2) the debtor, but only if liability for such tax has become res judicata pursuant to a determination in a case under title 11 of the United States Code,
may, despite the restrictions imposed by section 6213(a) on assessments, be immediately assessed if such deficiency has not theretofore been assessed in accordance with law.
**(c) Claim filed despite pendency of tax court proceedings** In the case of a tax imposed by subtitle A or B or by chapter 41, 42, 43, or 44—
(1) claims for the deficiency and for interest, additional amounts, and additions to the tax may be presented, for adjudication in accordance with law, to the court before which the receivership proceeding (or the case under title 11 of the United States Code) is pending, despite the pendency of proceedings for the redeterminatio
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Source file: Laws/federal/codes/united-states-code/title-26/section-6871-claims-for-income-estate-gift-and-certain-excise-taxes-in-receivership-p--2c521bf6ca.md
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Source location: Title 26, Chapter 70, § 6871; chapter-070-jeopardy-receiverships-etc.md
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**(a) Immediate assessment in receivership proceedings** On the appointment of a receiver for the taxpayer in any receivership proceeding before any court of the United States or of any State or of the District of Columbia, any deficiency (together with all interest, additional amounts, and additions to the tax provided by law) determined by the Secretary in respect of a tax imposed by subtitle A or B or by chapter 41, 42, 43, or 44 on such taxpayer may, despite the restrictions imposed by section 6213(a) on assessments, be immediately assessed if such deficiency has not theretofore been assessed in accordance with law.
**(b) Immediate assessment with respect to certain title 11 cases** Any deficiency (together with all interest, additional amounts, and additions to the tax provided by law) determined by the Secretary in respect of a tax imposed by subtitle A or B or by chapter 41, 42, 43, or 44 on—
(1) the debtor’s estate in a case under title 11 of the United States Code, or
(2) the debtor, but only if liability for such tax has become res judicata pursuant to a determination in a case under title 11 of the United States Code,
may, despite the restrictions imposed by section 6213(a) on assessments, be immediately assessed if such deficiency has not theretofore been assessed in accordance with law.
**(c) Claim filed despite pendency of tax court proceedings** In the case of a tax imposed by subtitle A or B or by chapter 41, 42, 43, or 44—
(1) claims for the deficiency and for interest, additional amounts, and additions to the tax may be presented, for adjudication in accordance with law, to the court before which the receivership proceeding (or the case under title 11 of the United States Code) is pending, despite the pendency of proceedings for the redetermination of the deficiency pursuant to a petition to the Tax Court; but
(2) in the case of a receivership proceeding, no petition for any such redetermination shall be filed with the Tax Court after the appointment of the receiver.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** There shall be allowed as a deduction any loss sustained during the taxable year and not compensated for by insurance or otherwise.
**(b) Amount of deduction** For purposes of subsection (a), the basis for determining the amount of the deduction for any loss shall be the adjusted basis provided in section 1011 for determining the loss from the sale or other disposition of property.
**(c) Limitation on losses of individuals** In the case of an individual, the deduction under subsection (a) shall be limited to—
(1) losses incurred in a trade or business;
(2) losses incurred in any transaction entered into for profit, though not connected with a trade or business; and
(3) except as provided in subsection (h), losses of property not connected with a trade or business or a transaction entered into for profit, if such losses arise from fire, storm, shipwreck, or other casualty, or from theft.
**(d) Wagering losses**
(1) **In general** — For purposes of losses from wagering transactions, the amount allowed as a deduction for any taxable year—
(A) shall be equal to 90 percent of the amount of such losses during such taxable year, and
(B) shall be allowed only to the extent of the gains from such transactions during such taxable year.
(2) **Special rule** — For purposes of paragraph (1), the term “losses from wagering transactions” includes any deduction otherwise allowable under this chapter incurred in carrying on any wagering transaction.
**(e) Theft losses** For purposes of subsection (a), any loss arising from theft shall be treated as sustained during the taxable year in which the taxpayer discovers such loss.
