Browse Arkansas Code titles and sections
46 U.S.C. § 53513 — Corporate reorganizations and partner-
Federal law — U.S. Code and appendices · legal_authorities
Page 432
TITLE 46—SHIPPING
§ 53512
of such Code (26 U.S.C. 172) for the taxable
year in which the withdrawal occurs.
(4) COORDINATION
WITH
DEDUCTION
FOR
NET
OPERATING LOSSES.—A nonqualified withdrawal
excluded from gross income under paragraph
(1) shall be excluded in determining taxable in-
come under section 172(b)(2) of such Code (26
U.S.C. 172(b)(2)).
(Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1597;
Pub. L. 112–240, title I, § 102(c)(1)(E), Jan. 2, 2013,
126 Stat. 2319.)
HISTORICAL AND REVISION NOTES
Revised
Section
Source (U.S. Code)
Source (Statutes at Large)
53511 ..........
46 App.:1177(h) (less
(2) (last sen-
tence)).
June 29, 1936, ch. 858, title
VI, § 607(h) (less (2) (last
sentence)), 49 Stat. 2005;
June 23, 1938, ch. 600,
§§ 23–28, 52 Stat. 960; Aug.
4, 1939, ch. 417, § 10, 53
Stat. 1185; July 17, 1952,
ch. 939, §§ 17–19, 66 Stat.
764; Pub. L. 85–637, Aug.
14, 1958, 72 Stat. 216; Pub.
L. 86–518, § 1, June 12, 1960,
74 Stat. 216; Pub. L. 87–45,
§ 6, May 27, 1961, 75 Stat.
91; Pub. L. 87–271, Sept. 21,
1961, 75 Stat. 570; restated
Pub. L. 91–469, § 21(a), Oct.
21, 1970, 84 Stat. 1030; Pub.
L. 97–31, § 12(97)(A), Aug. 6,
1981, 95 Stat. 162; Pub. L.
99–514, title II, § 261(e)(6),
Oct. 22, 1986, 100 Stat. 2215;
Pub. L. 100–647, title I,
§ 1002(m)(2), Nov. 10, 1988,
102 Stat. 3382; Pub. L.
101–508,
title
XI,
§ 11101(d)(7)(B),
Nov.
5,
1990, 104 Stat. 1388–405;
Pub. L. 105–34, title III,
§ 311(c)(2), Aug. 5, 1997, 111
Stat. 835; Pub. L. 108–27,
title III, § 301(a)(2)(E), May
28, 2003, 117 Stat. 758.
In subsection (c)(3)(C), the words ‘‘or in the case of
any nonqualified withdrawal arising from the applica-
tion of the recapture provision of section 1176(5) of this
Appendix as in effect on December 31, 1969’
Source: Supplied 2024 U.S. Code historical extraction · 46 U.S.C. § 53513
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Page 432
TITLE 46—SHIPPING
§ 53512
of such Code (26 U.S.C. 172) for the taxable
year in which the withdrawal occurs.
(4) COORDINATION
WITH
DEDUCTION
FOR
NET
OPERATING LOSSES.—A nonqualified withdrawal
excluded from gross income under paragraph
(1) shall be excluded in determining taxable in-
come under section 172(b)(2) of such Code (26
U.S.C. 172(b)(2)).
(Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1597;
Pub. L. 112–240, title I, § 102(c)(1)(E), Jan. 2, 2013,
126 Stat. 2319.)
HISTORICAL AND REVISION NOTES
Revised
Section
Source (U.S. Code)
Source (Statutes at Large)
53511 ..........
46 App.:1177(h) (less
(2) (last sen-
tence)).
June 29, 1936, ch. 858, title
VI, § 607(h) (less (2) (last
sentence)), 49 Stat. 2005;
June 23, 1938, ch. 600,
§§ 23–28, 52 Stat. 960; Aug.
4, 1939, ch. 417, § 10, 53
Stat. 1185; July 17, 1952,
ch. 939, §§ 17–19, 66 Stat.
764; Pub. L. 85–637, Aug.
14, 1958, 72 Stat. 216; Pub.
L. 86–518, § 1, June 12, 1960,
74 Stat. 216; Pub. L. 87–45,
§ 6, May 27, 1961, 75 Stat.
91; Pub. L. 87–271, Sept. 21,
1961, 75 Stat. 570; restated
Pub. L. 91–469, § 21(a), Oct.
