Source: https://law.justia.com/codes/us/2015/title-26/subtitle-a/chapter-1/subchapter-b/part-ii/sec.-74/
Timestamp: 2020-04-06 15:51:46
Document Index: 9737593

Matched Legal Cases: ['§ 74', '§122', '§ 74', '§74', '§122', '§123', '§122', '§122', '§122']

26 U.S.C. § 74 (2015) - Prizes and awards :: Title 26 - Internal Revenue Code (Sections 1 - 9834) - US Code :: Justia
Justia US Law US Codes and Statutes US Code 2015 US Code Title 26 - Internal Revenue Code (Sections 1 - 9834) Subtitle A - Income Taxes (Sections 1 - 1564) Chapter 1 - Normal Taxes and Surtaxes (Sections 1 - 1400U-3) Subchapter B - Computation of Taxable Income (Sections 61 - 291) Part II - Items Specifically Included in Gross Income (Sections 71 - 90) Sec. 74 - Prizes and awards
Sec. 74 - Prizes and awards
Contains section 74
Source Credit Aug. 16, 1954, ch. 736, 68A Stat. 24; Pub. L. 99-514, title I, §§122(a)(1), 123(b)(1), Oct. 22, 1986, 100 Stat. 2109, 2113.
Statutes at Large Reference 100 Stat. 2109
Public and Private Law Public Law 99-514, Public Law 100-647
26 U.S.C. § 74 (2015)
§74. Prizes and awards(a) General rule
(c) Exception for certain employee achievement awards(1) In general
(Aug. 16, 1954, ch. 736, 68A Stat. 24; Pub. L. 99–514, title I, §§122(a)(1), 123(b)(1), Oct. 22, 1986, 100 Stat. 2109, 2113.)
1986—Subsec. (a). Pub. L. 99–514, §123(b)(1), which directed that subsec. (a) be amended by substituting "(relating to qualified scholarships)" for "(relating to scholarship and fellowship grants)", was executed by making the substitution for "(relating to scholarships and fellowship grants)" to reflect the probable intent of Congress.
Pub. L. 99–514, §122(a)(1)(A), substituted "Except as otherwise provided in this section or" for "Except as provided in subsection (b) and".
Subsec. (b). Pub. L. 99–514, §122(a)(1)(B), (C), inserted "for certain prizes and awards transferred to charities" in heading and added par. (3).
Subsec. (c). Pub. L. 99–514, §122(a)(1)(D), added subsec. (c).
Amendment by section 122(a)(1) of Pub. L. 99–514 applicable to prizes and awards granted after Dec. 31, 1986, see section 151(c) of Pub. L. 99–514, set out as a note under section 1 of this title.
Amendment by section 123(b)(1) of Pub. L. 99–514 applicable to taxable years beginning after Dec. 31, 1986, but only in the case of scholarships and fellowships granted after Aug. 16, 1986, see section 151(d) of Pub. L. 99–514, set out as a note under section 1 of this title.
For nonapplication of amendment by section 123(b)(1) of Pub. L. 99–514 to the extent application of such amendment would be contrary to any treaty obligation of the United States in effect on Oct. 22, 1986, see section 1012(aa)(3) of Pub. L. 100–647, set out as a note under section 861 of this title.