Source: https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section1033&num=0&edition=prelim
Timestamp: 2020-07-12 11:06:36
Document Index: 240616029

Matched Legal Cases: ['§ 1033', '§5', '§45', '§206', '§915', '§1901', '§2127', '§404', '§542', '§703', '§202', '§474', '§11813', '§13431', '§3', '§1119', '§312', '§913', '§1087', '§408', '§311', '§1', '§706', '§211', '§401', '§5121', '§4001', '§211', '§706', '§706', '§311', '§913', '§1610', '§3', '§703', '§1901', '§45', '§1', '§1087', '§1119', '§1610', '§3', '§3', '§13431', '§542', '§2127', '§2140', '§2', '§915', '§2', '§5']

[USC02] 26 USC 1033: Involuntary conversions
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26 USC 1033: Involuntary conversions Text contains those laws in effect on July 11, 2020
(Aug. 16, 1954, ch. 736, 68A Stat. 303 ; June 29, 1956, ch. 464, §5(a), 70 Stat. 407 ; Pub. L. 85–866, title I, §§45, 46(a), Sept. 2, 1958, 72 Stat. 1641 ; Pub. L. 88–272, title II, §206(b)(3), Feb. 26, 1964, 78 Stat. 40 ; Pub. L. 91–172, title IX, §915(a), Dec. 30, 1969, 83 Stat. 723 ; Pub. L. 94–455, title XIX, §§1901(a)(128), 1906(b)(13)(A), title XXI, §§2127(a), 2140(a), Oct. 4, 1976, 90 Stat. 1785 , 1834, 1920, 1932; Pub. L. 95–600, title IV, §404(c)(4), title V, §542(a), title VII, §703(j)(5), Nov. 6, 1978, 92 Stat. 2870 , 2888, 2941; Pub. L. 97–34, title II, §202(d)(2), Aug. 13, 1981, 95 Stat. 221 ; Pub. L. 98–369, div. A, title IV, §474(r)(24), July 18, 1984, 98 Stat. 844 ; Pub. L. 101–508, title XI, §11813(b)(20), Nov. 5, 1990, 104 Stat. 1388–555 ; Pub. L. 103–66, title XIII, §13431(a), Aug. 10, 1993, 107 Stat. 567 ; Pub. L. 104–7, §3(a)(1), (b)(1), Apr. 11, 1995, 109 Stat. 94 , 95; Pub. L. 104–188, title I, §§1119(a), (b), 1610(a), Aug. 20, 1996, 110 Stat. 1765 , 1844; Pub. L. 105–34, title III, §312(d)(1), (7), title IX, §913(b), title X, §1087(a), Aug. 5, 1997, 111 Stat. 839 , 840, 878, 959; Pub. L. 108–311, title IV, §408(a)(7)(C), Oct. 4, 2004, 118 Stat. 1191 ; Pub. L. 108–357, title III, §311(a), (b), Oct. 22, 2004, 118 Stat. 1466 , 1467; Pub. L. 109–7, §1(b), Apr. 15, 2005, 119 Stat. 22 ; Pub. L. 110–343, div. C, title VII, §706(a)(2)(D)(i)–(iii), Oct. 3, 2008, 122 Stat. 3922 ; Pub. L. 113–295, div. A, title II, §§211(c)(1)(A), 221(a)(27)(D), (77), Dec. 19, 2014, 128 Stat. 4033 , 4041, 4049; Pub. L. 115–141, div. U, title IV, §401(a)(167), Mar. 23, 2018, 132 Stat. 1192 .)
The Robert T. Stafford Disaster Relief and Emergency Assistance Act, referred to in subsec. (j), is Pub. L. 93–288, May 22, 1974, 88 Stat. 143 , which is classified principally to chapter 68 (§5121 et seq.) of Title 42, The Public Health and Welfare. For complete classification of this Act to the Code, see Short Title note set out under section 5121 of Title 42 and Tables.
The National Flood Insurance Act, referred to in subsec. (j), probably means the National Flood Insurance Act of 1968, title XIII of Pub. L. 90–448, Aug. 1, 1968, 82 Stat. 572 , which is classified principally to chapter 50 (§4001 et seq.) of Title 42, The Public Health and Welfare. For complete classification of this Act to the Code, see Short Title note set out under section 4001 of Title 42 and Tables.