21, 1970, 84 Stat. 1030; Pub.
L. 97–31, § 12(97)(A), Aug. 6,
1981, 95 Stat. 162; Pub. L.
99–514, title II, § 261(e)(6),
Oct. 22, 1986, 100 Stat. 2215;
Pub. L. 100–647, title I,
§ 1002(m)(2), Nov. 10, 1988,
102 Stat. 3382; Pub. L.
101–508,
title
XI,
§ 11101(d)(7)(B),
Nov.
5,
1990, 104 Stat. 1388–405;
Pub. L. 105–34, title III,
§ 311(c)(2), Aug. 5, 1997, 111
Stat. 835; Pub. L. 108–27,
title III, § 301(a)(2)(E), May
28, 2003, 117 Stat. 758.
In subsection (c)(3)(C), the words ‘‘or in the case of
any nonqualified withdrawal arising from the applica-
tion of the recapture provision of section 1176(5) of this
Appendix as in effect on December 31, 1969’’ are omitted
as obsolete.
In subsection (d), the words ‘‘made in a taxable year
beginning in 1970 or 1971 is 8 percent’’ are omitted as
obsolete.
Editorial Notes
REFERENCES IN TEXT
Section 1201 of such Code, referred to in subsec. (f)(2),
means section 1201 of the Internal Revenue Code of 1986,
act Aug. 16, 1954, ch. 736, 68A Stat. 320, which was re-
pealed by Pub. L. 115–97, title I, § 13001(b)(2)(A), Dec. 22,
2017, 131 Stat. 2096, applicable to taxable years begin-
ning after Dec. 31, 2017.
AMENDMENTS
2013—Subsec. (f)(2). Pub. L. 112–240 substituted ‘‘20
percent’’ for ‘‘15 percent’’.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 2013 AMENDMENT
Amendment by Pub. L. 112–240 applicable to taxable
years beginning after Dec. 31, 2012, see section 102(d)(1)
of Pub. L. 112–240, set out as a note under section 1 of
Title 26, Internal Revenue Code.
APPLICATION OF SUNSET PROVISION TO SUBSECTION
(f)(2)
Pub. L. 110–181, div. C, title XXXV, § 3528, Jan. 28, 2008,
122 Stat. 603, provided that: ‘‘For purposes of section 303
of the Jobs and Growth Tax Relief Reconciliation Act
of 2003 (Public Law 108–27, [former] 26 U.S.C. 1 note),
the amendment made by section 301(a)(2)(E) of that Act
[which amended section 1177(h)(6)(A) of the former Ap-
pendix to this title from which subsec. (f)(2) of this sec-
tion was derived by substituting ‘‘15 percent’’ for ‘‘20
percent’’] shall be deemed to have been made to section
53511(f)(2) of title 46, United States Code.’’
[Section 303 of Pub. L. 108–27 was repealed by Pub. L.
112–240, title I, § 102(a), Jan. 2, 2013, 126 Stat. 2318.]
§ 53512. FIFO and LIFO withdrawals
(a) FIFO.—Except as provided in subsection
(b), an amount withdrawn from an account
under this chapter shall be treated as withdrawn
on a first-in-first-out basis.
(b) LIFO.—An amount withdrawn from an ac-
count under this chapter shall be treated as
withdrawn on a last-in-first-out basis if it is—
(1) a nonqualified withdrawal for research,
development, and design expenses incident to
new and advanced vessel design, machinery,
and equipment; or
(2) an amount treated as a nonqualified
withdrawal under section 53510(d) of this title.
(Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1599.)
HISTORICAL AND REVISION NOTES
Revised
Section
Source (U.S. Code)
Source (Statutes at Large)
53512 ..........
46 App.:1177(h)(2)
(last sentence).
June 29, 1936, ch. 858, title
VI, § 607(h)(2) (last sen-
tence), 49 Stat. 2005; June
23, 1938, ch. 600, §§ 23–28, 52
Stat. 960; Aug. 4, 1939, ch.
417, § 10, 53 Stat. 1185; July
17, 1952, ch. 939, §§ 17–19, 66
Stat. 764; Pub. L. 85–637,
Aug. 14, 1958, 72 Stat. 216;
Pub. L. 86–518, § 1, June 12,
1960, 74 Stat. 216; Pub. L.
