26 U.S.C. § 1397E — Untitled legal text

Page 2492 TITLE 26—INTERNAL REVENUE CODE [§ 1397E [§ 1397E. Repealed. Pub. L. 115–97, title I, § 13404(c)(1), Dec. 22, 2017, 131 Stat. 2138] Section, added Pub. L. 105–34, title II, § 226(a), Aug. 5, 1997, 111 Stat. 821; amended Pub. L. 105–206, title VI, § 6004(g)(2)–(4), July 22, 1998, 112 Stat. 796; Pub. L. 106–78, title VII, § 752(b)(11), Oct. 22, 1999, 113 Stat. 1169; Pub. L. 106–170, title V, § 509, Dec. 17, 1999, 113 Stat. 1924; Pub. L. 107–110, title X, § 1076(t), Jan. 8, 2002, 115 Stat. 2092; Pub. L. 107–147, title VI, § 608(a), Mar. 9, 2002, 116 Stat. 60; Pub. L. 108–311, title III, § 304(a), title IV, § 406(c), Oct. 4, 2004, 118 Stat. 1179, 1189; Pub. L. 109–58, title XIII, § 1303(c)(2), (3), Aug. 8, 2005, 119 Stat. 997; Pub. L. 109–432, div. A, title I, § 107(a), (b)(1), Dec. 20, 2006, 120 Stat. 2938; Pub. L. 110–234, title XV, § 15316(c)(2), May 22, 2008, 122 Stat. 1511; Pub. L. 110–246, § 4(a), title XV, § 15316(c)(2), June 18, 2008, 122 Stat. 1664, 2273; Pub. L. 110–343, div. C, title III, § 313(b)(3), Oct. 3, 2008, 122 Stat. 3872; Pub. L. 111–5, div. B, title I, § 1531(c)(3), Feb. 17, 2009, 123 Stat. 360; Pub. L. 114–95, title IX, § 9215(uu)(3), Dec. 10, 2015, 129 Stat. 2183, related to credit to holders of qualified zone academy bonds. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF REPEAL Repeal applicable to bonds issued after Dec. 31, 2017, see section 13404(d) of Pub. L. 115–97, set out as a note under former section 54 of this title. PART V—REGULATIONS Sec. 1397F. Regulations. Editorial Notes AMENDMENTS 1997—Pub. L. 105–34, title II, § 226(a), (b)(2), Aug. 5, 1997, 111 Stat. 820, 824, redesignated part IV of this sub- chapter as this part and item 1397D as 1397F. § 1397F. Regulations The Secretary shall prescribe such regulations as may be necessary or appropriate to carry out the purposes of parts II and III, including— (1) regulations limiting the benefit of parts II and III in circumstances where such bene- fits, in combination with benefits provided under other Federal programs, would result in an activity being 100 percent or more sub- sidized by the Federal Government, (2) regulations preventing abuse of the provi- sions of parts II and III, and (3) regulations dealing with inadvertent fail- ures of entities to be enterprise zone busi- nesses. (Added Pub. L. 103–66, title XIII, § 13301(a), Aug. 10, 1993, 107 Stat. 555, § 1397D; renumbered § 1397F, Pub. L. 105–34, title II, § 226(a), Aug. 5, 1997, 111 Stat. 820; amended Pub. L. 105–206, title VI, § 6004(g)(1), July 22, 1998, 112 Stat. 796.) Editorial Notes AMENDMENTS 1998—Pub. L. 105–206 amended directory language of Pub. L. 105–34, § 226(a). See 1997 Amendment note below. 1997—Pub. L. 105–34, § 226(a), as amended by Pub. L. 105–206, renumbered section 1397D of this title as this section. Subchapter V—Title 11 Cases Sec. 1398. Rules relating to individuals’ title 11 cases. Sec. 1399. No separate taxable entities for partnerships, corporations, etc. Editorial Notes AMENDMENTS 1980—Pub. L. 96–589, § 3(a)(1), Dec. 24, 1980, 94 Stat. 3397, added subchapter V heading ‘‘Title 11 Cases’’ and items 1398 and 1399. § 1398. Rules relating to individuals’ title 11 cases (a) Cases to which section applies Except as provided in subsection (b), this sec- tion shall apply to any case under chapter 7 (re- lating to liquidations) or chapter 11 (relating to reorganizations) of title 11 of the United States Code in which the debtor is an individual. (b) Exceptions where case is dismissed, etc. (1) Section does not apply where case is dis- missed This section shall not apply if the case under chapter 7 or 11 of title 11 of the United States Code is dismissed. (2) Section does not apply at partnership level For purposes of subsection (a), a partnership shall not be treated as an individual, but the interest in a partnership of a debtor who is an individual shall be taken into account under this section in the same manner as any other interest of the debtor. (c) Computation and payment of tax; basic stand- ard deduction (1) Computation and payment of tax Except as otherwise provided in this section, the taxable income of the estate shall be com- puted in the same manner as for an individual. The tax shall be computed on such taxable in- come and shall be paid by the trustee. (2) Tax rates The tax on the taxable income of the estate shall be determined under subsection (d) of section 1. (3) Basic standard deduction In the case of an estate which does not itemize deductions, the basic standard deduc- tion for the estate for the taxable year shall be the same as for a married individual filing a separate return for such year. (d) Taxable year of debtors (1) General rule Except as provided in paragraph (2), the tax- able year of the debtor shall be determined without regard to the case under title 11 of the United States Code to which this section ap- plies. (2) Election to terminate debtor’s year when case commences (A) In general Notwithstanding section 442, the debtor may (without the approval of the Secretary) elect to treat the debtor’s taxable year which includes the commencement date as 2 taxable years— (i) the first of which ends on the day be- fore the commencement date, and