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26 U.S.C. § 1056 — Repealed. Pub. L. 108–357, title VIII, § 886(b)(1)(A), Oct. 22, 2004, 118 Stat. 1641]

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

26 U.S.C. § 1056 — Repealed. Pub. L. 108–357, title VIII, § 886(b)(1)(A), Oct. 22, 2004, 118 Stat. 1641]

### Statutory Notes Section, added Pub. L. 94–455, title II, § 212(a)(1), Oct. 4, 1976, 90 Stat. 1545; amended Pub. L. 99–514, title VI, § 631(e)(13), Oct. 22, 1986, 100 Stat. 2275, related to basis limitation for player contracts transferred in connection with the sale of a franchise. A prior section 1056 was renumbered [section 1063 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section1063&num=0&edition=prelim). #### Effective Date of Repeal Repeal applicable to property acquired after Oct. 22, 2004, see section 886(c)(1) of Pub. L. 108–357, set out as an Effective Date of 2004 Amendment note under [section 197 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section197&num=0&edition=prelim).

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Source location: Title 26, Chapter 1, § 1056; chapter-001-normal-taxes-and-surtaxes.md

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

26 U.S.C. § 1063 — Cross references

(1) For nonrecognition of gain in connection with the transfer of obsolete vessels to the Maritime Administration under chapter 573 of title 46, United States Code, see [section 57307 of title 46](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title46-section57307&num=0&edition=prelim). (2) For recognition of gain or loss in connection with the construction of new vessels, see chapter 533 of title 46, United States Code.

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

26 U.S.C. § 197 — Amortization of goodwill and certain other intangibles

**(a) General rule** A taxpayer shall be entitled to an amortization deduction with respect to any amortizable section 197 intangible. The amount of such deduction shall be determined by amortizing the adjusted basis (for purposes of determining gain) of such intangible ratably over the 15-year period beginning with the month in which such intangible was acquired. **(b) No other depreciation or amortization deduction allowable** Except as provided in subsection (a), no depreciation or amortization deduction shall be allowable with respect to any amortizable section 197 intangible. **(c) Amortizable section 197 intangible** For purposes of this section— (1) **In general** — Except as otherwise provided in this section, the term “amortizable section 197 intangible” means any section 197 intangible— (A) which is acquired by the taxpayer after the date of the enactment of this section, and (B) which is held in connection with the conduct of a trade or business or an activity described in section 212. (2) **Exclusion of self-created intangibles, etc.** — The term “amortizable section 197 intangible” shall not include any section 197 intangible— (A) which is not described in subparagraph (D), (E), or (F) of subsection (d)(1), and (B) which is created by the taxpayer. This paragraph shall not apply if the intangible is created in connection with a transaction (or series of related transactions) involving the acquisition of assets constituting a trade or business or substantial portion thereof. (3) **Anti-churning rules** — For exclusion of intangibles acquired in certain transactions, see subsection (f)(9). **(d) Section 197 intangible** For purposes of this section— (1) **In general** — Except as otherwise provided in this section, the term “section 197 i

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

26 U.S.C. § 1056 — Untitled legal text

Page 2294 TITLE 26—INTERNAL REVENUE CODE § 1054 mining the fair market value of stock in a cor- poration as of March 1, 1913, due regard shall be given to the fair market value of the assets of the corporation as of that date. (Aug. 16, 1954, ch. 736, 68A Stat. 311; Pub. L. 85–866, title I, § 47, Sept. 2, 1958, 72 Stat. 1642.) Editorial Notes AMENDMENTS 1958—Pub. L. 85–866 substituted ‘‘subtitle’’ for ‘‘part’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1958 AMENDMENT Amendment by Pub. L. 85–866 applicable to taxable years beginning after Dec. 31, 1953, and ending after Aug. 16, 1954, see section 1(c)(1) of Pub. L. 85–866, set out as a note under section 165 of this title. § 1054. Certain stock of Federal National Mort- gage Association In the case of a share of stock issued pursuant to section 303(c) of the Federal National Mort- gage Association Charter Act (12 U.S.C., sec. 1718), the basis of such share in the hands of the initial holder shall be an amount equal to the capital contributions evidenced by such share reduced by the amount (if any) required by sec- tion 162(d) to be treated (with respect to such share) as ordinary and necessary expenses paid or incurred in carrying on a trade or business. (Added Pub. L. 86–779, § 8(b), Sept. 14, 1960, 74 Stat. 1003.) Editorial Notes PRIOR PROVISIONS A prior section 1054 was renumbered section 1062 of this title. Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section applicable with respect to taxable years be- ginning after Dec. 31, 1959, see section 8(d) of Pub. L. 86–779, set out as an Effective Date of 1960 Amendment note under section 162 of this title. § 1055. Redeemable ground rents (a) Character For purposes of this subtitle— (1) a redeemable ground rent sha

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