Source: http://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section108&num=0&edition=prelim
Timestamp: 2019-04-19 07:09:17+00:00

Document:
The Higher Education Act of 1965, referred to in subsec. (f)(5)(A)(i), (ii), is Pub. L. 89–329, Nov. 8, 1965, 79 Stat. 1219 . Part D of title IV of the Act is classified generally to part D (§1087a et seq.) of subchapter IV of chapter 28 of Title 20, Education. Sections 437 and 464(c)(1)(F) of the Act are classified to sections 1087 and 1087dd(c)(1)(F), respectively, of Title 20. For complete classification of this Act to the Code, see section 1 of Pub. L. 89–329, set out as a Short Title note under section 1001 of Title 20 and Tables.
2018-Subsec. (a)(1)(E). Pub. L. 115–123 substituted "January 1, 2018" for "January 1, 2017" in two places.
2017-Subsec. (f)(5). Pub. L. 115–97 added par. (5).
2015-Subsec. (a)(1)(E). Pub. L. 114–113, §151(b), substituted "discharged-" for "discharged before January 1, 2017." and added cls. (i) and (ii).
2014-Subsec. (a)(1)(E). Pub. L. 113–295 substituted "January 1, 2015" for "January 1, 2014".
2013-Subsec. (a)(1)(E). Pub. L. 112–240 substituted "January 1, 2014" for "January 1, 2013".
2010-Subsec. (f)(4). Pub. L. 111–148 amended par. (4) generally. Prior to amendment, text read as follows: "In the case of an individual, gross income shall not include any amount received under section 338B(g) of the Public Health Service Act or under a State program described in section 338I of such Act."
2009-Subsec. (i). Pub. L. 111–5 added subsec. (i).
2008-Subsec. (a)(1)(E). Pub. L. 110–343 substituted "January 1, 2013" for "January 1, 2010".
2007-Subsec. (a)(1)(E). Pub. L. 110–142, §2(a), added subpar. (E).
2004-Subsec. (e)(8). Pub. L. 108–357, §896(a), amended heading and text of par. (8) generally. Prior to amendment, text read as follows: "For purposes of determining income of a debtor from discharge of indebtedness, if a debtor corporation transfers stock to a creditor in satisfaction of its indebtedness, such corporation shall be treated as having satisfied the indebtedness with an amount of money equal to the fair market value of the stock."
2002-Subsec. (d)(7)(A). Pub. L. 107–147 inserted ", including by not taking into account under section 1366(a) any amount excluded under subsection (a) of this section" before period at end.
1998-Subsec. (f)(2). Pub. L. 105–206, §6004(f)(1), amended concluding provisions generally. Prior to amendment, concluding provisions read as follows: "The term 'student loan' includes any loan made by an educational organization so described or by an organization exempt from tax under section 501(a) to refinance a loan meeting the requirements of the preceding sentence."
1997-Subsec. (f)(2). Pub. L. 105–34, §225(a)(1), added subpar. (D) and concluding provisions and struck out former subpar. (D) which read as follows: "any educational organization so described pursuant to an agreement with any entity described in subparagraph (A), (B), or (C) under which the funds from which the loan was made were provided to such educational organization."
1996-Subsec. (d)(9)(A). Pub. L. 104–188 substituted "paragraph (3)(C)" for "paragraph (3)(B)".
1993-Subsec. (a)(1)(D). Pub. L. 103–66, §13150(a), added subpar. (D).
1990-Subsec. (e)(8). Pub. L. 101–508, §11325(b)(2), inserted provision at end that any stock which is a disqualified stock, as so defined, not be treated as stock for purposes of this paragraph.
1988-Subsec. (a)(1)(C). Pub. L. 100–647, §1004(a)(1), added subpar. (C).
"(1) In general.-For purposes of this section and section 1017, the discharge by a qualified person of qualified farm indebtedness of a taxpayer who is not insolvent at the time of the discharge shall be treated in the same manner as if the discharge had occurred when the taxpayer was insolvent.
"(3) Qualified person.-For purposes of this subsection, the term 'qualified person' means a person described in section 46(c)(8)(D)(iv)."
1986-Subsec. (a)(1)(C). Pub. L. 99–514, §822(a), struck out subpar. (C) relating to exclusion from gross income if the indebtedness discharged is qualified business indebtedness.