87–45, § 6, May 27, 1961, 75
Stat. 91; Pub. L. 87–271,
Sept. 21, 1961, 75 Stat. 570;
restated Pub. L. 91–469,
§ 21(a), Oct. 21, 1970, 84
Stat. 1030.
§ 53513. Corporate reorganizations and partner-
ship changes
Under joint regulations—
(1) a transfer of a capital construction fund
from one person to another person in a trans-
action to which section 381 of the Internal
Revenue Code of 1986 (26 U.S.C. 381) applies
may be treated as if the transaction is not a
nonqualified withdrawal; and
(2) a similar rule shall be applied to a con-
tinuation of a partnership (within the mean-
ing of subchapter K of chapter 1 of such Code
(26 U.S.C. 701 et seq.)).
(Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1599.)
Page 433
TITLE 46—SHIPPING
§ 53517
HISTORICAL AND REVISION NOTES
Revised
Section
Source (U.S. Code)
Source (Statutes at Large)
53513 ..........
46 App.:1177(i).
June 29, 1936, ch. 858, title
VI, § 607(i), 49 Stat. 2005;
June 23, 1938, ch. 600,
§§ 23–28, 52 Stat. 960; Aug.
4, 1939, ch. 417, § 10, 53
Stat. 1185; July 17, 1952,
ch. 939, §§ 17–19, 66 Stat.
764; Pub. L. 85–637, Aug.
14, 1958, 72 Stat. 216; Pub.
L. 86–518, § 1, June 12, 1960,
74 Stat. 216; Pub. L. 87–45,
§ 6, May 27, 1961, 75 Stat.
91; Pub. L. 87–271, Sept. 21,
1961, 75 Stat. 570; restated
Pub. L. 91–469, § 21(a), Oct.
21, 1970, 84 Stat. 1031.
§ 53514. Relationship of old fund to new fund
(a) DEFINITION.—In this section, the term ‘‘old
fund’’ means a capital construction fund main-
tained before October 21, 1970.
(b) ELECTION TO MAINTAIN OLD FUND.—A per-
son maintaining an old fund may elect to con-
tinue the old fund, but may not—
(1) hold amounts in the old fund beyond the
expiration date provided in the agreement
under which the old fund is maintained (deter-
mined without regard to an extension or re-
newal made after April 14, 1970); or
(2) maintain simultaneously the old fund
and a new fund established under this chapter.
(c) APPLICATION OF NEW FUND AGREEMENT TO
OLD
FUND
AMOUNTS.—If a person makes an
agreement under this chapter to establish a new
fund, the person may agree to extend the agree-
ment to some or all of the amounts in an old
fund. Each item in the old fund to be transferred
shall be transferred in a nontaxable transaction
to the appropriate account in the new fund. For
purposes of section 53511(c)(3) of this title, the
date of the deposit of an item so transferred
shall be July 1, 1971, or the date of the deposit
in the old fund, whichever is later.
(Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1599.)
HISTORICAL AND REVISION NOTES
Revised
Section
Source (U.S. Code)
Source (Statutes at Large)
53514 ..........
46 App.:1177(j).
June 29, 1936, ch. 858, title
VI, § 607(j), 49 Stat. 2005;
June 23, 1938, ch. 600,
§§ 23–28, 52 Stat. 960; Aug.
4, 1939, ch. 417, § 10, 53
Stat. 1185; July 17, 1952,
ch. 939, §§ 17–19, 66 Stat.
764; Pub. L. 85–637, Aug.
14, 1958, 72 Stat. 216; Pub.
L. 86–518, § 1, June 12, 1960,
74 Stat. 216; Pub. L. 87–45,
§ 6, May 27, 1961, 75 Stat.
91; Pub. L. 87–271, Sept. 21,
1961, 75 Stat. 570; restated
Pub. L. 91–469, § 21(a), Oct.
21, 1970, 84 Stat. 1031.
§ 53515. Records and reports
A person maintaining a fund under this chap-
ter shall keep records and make reports as re-
quired by the Secretary or the Secretary of the
Treasury.
(Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1599.)
HISTORICAL AND REVISION NOTES
Revised
Section
Source (U.S. Code)
Source (Statutes at Large)
53515 ..........
46 App.:1177(l) (1st
sentence).
