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26 U.S.C. § 1062 — Cross references
Federal law — U.S. Code and appendices · legal_authorities
Page 2302
TITLE 26—INTERNAL REVENUE CODE
§ 1062
2 So in original. Probably should be followed by a period.
(ii) the value of such interest subject to
tax under section 83 upon the receipt or
vesting of such interest.
(5) Third party investor
The term ‘‘third party investor’’ means a
person who—
(A) holds an interest in the partnership
which does not constitute property held in
connection with an applicable trade or busi-
ness; and
(B) is not (and has not been) actively en-
gaged, and is (and was) not related to a per-
son so engaged, in (directly or indirectly)
providing substantial services described in
paragraph (1) for such partnership or any ap-
plicable trade or business.
(d) Transfer of applicable partnership interest to
related person
(1) In general
If a taxpayer transfers any applicable part-
nership interest, directly or indirectly, to a
person related to the taxpayer, the taxpayer
shall include in gross income (as short term
capital gain) the excess (if any) of—
(A) so much of the taxpayer’s long-term
capital gains with respect to such interest
for such taxable year attributable to the sale
or exchange of any asset held for not more
than 3 years as is allocable to such interest,
over
(B) any amount treated as short term cap-
ital gain under subsection (a) with respect to
the transfer of such interest.
(2) Related person
For purposes of this paragraph, a person is
related to the taxpayer if—
(A) the person is a member of the tax-
payer’s family within the meaning of section
318(a)(1), or
(B) the person performed a service within
the current calendar year or the preceding
three calendar years in any applicable trade
or business in which or for which the tax-
payer performed a service.
(e) Reporting
The Secretary shall require s
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 1062
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Stable record: federal_law:legal_authorities:usc2024-409757ef9e5f908c5d5f3525
Source file: Laws/federal/codes/united-states-code-2024/title-26/section-1062-cross-references--fdcc1c64d0.md
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Source location: USCODE-2024-title26-subtitleA-chap1-subchapO-partIV-sec1062.pdf
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Page 2302
TITLE 26—INTERNAL REVENUE CODE
§ 1062
2 So in original. Probably should be followed by a period.
(ii) the value of such interest subject to
tax under section 83 upon the receipt or
vesting of such interest.
(5) Third party investor
The term ‘‘third party investor’’ means a
person who—
(A) holds an interest in the partnership
which does not constitute property held in
connection with an applicable trade or busi-
ness; and
(B) is not (and has not been) actively en-
gaged, and is (and was) not related to a per-
son so engaged, in (directly or indirectly)
providing substantial services described in
paragraph (1) for such partnership or any ap-
plicable trade or business.
(d) Transfer of applicable partnership interest to
related person
(1) In general
If a taxpayer transfers any applicable part-
nership interest, directly or indirectly, to a
person related to the taxpayer, the taxpayer
shall include in gross income (as short term
capital gain) the excess (if any) of—
(A) so much of the taxpayer’s long-term
capital gains with respect to such interest
for such taxable year attributable to the sale
or exchange of any asset held for not more
than 3 years as is allocable to such interest,
over
(B) any amount treated as short term cap-
ital gain under subsection (a) with respect to
the transfer of such interest.
(2) Related person
For purposes of this paragraph, a person is
related to the taxpayer if—
(A) the person is a member of the tax-
payer’s family within the meaning of section
318(a)(1), or
(B) the person performed a service within
the current calendar year or the preceding
three calendar years in any applicable trade
or business in which or for which the tax-
payer performed a service.
(e) Reporting
The Secretary shall require such reporting (at
the time and in the manner prescribed by the
Secretary) as is necessary to carry out the pur-
poses of this section.
(f) Regulations
The Secretary shall issue such regulations or
other guidance as is necessary or appropriate to
carry out the purposes of this section 2
(Added Pub. L. 115–97, title I, § 13309(a)(2), Dec.
22, 2017, 131 Stat. 2130.)
Editorial Notes
PRIOR PROVISIONS
A prior section 1061 was renumbered section 1062 of
this title.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE
Pub. L. 115–97, title I, § 13309(c), Dec. 22, 2017, 131 Stat.
2131, provided that: ‘‘The amendments made by this
section [enacting this section and renumbering former
section 1061 of this title as section 1062] shall apply to
taxable years beginning after December 31, 2017.’’
§ 1062. Cross references
(1) For nonrecognition of gain in connection with
the transfer of obsolete vessels to the Maritime Ad-
ministration under chapter 573 of title 46, United
States Code, see section 57307 of title 46.
(2) For recognition of gain or loss in connection
with the construction of new vessels, see chapter
533 of title 46, United States Code.
(Aug. 16, 1954, ch. 736, 68A Stat. 311, § 1054; re-
numbered § 1055, Pub. L. 86–779, § 8(b), Sept. 14,
1960, 74 Stat. 1003; renumbered § 1056, Pub. L.