1984-Subsec. (b)(2)(B). Pub. L. 98–369, §474(r)(5), substituted provisions relating to research credits and general business credits covering carryovers to or from the taxable year of a discharge of an amount for purposes of determining the amount allowable as a credit under section 30 (relating to credit for increasing research activities), or section 38 (relating to general business credit), and directing that there shall not be taken into account any portion of a carryover which is attributable to the employee stock ownership credit determined under section 41 for former provisions covering carryovers to or from the taxable year of the discharge of an amount for purposes of determining the amount of a credit allowable under section 38 (relating to investment in certain depreciable property), section 40 (relating to expenses of work incentive programs), section 44B (relating to credit for employment of certain new employees), section 44E (relating to alcohol used as a fuel), or section 44F (relating to credit for increasing research activities), and directing that, for purposes of clause (i), there could not be taken into account any portion of a carryover which was attributable to the employee plan credit (within the meaning of section 48(o)(3)).
1983-Subsec. (b)(2)(B)(v). Pub. L. 97–448, §102(h)(1), added cl. (v).
1982-Subsec. (d)(6). Pub. L. 97–354 inserted "or S corporation shareholder level" in heading and inserted "In the case of an S corporation, subsections (a), (b), and (c) shall be applied at the shareholder level."
1980-Pub. L. 96–589 completely revised and expanded provisions by specifying the types of indebtedness and by setting out priorities among the exclusions, to reflect the revision of Title 11, Bankruptcy, in 1978.
1976-Pub. L. 94–455, §1951(b)(2)(A), struck out "(a) Special rule of exclusion.-" after "Income from discharge of indebtedness" and struck out subsec. (b) which related to discharge, cancellation, or modification of indebtedness of certain railroad corporations.
1960-Subsec. (b). Pub. L. 86–496 provided that if the discharge, cancellation, or modification of any indebtedness is effected pursuant to a court order in a receivership proceeding or in a proceeding under section 77 of the Bankruptcy Act, commenced before Jan. 1, 1960, then no amount is to be included in gross income with respect to it, and struck out provisions which made subsection inapplicable to discharges occurring in a taxable year beginning after Dec. 31, 1957.
1956-Subsec. (b). Act June 29, 1956, substituted "December 31, 1957" for "December 31, 1955".
Pub. L. 115–123, div. D, title I, §40201(b), Feb. 9, 2018, 132 Stat. 145 , provided that: "The amendments made by this section [amending this section] shall apply to discharges of indebtedness after December 31, 2016."
Pub. L. 115–97, title I, §11031(b), Dec. 22, 2017, 131 Stat. 2081 , provided that: "The amendment made by this section [amending this section] shall apply to discharges of indebtedness after December 31, 2017."
"(1) Extension.-The amendment made by subsection (a) [amending this section] shall apply to discharges of indebtedness after December 31, 2014.
"(2) Modification.-The amendment made by subsection (b) [amending this section] shall apply to discharges of indebtedness after December 31, 2015."
Pub. L. 113–295, div. A, title I, §102(b), Dec. 19, 2014, 128 Stat. 4013 , provided that: "The amendment made by this section [amending this section] shall apply to indebtedness discharged after December 31, 2013."
Pub. L. 112–240, title II, §202(b), Jan. 2, 2013, 126 Stat. 2323 , provided that: "The amendment made by this section [amending this section] shall apply to indebtedness discharged after December 31, 2012."
Pub. L. 111–148, title X, §10908(b), Mar. 23, 2010, 124 Stat. 1021 , provided that: "The amendment made by this section [amending this section] shall apply to amounts received by an individual in taxable years beginning after December 31, 2008."
Pub. L. 111–5, div. B, title I, §1231(b), Feb. 17, 2009, 123 Stat. 341 , provided that: "The amendments made by this section [amending this section] shall apply to discharges in taxable years ending after December 31, 2008."
Pub. L. 110–343, div. A, title III, §303(b), Oct. 3, 2008, 122 Stat. 3807 , provided that: "The amendment made by this section [amending this section] shall apply to discharges of indebtedness occurring on or after January 1, 2010."
Pub. L. 110–142, §2(d), Dec. 20, 2007, 121 Stat. 1804 , provided that: "The amendments made by this section [amending this section] shall apply to discharges of indebtedness on or after January 1, 2007."
Pub. L. 108–357, title III, §320(c), Oct. 22, 2004, 118 Stat. 1473 , provided that: "The amendments made by this section [amending this section, sections 3121, 3231, 3306, and 3401 of this title, and section 409 of Title 42, The Public Health and Welfare] shall apply to amounts received by an individual in taxable years beginning after December 31, 2003."