**(f) Capital losses** Losses from sales or exchanges of capital assets shall be allowed only to the extent allowed in sections
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 165
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Joint returns** A husband and wife may make a single return jointly of income taxes under subtitle A, even though one of the spouses has neither gross income nor deductions, except as provided below:
(1) no joint return shall be made if either the husband or wife at any time during the taxable year is a nonresident alien;
(2) no joint return shall be made if the husband and wife have different taxable years; except that if such taxable years begin on the same day and end on different days because of the death of either or both, then the joint return may be made with respect to the taxable year of each. The above exception shall not apply if the surviving spouse remarries before the close of his taxable year, nor if the taxable year of either spouse is a fractional part of a year under section 443(a)(1);
(3) in the case of death of one spouse or both spouses the joint return with respect to the decedent may be made only by his executor or administrator; except that in the case of the death of one spouse the joint return may be made by the surviving spouse with respect to both himself and the decedent if no return for the taxable year has been made by the decedent, no executor or administrator has been appointed, and no executor or administrator is appointed before the last day prescribed by law for filing the return of the surviving spouse. If an executor or administrator of the decedent is appointed after the making of the joint return by the surviving spouse, the executor or administrator may disaffirm such joint return by making, within 1 year after the last day prescribed by law for filing the return of the surviving spouse, a separate return for the taxable year of the decedent with respect to which the joint return was made, in which case the return made b
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 6013
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Exclusion from gross income**
(1) **In general** — Gross income does not include any amount which (but for this subsection) would be includible in gross income by reason of the discharge (in whole or in part) of indebtedness of the taxpayer if—
(A) the discharge occurs in a title 11 case,
(B) the discharge occurs when the taxpayer is insolvent,
(C) the indebtedness discharged is qualified farm indebtedness,
(D) in the case of a taxpayer other than a C corporation, the indebtedness discharged is qualified real property business indebtedness, or
(E) the indebtedness discharged is qualified principal residence indebtedness which is discharged—
(i) before January 1, 2026, or
(ii) subject to an arrangement that is entered into and evidenced in writing before January 1, 2026.
(2) **Coordination of exclusions**
(A) *Title 11 exclusion takes precedence* — Subparagraphs (B), (C), (D), and (E) of paragraph (1) shall not apply to a discharge which occurs in a title 11 case.
(B) *Insolvency exclusion takes precedence over qualified farm exclusion and qualified real property business exclusion* — Subparagraphs (C) and (D) of paragraph (1) shall not apply to a discharge to the extent the taxpayer is insolvent.
(C) *Principal residence exclusion takes precedence over insolvency exclusion unless elected otherwise* — Paragraph (1)(B) shall not apply to a discharge to which paragraph (1)(E) applies unless the taxpayer elects to apply paragraph (1)(B) in lieu of paragraph (1)(E).
(3) **Insolvency exclusion limited to amount of insolvency** — In the case of a discharge to which paragraph (1)(B) applies, the amount excluded under paragraph (1)(B) shall not exceed the amount by which the taxpayer is insolvent.
**(b) Reduction of tax attributes**
(
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 108
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Federal law — U.S. Code and appendices · legal_authorities
Page 3840
TITLE 26—INTERNAL REVENUE CODE
§ 6871
then, for purposes of sections 6851 and 6861, it
shall be presumed that such cash represents
gross income of a single individual for the tax-
able year in which the possession occurs, and
that the collection of tax will be jeopardized by
delay.
(b) Rules for assessing
In the case of any assessment resulting from
the application of subsection (a)—
(1) the entire amount of the cash shall be
treated as taxable income for the taxable year
in which the possession occurs,
(2) such income shall be treated as taxable
at the highest rate of tax specified in section
1, and
(3) except as provided in subsection (c), the
possessor of the cash shall be treated (solely
with respect to such cash) as the taxpayer for
purposes of chapters 63 and 64 and section
7429(a)(1).
(c) Effect of later substitution of true owner
If, after an assessment resulting from the ap-
plication of subsection (a), such assessment is
abated and replaced by an assessment against
the owner of the cash, such later assessment
shall be treated for purposes of all laws relating
to lien, levy and collection as relating back to
the date of the original assessment.
(d) Definitions
For purposes of this section—
(1) Cash
The term ‘‘cash’’ includes any cash equiva-
lent.
(2) Cash equivalent
The term ‘‘cash equivalent’’ means—
(A) foreign currency,
(B) any bearer obligation, and
(C) any medium of exchange which—
(i) is of a type which has been frequently
used in illegal activities, and
(ii) is specified as a cash equivalent for
purposes of this part in regulations pre-
scribed by the Secretary.
(3) Value of cash equivalent
Any cash equivalent shall be taken into ac-
count—
(A) in the case of a bearer obligation, at
its face amount, and
(B
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 6871
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