26 U.S.C. § 71 — Untitled legal text

Page 462 TITLE 26—INTERNAL REVENUE CODE [§ 71 1 Section catchline amended by Pub. L. 115–97 without cor- responding amendment of analysis. tion [amending this section] shall apply to taxable years beginning after December 31, 2005.’’ EFFECTIVE DATE OF 1998 AMENDMENT Pub. L. 105–277, div. J, title IV, § 4004(c)(3), Oct. 21, 1998, 112 Stat. 2681–911, provided that: ‘‘The amendment made by subsection (b)(2) [amending this section] shall apply to taxable years beginning after December 31, 1990.’’ EFFECTIVE DATE OF 1993 AMENDMENT Amendment by section 13201(b)(3)(E) of Pub. L. 103–66 applicable to taxable years beginning after Dec. 31, 1992, see section 13201(c) of Pub. L. 103–66, set out as a note under section 1 of this title. EFFECTIVE DATE Section applicable to taxable years beginning after Dec. 31, 1990, see section 11103(e) of Pub. L. 101–508, set out as an Effective Date of 1990 Amendment note under section 1 of this title. PART II—ITEMS SPECIFICALLY INCLUDED IN GROSS INCOME Sec. [71. Repealed.] 72. Annuities; certain proceeds of endowment and life insurance contracts. 73. Services of child. 74. Prizes and awards. 75. Dealers in tax-exempt securities. [76. Repealed.] 77. Commodity credit loans. 78. Dividends received from certain foreign cor- porations by domestic corporations choos- ing foreign tax credit.1 79. Group-term life insurance purchased for em- ployees. 80. Restoration of value of certain securities. [81. Repealed.] 82. Reimbursement of moving expenses. 83. Property transferred in connection with per- formance of services. 84. Transfer of appreciated property to political organizations. 85. Unemployment compensation. 86. Social security and tier 1 railroad retirement benefits. 87. Alcohol and biodiesel fuels credits. 88. Certain amounts with respect to nuclear de- commissioning costs. [89. Repealed.] 90. Illegal Federal irrigation subsidies. 91. Certain foreign branch losses transferred to specified 10-percent owned foreign corpora- tions. Editorial Notes AMENDMENTS 2017—Pub. L. 115–97, title I, §§ 11051(b)(1)(B), 14102(d)(2), Dec. 22, 2017, 131 Stat. 2089, 2194, struck out item 71 ‘‘Alimony and separate maintenance pay- ments’’ and added item 91. 2004—Pub. L. 108–357, title III, § 302(c)(1)(B), Oct. 22, 2004, 118 Stat. 1465, substituted ‘‘and biodiesel fuels credits’’ for ‘‘fuel credit’’ in item 87. 1989—Pub. L. 101–239, title VII, § 7822(c), Dec. 19, 1989, 103 Stat. 2425, substituted ‘‘Illegal Federal irrigation’’ for ‘‘Federal irrigation’’ in item 90. Pub. L. 101–140, title II, § 202(b), Nov. 8, 1989, 103 Stat. 830, struck out item 89 ‘‘Benefits provided under certain employee benefit plans’’. 1987—Pub. L. 100–203, title X, §§ 10201(b)(6), 10611(b), Dec. 22, 1987, 101 Stat. 1330–387, 1330–452, struck out item 81 ‘‘Increase in vacation pay suspense account’’ and added item 90. 1986—Pub. L. 99–514, title VIII, § 805(c)(1)(B), title XI, § 1151(j)(1), Oct. 22, 1986, 100 Stat. 2362, 2508, substituted ‘‘Increase in vacation pay suspense account’’ for ‘‘Cer- tain increases in suspense accounts’’ in item 81, and added item 89. 1984—Pub. L. 98–369, div. A, title I, § 91(f)(2), July 18, 1984, 98 Stat. 608, added item 88. 1983—Pub. L. 98–21, title I, § 121(f)(3), Apr. 20, 1983, 97 Stat. 84, added item 86 and redesignated former item 86 as 87. 1980—Pub. L. 96–223, title II, § 232(c)(3), Apr. 2, 1980, 94 Stat. 277, added item 86. 1978—Pub. L. 95–600, title I, § 112(c)(1), Nov. 6, 1978, 92 Stat. 2778, added item 85. 1976—Pub. L. 94–455, title XIX, § 1901(b)(5), Oct. 4, 1976, 90 Stat. 1793, struck out item 76 ‘‘Mortgages made or obligations issued by joint-stock land banks’’. 1975—Pub. L. 93–625, §§ 4(c)(2), 13(a)(2), Jan. 3, 1975, 88 Stat. 2111, 2121, substituted ‘‘Certain increases in sus- pense accounts’’ for ‘‘Increases in suspense account under section 166(g)’’ in item 81, and added item 84. 1969—Pub. L. 91–172, title II, § 231(c)(1), title III, § 321(c), Dec. 30, 1969, 83 Stat. 579, 591, added items 82, 83. 1966—Pub. L. 89–722, § 1(b)(2), Nov. 2, 1966, 80 Stat. 1152, added item 81. Pub. L. 89–384, § 1(b)(2), Apr. 8, 1966, 80 Stat. 102, added item 80. 1964—Pub. L. 88–272, title II, § 204(a)(2), Feb. 26, 1964, 78 Stat. 36, added item 79. 1962—Pub. L. 87–834, § 9(d)(1), Oct. 16, 1962, 76 Stat. 1001, added item 78. [§ 71. Repealed. Pub. L. 115–97, title I, § 11051(b)(1)(B), Dec. 22, 2017, 131 Stat. 2089] Section, Aug. 16, 1954, ch. 736, 68A Stat. 19; Pub. L. 98–369, div. A, title IV, § 422(a), July 18, 1984, 98 Stat. 795; Pub. L. 99–514, title XVIII, § 1843(a)–(c)(1), (d), Oct. 22, 1986, 100 Stat. 2853, 2855, related to inclusion in gross in- come of amounts received as alimony or separate main- tenance payments. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF REPEAL Repeal applicable to any divorce or separation instru- ment (as defined in former subsec. (b)(2) of this section as in effect before Dec. 22, 2017) executed after Dec. 31, 2018, and to such instruments executed on or before Dec. 31, 2018, and modified after Dec. 31, 2018, if the modification expressly provides that the amendment made by section 11051 of Pub. L. 115–97 applies to such modification, see section 11051(c) of Pub. L. 115–97, set out as an Effective Date of 2017 Amendment note under section 61 of this title. § 72. Annuities; certain proceeds of endowment and life insurance contracts (a) General rules for annuities (1) Income inclusion Except as otherwise provided in this chap- ter, gross income includes any amount re- ceived as an annuity (whether for a period cer- tain or during one or more lives) under an an- nuity, endowment, or life insurance contract. (2) Partial annuitization If any amount is received as an annuity for a period of 10 years or more or during one or more lives under any portion of an annuity, endowment, or life insurance contract— (A) such portion shall be treated as a sepa- rate contract for purposes of this section, (B) for purposes of applying subsections (b), (c), and (e), the investment in the con-