Pub. L. 108–357, title VIII, §896(b), Oct. 22, 2004, 118 Stat. 1649 , provided that: "The amendment made by this section [amending this section] shall apply with respect to cancellations of indebtedness occurring on or after the date of the enactment of this Act [Oct. 22, 2004]."
"(1) In general.-Except as provided in paragraph (2), the amendment made by this section [amending this section] shall apply to discharges of indebtedness after October 11, 2001, in taxable years ending after such date.
"(2) Exception.-The amendment made by this section shall not apply to any discharge of indebtedness before March 1, 2002, pursuant to a plan of reorganization filed with a bankruptcy court on or before October 11, 2001."
Pub. L. 105–34, title II, §225(b), Aug. 5, 1997, 111 Stat. 820 , provided that: "The amendments made by this section [amending this section] shall apply to discharges of indebtedness after the date of the enactment of this Act [Aug. 5, 1997]."
Pub. L. 103–66, title XIII, §13150(d), Aug. 10, 1993, 107 Stat. 448 , provided that: "The amendments made by this section [amending this section and sections 703 and 1017 of this title] shall apply to discharges after December 31, 1992, in taxable years ending after such date."
"(A) In general.-Except as otherwise provided in this paragraph, the amendments made by this subsection [amending this section and section 382 of this title] shall apply to stock transferred after December 31, 1994, in satisfaction of any indebtedness.
"(B) Exception for title 11 cases.-The amendments made by this subsection shall not apply to stock transferred in satisfaction of any indebtedness if such transfer is in a title 11 or similar case (as defined in section 368(a)(3)(A) of the Internal Revenue Code of 1986) which was filed on or before December 31, 1993."
Pub. L. 103–66, title XIII, §13226(b)(4), Aug. 10, 1993, 107 Stat. 488 , provided that: "The amendments made by this subsection [amending this section] shall apply to discharges of indebtedness in taxable years beginning after December 31, 1993."
"(1) In general.-Except as provided in paragraph (2), the amendments made by this section [amending this section and section 1275 of this title] shall apply to debt instruments issued, and stock transferred, after October 9, 1990, in satisfaction of any indebtedness.
Pub. L. 99–514, title IV, §405(c), Oct. 22, 1986, 100 Stat. 2224 , provided that: "The amendments made by this section [amending this section and section 1017 of this title] shall apply to discharges of indebtedness occurring after April 9, 1986, in taxable years ending after such date."
Pub. L. 99–514, title VIII, §822(c), Oct. 22, 1986, 100 Stat. 2373 , provided that: "The amendments made by this section [amending this section and section 1017 of this title] shall apply to discharges after December 31, 1986."
Pub. L. 98–369, div. A, title I, §59(b)(2), July 18, 1984, 98 Stat. 577 , provided that: "The amendment made by paragraph (1) [amending this section] shall take effect as if it had been included in the amendments made by subsections (e) and (f) of section 806 of the Tax Reform Act of 1976 [Pub. L. 94–455]." See Effective Date of 1976 Amendment note set out under section 382 of this title.
"(1) In general.-Except as otherwise provided in this subsection, the amendment made by subsection (a) [amending this section] shall apply to transfers after the date of the enactment of this Act [July 18, 1984] in taxable years ending after such date.
Pub. L. 98–369, div. A, title X, §1076(b), July 18, 1984, 98 Stat. 1054 , provided that: "The amendments made by this section [amending this section] shall apply to discharges of indebtedness made on or after January 1, 1983."
"(1) In general.-Except as provided in paragraph (2), the amendments made by section 2 [amending this section and sections 111, 118, 382, 703 and 1017 of this title] shall apply to any transaction which occurs after December 31, 1980, other than a transaction which occurs in a proceeding in a bankruptcy case or similar judicial proceeding (or in a proceeding under the Bankruptcy Act) [Title 11, Bankruptcy] commencing on or before December 31, 1980.
"(b) For Section 3 (Relating to Rules Relating to Title 11 Cases for Individuals).-The amendments made by section 3 [enacting sections 1398 and 1399 of this title and amending sections 443, 6012 and 6103 of this title] shall apply to any bankruptcy case commencing more than 90 days after the date of the enactment of this Act [Dec. 24, 1980].