June 29, 1936, ch. 858, title
VI, § 607(l) (1st sentence),
49 Stat. 2005; June 23, 1938,
ch. 600, §§ 23–28, 52 Stat.
960; Aug. 4, 1939, ch. 417,
§ 10, 53 Stat. 1185; July 17,
1952, ch. 939, §§ 17–19, 66
Stat. 764; Pub. L. 85–637,
Aug. 14, 1958, 72 Stat. 216;
Pub. L. 86–518, § 1, June 12,
1960, 74 Stat. 216; Pub. L.
87–45, § 6, May 27, 1961, 75
Stat. 91; Pub. L. 87–271,
Sept. 21, 1961, 75 Stat. 570;
restated Pub. L. 91–469,
§ 21(a), Oct. 21, 1970, 84
Stat. 1032; Pub. L. 97–31,
§ 12(97)(A), Aug. 6, 1981, 95
Stat. 162.
§ 53516. Termination of agreement after change
in regulations
If, after an agreement has been made under
this chapter, a change is made either in the
joint regulations or in the regulations pre-
scribed by the Secretary under this chapter that
could have a substantial effect on the rights or
duties of a person maintaining a fund under this
chapter, that person may terminate the agree-
ment.
(Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1600.)
HISTORICAL AND REVISION NOTES
Revised
Section
Source (U.S. Code)
Source (Statutes at Large)
53516 ..........
46 App.:1177(l) (last
sentence).
June 29, 1936, ch. 858, title
VI, § 607(l) (last sentence),
49 Stat. 2005; June 23, 1938,
ch. 600, §§ 23–28, 52 Stat.
960; Aug. 4, 1939, ch. 417,
§ 10, 53 Stat. 1185; July 17,
1952, ch. 939, §§ 17–19, 66
Stat. 764; Pub. L. 85–637,
Aug. 14, 1958, 72 Stat. 216;
Pub. L. 86–518, § 1, June 12,
1960, 74 Stat. 216; Pub. L.
87–45, § 6, May 27, 1961, 75
Stat. 91; Pub. L. 87–271,
Sept. 21, 1961, 75 Stat. 570;
restated Pub. L. 91–469,
§ 21(a), Oct. 21, 1970, 84
Stat. 1032; Pub. L. 97–31,
§ 12(97)(A), Aug. 6, 1981, 95
Stat. 162.
§ 53517. Reports
(a) IN GENERAL.—Within 120 days after the
close of each calendar year, the Secretary of
Transportation and the Secretary of Commerce
each shall provide the Secretary of the Treasury
a written report on the capital construction
funds under the particular Secretary’s jurisdic-
tion for the calendar year.
(b) CONTENTS.—The report shall state the
name and taxpayer identification number of
each person—
(1) establishing a capital construction fund
during the calendar year;
(2) maintaining a capital construction fund
on the last day of the calendar year;
(3) terminating a capital construction fund
during the calendar year;
(4) making a deposit to or withdrawal from
a capital construction fund during the cal-
endar year, and the amount of the deposit or
withdrawal; or
(5) having been determined during the cal-
endar year to have failed to fulfill a substan-
Cross-references
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Married individuals filing joint returns and surviving spouses** There is hereby imposed on the taxable income of—
(1) every married individual (as defined in section 7703) who makes a single return jointly with his spouse under section 6013, and
(2) every surviving spouse (as defined in section 2(a)),
a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $36,90015% of taxable income. Over $36,900 but not over $89,150$5,535, plus 28% of the excess over $36,900. Over $89,150 but not over $140,000$20,165, plus 31% of the excess over $89,150. Over $140,000 but not over $250,000$35,928.50, plus 36% of the excess over $140,000. Over $250,000$75,528.50, plus 39.6% of the excess over $250,000.
**(b) Heads of households** There is hereby imposed on the taxable income of every head of a household (as defined in section 2(b)) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $29,60015% of taxable income. Over $29,600 but not over $76,400$4,440, plus 28% of the excess over $29,600. Over $76,400 but not over $127,500$17,544, plus 31% of the excess over $76,400. Over $127,500 but not over $250,000$33,385, plus 36% of the excess over $127,500. Over $250,000$77,485, plus 39.6% of the excess over $250,000.