2018-Subsec. (h)(2). Pub. L. 115–141 inserted "is" before "located".
2014-Subsec. (h)(2). Pub. L. 113–295, §211(c)(1)(A), inserted "is" before "compulsorily".
2008-Subsec. (h). Pub. L. 110–343, §706(a)(2)(D)(i), amended heading generally. Prior to amendment, heading read as follows: "Special rules for property damaged by Presidentially declared disasters".
Subsec. (h)(1). Pub. L. 110–343, §706(a)(2)(D)(i), reenacted heading without change and amended introductory provisions generally. Prior to amendment, introductory provisions read as follows: "If the taxpayer's principal residence or any of its contents is compulsorily or involuntarily converted as a result of a Presidentially declared disaster-".
2005-Subsecs. (k), (l). Pub. L. 109–7 added subsec. (k) and redesignated former subsec. (k) as (l).
2004-Subsec. (e). Pub. L. 108–357, §311(b), designated existing provisions as par. (1), inserted heading, and added par. (2).
1997-Subsec. (e). Pub. L. 105–34, §913(b), inserted ", flood, or other weather-related conditions" after "drought" in heading and ", flood, or other weather-related conditions" before period at end of text.
"(2) Related person.-For purposes of this subsection, a person is related to another person if the person bears a relationship to the other person described in section 267(b) or 707(b)(1)."
1996-Subsec. (b). Pub. L. 104–188, §1610(a), reenacted heading without change and amended text generally. Prior to amendment, text read as follows: "If the property was acquired, after February 28, 1913, as the result of a compulsory or involuntary conversion described in subsection (a)(1) or section 112(f)(2) of the Internal Revenue Code of 1939, the basis shall be the same as in the case of the property so converted, decreased in the amount of any money received by the taxpayer which was not expended in accordance with the provisions of law (applicable to the year in which such conversion was made) determining the taxable status of the gain or loss upon such conversion, and increased in the amount of gain or decreased in the amount of loss to the taxpayer recognized upon such conversion under the law applicable to the year in which such conversion was made. This subsection shall not apply in respect of property acquired as a result of a compulsory or involuntary conversion of property used by the taxpayer as his principal residence if the destruction, theft, seizure, requisition, or condemnation of such residence, or the sale or exchange of such residence under threat or imminence thereof, occurred after December 31, 1950, and before January 1, 1954. In the case of property purchased by the taxpayer in a transaction described in subsection (a)(3) which resulted in the nonrecognition of any part of the gain realized as the result of a compulsory or involuntary conversion, the basis shall be the cost of such property decreased in the amount of the gain not so recognized; and if the property purchased consists of more than one piece of property, the basis determined under this sentence shall be allocated to the purchased properties in proportion to their respective costs."
1995-Subsec. (i). Pub. L. 104–7, §3(a)(1), added subsec. (i). Former subsec. (i) redesignated (j).
1993-Subsecs. (h), (i). Pub. L. 103–66 added subsec. (h) and redesignated former subsec. (h) as (i).
1990-Subsec. (g)(3)(A). Pub. L. 101–508 struck out "with respect to which the investment credit determined under section 46(a) is or has been claimed or" after "to any property".
1984-Subsec. (g)(3)(A). Pub. L. 98–369 substituted "the investment credit determined under section 46(a)" for "the credit allowed by section 38 (relating to investment in certain depreciable property)".
1981-Subsec. (g)(3)(A). Pub. L. 97–34 substituted "(relating to election to expense certain depreciable business assets)" for "(relating to additional first-year depreciation allowance for small business)".
1978-Subsec. (a)(2)(A)(ii). Pub. L. 95–600, §703(j)(5), substituted "subsection (b)" for "subsection (c)".
1976-Subsec. (a)(2), (3). Pub. L. 94–455, §§1901(a)(128)(A), (B), 1906(b)(13)(A), redesignated par. (3) as (2), struck out in heading "where disposition occurred after 1950" after "Conversion into money", in provisions preceding subpar. (A) "and the disposition of the converted property (as defined in paragraph (2)) occurred after December 31, 1950," after "use to the converted property," and in subpar. (B)(ii) "or his delegate" after "Secretary" wherever appearing, and added subpar. (E). Former par. (2), which related to involuntary conversions into money where dispositions occurred prior to 1951, was struck out.