"(1) In general.-The amendments made by section 4 [enacting section 370 of this title and amending sections 354, 355, 357, 368 and 381 of this title] shall apply to any bankruptcy case or similar judicial proceeding commencing after December 31, 1980.
"(1) For subsection (a) (relating to exemption from personal holding company tax).-The amendments made by subsection (a) of section 5 [amending section 542 of this title] shall apply to any bankruptcy case or similar judicial proceeding commenced after December 31, 1980.
"(2) For subsection (b) (relating to repeal of special treatment for certain railroad redemptions).-The amendments made by subsection (b) of section 5 [amending section 302 of this title] shall apply to stock which is issued after December 31, 1980 (other than stock issued pursuant to a plan of reorganization approved on or before that date).
"(3) For subsection (c) (relating to application of 12-month liquidation rule).-The amendment made by subsection (c) of section 5 [amending section 337 of this title] shall apply to any bankruptcy case or similar judicial proceeding commenced after December 31, 1980.
"(4) For subsection (d) (relating to permitting bankruptcy estate to be subchapter s shareholder).-The amendment made by subsection (d) of section 5 [amending section 1371 of this title] shall apply to any bankruptcy case commenced on or after October 1, 1979.
"(5) For subsection (e) (relating to certain transfers to controlled corporations).-The amendments made by subsection (e) of section 5 [amending section 351 of this title] shall apply as provided in subsection (a) of this section.
"(6) For subsection (f) (relating to effect of debt discharge on earnings and profits).-The amendment made by subsection (f) of section 5 [amending section 312 of this title] shall apply as provided in subsection (a) of this section.
"(e) For Section 6 (Relating to Changes in Tax Procedures).-The amendments made by section 6 [enacting sections 6658 and 7464 of this title, amending sections 128, 354, 422, 1023, 3302, 6012, 6036, 6155, 6161, 6212, 6213, 6216, 6326 [now 6327], 6404, 6503, 6512, 6532, 6871, 6872, 6873, 7430, and 7508 of this title, repealing section 1018 of this title, and redesignating former section 7464 of this title as 7465] shall take effect on October 1, 1979, but shall not apply to any proceeding under the Bankruptcy Act [Title 11] commenced before October 1, 1979.
"(1) In general.-The debtor (or debtors) in a bankruptcy case or similar judicial proceeding may (with the approval of the court) elect to apply subsections (a), (c), and (d) by substituting 'September 30, 1979' for 'December 31, 1980' each place it appears in such subsections.
"(2) Effect of election.-Any election made under paragraph (1) with respect to any proceeding shall apply to all parties to the proceeding.
"(3) Revocation only with consent.-Any election under this subsection may be revoked only with the consent of the Secretary of the Treasury or his delegate.
"(4) Time and manner of election.-Any election under this subsection shall be made at such time, and in such manner, as the Secretary of the Treasury or his delegate may by regulations prescribe.
"(1) Bankruptcy case.-The term 'bankruptcy case' means any case under title 11 of the United States Code (as recodified by Public Law 95–598).
"(2) Similar judicial proceeding.-The term 'similar judicial proceeding' means a receivership, foreclosure, or similar proceeding in a Federal or State court (as modified by section 368(a)(3)(D) of the Internal Revenue Code of 1986)."
Pub. L. 86–496, §1(b), June 8, 1960, 74 Stat. 164 , provided that: "The amendment made by subsection (a) [amending this section] shall apply to taxable years ending after December 31, 1959, but only with respect to discharges occurring after such date."
Pub. L. 94–455, title XIX, §1951(b)(2)(B), Oct. 4, 1976, 90 Stat. 1837 , provided that: "If any discharge, cancellation, or modification of indebtedness of a railroad corporation occurs in a taxable year beginning after December 31, 1976, pursuant to an order of a court in a proceeding referred to in section 108(b)(A) or (B) which commenced before January 1, 1960, then, notwithstanding the amendments made by subparagraph (A) [amending this section] the provisions of subsection (b) of section 108 shall be considered as not repealed with respect to such discharge, cancellation, or modification of indebtedness."
"(b) Effective Date.-This section shall apply to discharges made on or after September 11, 2001, and before January 1, 2002."

References: §151
 §2
 §896
 §6004
 §225
 §13150
 §11325
 §1004
 §822
 §474
 §102
 §1951
 §40201
 §11031
 §102
 §202
 §10908
 §1231
 §303
 §2
 §320
 §896
 §225
 §13150
 §13226
 §405
 §822
 §59
 §1076
 §1
 §1951