88–9, § 1(b), Apr. 10, 1963, 77 Stat. 7; renumbered
§ 1057, Pub. L. 94–455, title II, § 212(a)(1), Oct. 4,
1976, 90 Stat. 1545; renumbered § 1058, Pub. L.
94–455, title X, § 1015(c), Oct. 4, 1976, 90 Stat. 1618;
renumbered § 1059, Pub. L. 95–345, § 2(d)(1), Aug.
15, 1978, 92 Stat. 482; renumbered § 1060, Pub. L.
98–369, div. A, title I, § 53(a), July 18, 1984, 98
Stat. 565; renumbered § 1061 and amended, Pub.
L. 99–514, title VI, § 641(a), title XVIII, § 1899A(27),
Oct. 22, 1986, 100 Stat. 2282, 2960; Pub. L. 109–304,
§ 17(e)(5), Oct. 6, 2006, 120 Stat. 1708; renumbered
§ 1062, Pub. L. 115–97, title I, § 13309(a)(1), Dec. 22,
2017, 131 Stat. 2130.)
Editorial Notes
AMENDMENTS
2017—Pub. L. 115–97 renumbered section 1061 of this
title as this section.
2006—Par. (1). Pub. L. 109–304, § 17(e)(5)(A), substituted
‘‘chapter 573 of title 46, United States Code, see section
57307 of title 46’’ for ‘‘section 510 of the Merchant Ma-
rine Act, 1936, see subsection (e) of that section, as
amended August 4, 1939 (46 U.S.C. App. 1160)’’.
Par. (2). Pub. L. 109–304, § 17(e)(5)(B), substituted
‘‘chapter 533 of title 46, United States Code’’ for ‘‘sec-
tion 511 of such Act, as amended (46 U.S.C. App. 1161)’’.
Par. (3). Pub. L. 109–304, § 17(e)(5)(C), struck out par.
(3), which read as follows: ‘‘For nonrecognition of gain
in connection with vessels exchanged with the Mari-
time Administration under section 8 of the Merchant
Ship Sales Act of 1946, see subsection (a) of that section
(50 U.S.C. App. 1741).’’
1986—Pub. L. 99–514, § 641(a), renumbered section 1060
of this title as this section.
Pars. (1), (2). Pub. L. 99–514, § 1899A(27), which directed
the amendment of pars. (1) and (2) of section 1060 by
substituting ‘‘46 U.S.C. App.’’ for ‘‘46 U.S.C.’’ was exe-
cuted to section 1061 to reflect the probable intent of
Congress in view of the renumbering of section 1060 as
1061 by section 641(a) of Pub. L. 99–514.
[PART V—REPEALED]
[§ 1071. Repealed. Pub. L. 104–7, § 2(a), Apr. 11,
1995, 109 Stat. 93]
Section, acts Aug. 16, 1954, ch. 736, 68A Stat. 311; Sept.
2, 1958, Pub. L. 85–866, title I, § 48(a), 72 Stat. 1642; Oct.
4, 1976, Pub. L. 94–455, title XIX, §§ 1901(b)(31)(E),
1906(b)(13)(A), 90 Stat. 1800, 1834, provided for non-
recognition on FCC certified sales and exchanges.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF REPEAL
Pub. L. 104–7, § 2(d), Apr. 11, 1995, 109 Stat. 93, provided
that:
‘‘(1) IN GENERAL.—The amendments made by this sec-
tion [repealing this section and amending sections 1245
and 1250 of this title] shall apply to—
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
Federal law — U.S. Code and appendices · legal_authorities
**(a) Election to pay tax in installments** In the case of gain from the sale or exchange of qualified farmland property to a qualified farmer, at the election of the taxpayer, the portion of the net income tax of such taxpayer for the taxable year of the sale or exchange which is equal to the applicable net tax liability shall be paid in 4 equal installments.
**(b) Rules relating to installment payments**
(1) **Date for payment of installments** — If an election is made under subsection (a), the first installment shall be paid on the due date (determined without regard to any extension of time for filing the return) for the return of tax for the taxable year in which the sale or exchange occurs and each succeeding installment shall be paid on the due date (as so determined) for the return of tax for the taxable year following the taxable year with respect to which the preceding installment was made.
(2) **Acceleration of payment**
(A) *In general* — If there is an addition to tax for failure to timely pay any installment required under this section, then the unpaid portion of all remaining installments shall be due on the date of such failure.
(B) *Individuals* — In the case of an individual, if the individual dies, then the unpaid portion of all remaining installment shall be paid on the due date for the return of tax for the taxable year in which the taxpayer dies.
(C) *C corporations* — In the case of a taxpayer which is a C corporation, trust, or estate, if there is a liquidation or sale of substantially all the assets of the taxpayer (including in a title 11 or similar case), a cessation of business by the taxpayer (in the case of a C corporation), or any similar circumstance, then the unpaid portion of all remaining installments shall be due on the da
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1062
Stored review status: release_metadata_unconfirmed. Same stored citation; legal effect and authority still require review.