26 U.S.C. § 81 — Untitled legal text

Page 501 TITLE 26—INTERNAL REVENUE CODE § 82 other property in respect of the property to which such security was related, the value so re- stored (to the extent that, when added to the value so restored during prior taxable years, it does not exceed the amount of the loss described in paragraph (2)) shall, except as provided in subsection (b), be included in gross income for the taxable year in which such restoration oc- curs. (b) Reduction for failure to receive tax benefit The amount otherwise includible in gross in- come under subsection (a) in respect of any se- curity shall be reduced by an amount equal to the amount (if any) of the loss described in sub- section (a)(2) which did not result in a reduction of the taxpayer’s tax under this subtitle for any taxable year, determined under regulations pre- scribed by the Secretary. (c) Character of income For purposes of this subtitle— (1) Except as provided in paragraph (2), the amount included in gross income under this section shall be treated as ordinary income. (2) If the loss described in subsection (a)(2) was taken into account as a loss from the sale or exchange of a capital asset, the amount in- cluded in gross income under this section shall be treated as long-term capital gain. (d) Treatment under foreign expropriation loss recovery provisions This section shall not apply to any recovery of a foreign expropriation loss to which section 1351 applies. (Added Pub. L. 89–384, § 1(b)(1), Apr. 8, 1966, 80 Stat. 101; amended Pub. L. 94–455, title XIX, §§ 1901(b)(3)(K), 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1793, 1834; Pub. L. 98–369, div. A, title II, § 211(b)(2), July 18, 1984, 98 Stat. 754.) Editorial Notes AMENDMENTS 1984—Subsec. (a). Pub. L. 98–369 substituted ‘‘801’’ for ‘‘802’’. 1976—Subsec. (b). Pub. L. 94–455, § 1906(b)(13)(A), struck out ‘‘or his delegate’’ after ‘‘Secretary’’. Subsec. (c)(1). Pub. L. 94–455, § 1901(b)(3)(K), sub- stituted ‘‘ordinary income’’ for ‘‘gain from the sale or exchange of property which is neither a capital asset nor property described in section 1231’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1984 AMENDMENT Amendment by Pub. L. 98–369 applicable to taxable years beginning after Dec. 31, 1983, see section 215 of Pub. L. 98–369, set out as an Effective Date note under section 801 of this title. EFFECTIVE DATE OF 1976 AMENDMENT Amendment by section 1901(b)(3)(K) of Pub. L. 94–455 applicable with respect to 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. EFFECTIVE DATE Pub. L. 89–384, § 1(b)(3), Apr. 8, 1966, 80 Stat. 102, as amended by Pub. L. 99–514, § 2, Oct. 22, 1986, 100 Stat. 2095, provided that: ‘‘The amendments made by this subsection [enacting this section] shall apply to tax- able years beginning after December 31, 1965, but only with respect to losses described in section 80(a)(2) of the Internal Revenue Code of 1986 [formerly I.R.C. 1954] (as added by paragraph (1) of this subsection) which were sustained after December 31, 1958.’’ [§ 81. Repealed. Pub. L. 100–203, title X, § 10201(b)(1), Dec. 22, 1987, 101 Stat. 1330–387] Section, added Pub. L. 89–722, § 1(b)(1), Nov. 2, 1966, 80 Stat. 1152; amended Pub. L. 93–625, § 4(c)(1), Jan. 3, 1975, 88 Stat. 2111; Pub. L. 94–455, title VI, § 605(b), Oct. 4, 1976, 90 Stat. 1575; Pub. L. 99–514, title VIII, § 805(c)(1)(A), Oct. 22, 1986, 100 Stat. 2362, included in- crease in vacation pay suspense account in gross in- come. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF REPEAL Repeal applicable to taxable years beginning after Dec. 31, 1987, see section 10201(c)(1) of Pub. L. 100–203, set out as an Effective Date of 1987 Amendment note under section 404 of this title. § 82. Reimbursement of moving expenses Except as provided in section 132(a)(6), there shall be included in gross income (as compensa- tion for services) any amount received or ac- crued, directly or indirectly, by an individual as a payment for or reimbursement of expenses of moving from one residence to another residence which is attributable to employment or self-em- ployment. (Added Pub. L. 91–172, title II, § 231(b), Dec. 30, 1969, 83 Stat. 579; amended Pub. L. 103–66, title XIII, § 13213(d)(3)(A), Aug. 10, 1993, 107 Stat. 474; Pub. L. 115–141, div. U, title IV, § 401(a)(34), Mar. 23, 2018, 132 Stat. 1186.) Editorial Notes AMENDMENTS 2018—Pub. L. 115–141 substituted ‘‘of moving ex- penses’’ for ‘‘for expenses of moving’’ in section catch- line. 1993—Pub. L. 103–66 substituted ‘‘Except as provided in section 132(a)(6), there shall’’ for ‘‘There shall’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1993 AMENDMENT Amendment by Pub. L. 103–66 applicable to reim- bursements or other payments in respect of expenses incurred after Dec. 31, 1993, see section 13213(e) of Pub. L. 103–66, set out as a note under section 62 of this title. EFFECTIVE DATE Section applicable to taxable years beginning after December 31, 1969, except that it does not apply to mov- ing expenses paid or incurred before July 1, 1970, in con- nection with the commencement of work by the tax- payer as an employee at a new principal place of work of which the taxpayer had been notified by his em- ployer on or before December 19, 1969, see section 231(d) of Pub. L. 91–172, set out as an Effective Date of 1969 Amendment note under section 217 of this title. MOVING EXPENSES OF MEMBERS OF THE UNIFORMED SERVICES Withholding, reporting, inclusion within adjusted gross income, and deduction for reimbursement for moving expenses of members of the uniformed services, see section 2 of Pub. L. 93–490, Oct. 26, 1974, 88 Stat. 1466, set out as a note under section 217 of this title.