**(c) Unmarried individuals (other than surviving spouses and heads of households)** There is hereby imposed on the taxable income of every individual (other than a surviving spouse as defined in section 2(a) or the head of a household as defined in section 2(b)) who is not a married individual (as defined in section 7703) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $22,10015% of taxable income. Over $22,100 but not over $53,50
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1
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Federal law — U.S. Code and appendices · legal_authorities
Page 25
TITLE 26—INTERNAL REVENUE CODE
§ 1
1 Section catchline amended by Pub. L. 95–30 without cor-
responding amendment of analysis.
2014—Pub. L. 113–295, div. A, title II, § 221(a)(12)(A),
Dec. 19, 2014, 128 Stat. 4038, struck out part VII ‘‘Envi-
ronmental tax’’.
1989—Pub. L. 101–234, title I, § 102(a), Dec. 13, 1989, 103
Stat. 1980, repealed Pub. L. 100–360, § 111, and provided
that the provisions of law amended by such section are
restored or revived as if such section had not been en-
acted, see 1988 Amendment note below.
1988—Pub. L. 100–360, title I, § 111(c), July 1, 1988, 102
Stat. 697, added part VIII ‘‘Supplemental medicare pre-
mium’’.
1986—Pub. L. 99–499, title V, § 516(b)(5), Oct. 17, 1986,
100 Stat. 1771, added part VII.
1976—Pub. L. 94–455, title XIX, § 1901(b)(2), Oct. 4, 1976,
90 Stat. 1792, struck out part V ‘‘Tax surcharge’’.
1969—Pub. L. 91–172, title III, § 301(b)(1), Dec. 30, 1969,
83 Stat. 585, added part VI.
1968—Pub. L. 90–364, title I, § 102(d), June 28, 1968, 82
Stat. 259, added part V.
PART I—TAX ON INDIVIDUALS
Sec.
1.
Tax imposed.
2.
Definitions and special rules.
3.
Tax tables for individuals having taxable in-
come of less than $20,000.1
[4.
Repealed.]
5.
Cross references relating to tax on individ-
uals.
Editorial Notes
AMENDMENTS
1976—Pub. L. 94–455, title V, § 501(c)(1), Oct. 4, 1976, 90
Stat. 1559, substituted ‘‘Tax tables for individuals hav-
ing taxable income of less than $20,000’’ for ‘‘Optional
tax tables for individuals’’ in item 3 and struck out
item 4 relating to rules for optional tax.
1969—Pub. L. 91–172, title VIII, § 803(d)(9), Dec. 30, 1969,
83 Stat. 685, substituted ‘‘Definitions and special rules’’
and ‘‘Optional tax tables for individuals’’ for ‘‘Tax in
case of joint return or return
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 1
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Deduction allowed** There shall be allowed as a deduction for the taxable year an amount equal to—
(1) in the case of a taxable year beginning before January 1, 2021, the aggregate of the net operating loss carryovers to such year, plus the net operating loss carrybacks to such year, and
(2) in the case of a taxable year beginning after December 31, 2020, the sum of—
(A) the aggregate amount of net operating losses arising in taxable years beginning before January 1, 2018, carried to such taxable year, plus
(B) the lesser of—
(i) the aggregate amount of net operating losses arising in taxable years beginning after December 31, 2017, carried to such taxable year, or
(ii) 80 percent of the excess (if any) of—
(I) taxable income computed without regard to the deductions under this section and sections 199A and 250, over
(II) the amount determined under subparagraph (A).
For purposes of this subtitle, the term “net operating loss deduction” means the deduction allowed by this subsection.
**(b) Net operating loss carrybacks and carryovers**
(1) **Years to which loss may be carried**
(A) *General rule* — A net operating loss for any taxable year—
(i) shall be a net operating loss carryback to the extent provided in subparagraphs (B), (C)(i), and (D), and
(ii) except as provided in subparagraph (C)(ii), shall be a net operating loss carryover—
(I) in the case of a net operating loss arising in a taxable year beginning before January 1, 2018, to each of the 20 taxable years following the taxable year of the loss, and
(II) in the case of a net operating loss arising in a taxable year beginning after December 31, 2017, to each taxable year following the taxable year of the loss.
(B) *Farming losses*
(i) *I
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Federal law — U.S. Code and appendices · legal_authorities
Page 876
TITLE 26—INTERNAL REVENUE CODE
§ 172
Treasury or his delegate) to have such election apply
with respect to such obligations.’’