1969-Subsec. (a)(3)(B). Pub. L. 91–172 substituted "2 years" for "one year".
1964-Subsec. (h)(3). Pub. L. 88–272 added par. (3).
1958-Subsec. (a)(2). Pub. L. 85–866, §45, inserted provision defining "control".
1956-Subsecs. (f), (g). Act June 29, 1956, added subsec. (f) and redesignated former subsec. (f) as (g).
Pub. L. 109–7, §1(c)(2), Apr. 15, 2005, 119 Stat. 22 , provided that: "The amendments made by subsection (b) [amending this section] shall apply to sales or other dispositions before, on, or after the date of the enactment of this Act [Apr. 15, 2005]."
Pub. L. 105–34, title X, §1087(b), Aug. 5, 1997, 111 Stat. 959 , provided that: "The amendment made by this section [amending this section] shall apply to involuntary conversions occurring after June 8, 1997."
Pub. L. 104–188, title I, §1119(d)(1), Aug. 20, 1996, 110 Stat. 1765 , provided that: "The amendments made by this section [amending this section] shall apply to disasters declared after December 31, 1994, in taxable years ending after such date."
Pub. L. 104–188, title I, §1610(b), Aug. 20, 1996, 110 Stat. 1845 , provided that: "The amendment made by this section [amending this section] shall apply to involuntary conversions occurring after the date of the enactment of this Act [Aug. 20, 1996]."
Pub. L. 104–7, §3(a)(2), Apr. 11, 1995, 109 Stat. 95 , provided that: "The amendment made by paragraph (1) [amending this section] shall apply to involuntary conversions occurring on or after February 6, 1995."
Pub. L. 104–7, §3(b)(2), Apr. 11, 1995, 109 Stat. 95 , provided that: "The amendment made by paragraph (1) [amending this section] shall apply to sales or exchanges after March 14, 1995."
Pub. L. 103–66, title XIII, §13431(b), Aug. 10, 1993, 107 Stat. 567 , provided that: "The amendment made by subsection (a) [amending this section] shall apply to property compulsorily or involuntarily converted as a result of disasters for which the determination referred to in section 1033(h)(2) of the Internal Revenue Code of 1986 (as added by this section) is made on or after September 1, 1991, and to taxable years ending on or after such date."
Pub. L. 95–600, title V, §542(b), Nov. 6, 1978, 92 Stat. 2888 , provided that: "The amendments made by subsection (a) [amending this section] shall apply with respect to taxable years beginning after December 31, 1974."
Pub. L. 94–455, title XXI, §2127(b), Oct. 4, 1976, 90 Stat. 1921 , provided that: "The amendment made by this section [amending this section] shall apply to taxable years beginning after December 31, 1970."
Pub. L. 94–455, title XXI, §2140(b), Oct. 4, 1976, 90 Stat. 1932 , as amended by Pub. L. 99–514, §2, Oct. 22, 1986, 100 Stat. 2095 , provided that: "The amendment made by this section [amending this section] shall apply with respect to any disposition of converted property (within the meaning of section 1033(a)(2) of the Internal Revenue Code of 1986 [formerly I.R.C. 1954]) after December 31, 1974, unless a condemnation proceeding with respect to such property began before the date of the enactment of this Act [Oct. 4, 1976]."
Pub. L. 91–172, title IX, §915(b), Dec. 30, 1969, 83 Stat. 723 , as amended by Pub. L. 99–514, §2, Oct. 22, 1986, 100 Stat. 2095 , provided that: "The amendment made by this section [amending this section] shall apply only if the disposition of the converted property (within the meaning of section 1033(a)(2) of the Internal Revenue Code of 1986 [formerly I.R.C. 1954]) occurs after the date of the enactment of this Act [Dec. 30, 1969]."
Act June 29, 1956, ch. 464, §5(b), 70 Stat. 407 , provided that: "The amendment made by this section [amending this section] shall apply with respect to taxable years ending after December 31, 1955, but only in the case of sales and exchanges of livestock after December 31, 1955."