Pub. L. 99–514, title XVIII, § 1803(a)(12)(B), Oct. 22,
1986, 100 Stat. 2796, provided that: ‘‘The amendment
made by subparagraph (A) [amending this section] shall
apply to exchanges after May 6, 1986.’’
EFFECTIVE DATE OF 1976 AMENDMENT
Amendment by section 1901(b)(1)(E)(iii)–(v) of Pub. L.
94–455 effective for taxable years beginning after Dec.
31, 1976, see section 1901(d) of Pub. L. 94–455, set out as
a note under section 2 of this title.
Amendment by section 1951(b)(5)(A)(i) of Pub. L.
94–455 effective for taxable years beginning after Dec.
31, 1976, see section 1951(d) of Pub. L. 94–455, set out as
a note under section 72 of this title.
EFFECTIVE DATE OF 1958 AMENDMENT
Pub. L. 85–866, title I, § 13(b), Sept. 2, 1958, 72 Stat.
1611, provided that: ‘‘The amendments made by sub-
section (a) [amending this section] shall apply with re-
spect to taxable years ending after December 31, 1957.’’
SAVINGS PROVISION
Pub. L. 94–455, title XIX, § 1951(b)(5)(B), Oct. 4, 1976, 90
Stat. 1838, provided that: ‘‘Notwithstanding the amend-
ments made by subparagraph (A) [amending this sec-
tion], in the case of a bond the interest on which is not
excludable from gross income—
‘‘(i) which was issued after January 22, 1951, with a
call date not more than 3 years after the date of such
issue, and
‘‘(ii) which was acquired by the taxpayer after Jan-
uary 22, 1954, and before January 1, 1958,
the bond premium for a taxable year beginning after
December 31, 1975, shall not be determined under sec-
tion 171(b)(1)(B)(i) but shall be determined with ref-
erence to the amount payable on maturity, and if the
bond is called before its matu
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** In the case of the acquisition of assets of a corporation by another corporation—
(1) in a distribution to such other corporation to which section 332 (relating to liquidations of subsidiaries) applies; or
(2) in a transfer to which section 361 (relating to nonrecognition of gain or loss to corporations) applies, but only if the transfer is in connection with a reorganization described in subparagraph (A), (C), (D), (F), or (G) of section 368(a)(1),
the acquiring corporation shall succeed to and take into account, as of the close of the day of distribution or transfer, the items described in subsection (c) of the distributor or transferor corporation, subject to the conditions and limitations specified in subsections (b) and (c). For purposes of the preceding sentence, a reorganization shall be treated as meeting the requirements of subparagraph (D) or (G) of section 368(a)(1) only if the requirements of subparagraphs (A) and (B) of section 354(b)(1) are met.
**(b) Operating rules** Except in the case of an acquisition in connection with a reorganization described in subparagraph (F) of section 368(a)(1)—
(1) The taxable year of the distributor or transferor corporation shall end on the date of distribution or transfer.
(2) For purposes of this section, the date of distribution or transfer shall be the day on which the distribution or transfer is completed; except that, under regulations prescribed by the Secretary, the date when substantially all of the property has been distributed or transferred may be used if the distributor or transferor corporation ceases all operations, other than liquidating activities, after such date.
(3) The corporation acquiring property in a distribution or transfer described in subsection (a) shall not be entitle
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 381
Stored review status: release_metadata_unconfirmed. The source passage cites 26 U.S.C. § 381. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
Page 1153
TITLE 26—INTERNAL REVENUE CODE
§ 381
Sec.
383.
Special limitations on certain excess credits,
etc.
384.
Limitation on use of preacquisition losses to
offset built-in gains.
Editorial Notes
AMENDMENTS
1987—Pub. L. 100–203, title X, § 10226(b), Dec. 22, 1987,
101 Stat. 1330–415, added item 384.
1986—Pub. L. 99–514, title VI, § 621(c)(2), Oct. 22, 1986,
100 Stat. 2266, substituted ‘‘Limitation on net operating
loss carryforwards and certain built-in losses following
ownership change’’ for ‘‘Special limitations on net op-
erating loss carryovers’’ in item 382 and ‘‘Special limi-
tations on certain excess credits, etc.’’ for ‘‘Special
limitations on unused business credits, research cred-
its, foreign taxes, and capital losses’’ in item 383.
1984—Pub. L. 98–369, div. A, title IV, § 474(r)(12)(C),
July 18, 1984, 98 Stat. 842, substituted ‘‘unused business
credits, research credits, foreign taxes, and capital
losses’’ for ‘‘carryovers of unused investment credits,
work incentive program credits, new employee credits,
alcohol fuel credits, research credits, employee stock
ownership credits, foreign taxes, and capital losses’’ in
item 383.
1981—Pub. L. 97–34, title II, § 221(b)(1)(E), title III,
§ 331(d)(1)(E), Aug. 13, 1981, 95 Stat. 246, 295, inserted ref-
erences to alcohol fuel credits, research credits, and
employee stock ownership credits in item 383. For ap-
plicability of amendment by section 221(b)(1)(E) to
amounts paid or incurred after June 30, 1981, and before
Jan. 1, 1986, see section 221(d) of Pub. L. 97–34, set out
as an Effective Date note under section 30 of this title.
1977—Pub. L. 95–30, title II, § 202(d)(3)(D), May 23, 1977,
91 Stat. 148, inserted ‘‘new employee credits,’’ after
‘‘work incentive program credits,’’ in
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 381
Stored review status: historical_2024_not_currentness_verified. The source passage cites 26 U.S.C. § 381. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
A partnership as such shall not be subject to the income tax imposed by this chapter. Persons carrying on business as partners shall be liable for income tax only in their separate or individual capacities.
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 701
Stored review status: release_metadata_unconfirmed. The source passage cites 26 U.S.C. § 701. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
Page 1863
TITLE 26—INTERNAL REVENUE CODE
§ 702
section 692(c) of the Internal Revenue Code of 1986 [for-
merly I.R.C. 1954], the Director General of the Multi-
national Force and Observers in the Sinai who died on
February 15, 1984, shall be treated as if he were a civil-
ian employee of the United States while he served as
such Director General.’’
Subchapter K—Partners and Partnerships
Part
I.
Determination of tax liability.
II.
Contributions, distributions, and transfers.
III.
Definitions.
[IV.
Repealed.]
Editorial Notes
AMENDMENTS
2015—Pub. L. 114–74, title XI, § 1101(b)(1), Nov. 2, 2015,
129 Stat. 625, struck out item for part IV ‘‘Special rules
for electing large partnerships’’.
1997—Pub. L. 105–34, title XII, § 1221(b), Aug. 5, 1997,
111 Stat. 1008, added item for part IV.
PART I—DETERMINATION OF TAX
LIABILITY
Sec.
701.
Partners, not partnership, subject to tax.
702.
Income and credits of partner.
703.
Partnership computations.
704.
Partner’s distributive share.
705.
Determination of basis of partner’s interest.
706.
Taxable years of partner and partnership.
707.
Transactions between partner and partner-
ship.
708.
Continuation of partnership.
709.
Treatment of organization and syndication
fees.
Editorial Notes
AMENDMENTS
1976—Pub. L. 94–455, title II, § 213(b)(2), title XIX,
§ 1901(b)(23), Oct. 4, 1976, 90 Stat. 1547, 1798, struck out
part IV ‘‘Effective date for subchapter’’ in table of
parts of subchapter K of chapter 1 and added item 709.
§ 701. Partners, not partnership, subject to tax
A partnership as such shall not be subject to
the income tax imposed by this chapter. Persons
carrying on business as partners shall be liable
for income tax only in their separate or indi-
vidual capacities.
(Aug. 16, 1954, ch.
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 701
Stored review status: historical_2024_not_currentness_verified. The source passage cites 26 U.S.C. § 701. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
Under joint regulations—
(1) a transfer of a capital construction fund from one person to another person in a transaction to which section 381 of the Internal Revenue Code of 1986 ([26 U.S.C. 381](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section381&num=0&edition=prelim)) applies may be treated as if the transaction is not a nonqualified withdrawal; and
(2) a similar rule shall be applied to a continuation of a partnership (within the meaning of subchapter K of chapter 1 of such Code ([26 U.S.C. 701](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section701&num=0&edition=prelim) et seq.)).
Source: Supplied U.S. Code snapshot — release unconfirmed · 46 U.S.C. § 53513
Stored review status: release_metadata_unconfirmed. Same stored citation; legal effect and authority still require review.