Source: http://www.law.cornell.edu/uscode/text/26/110?qt-us_code_tabs=1
Timestamp: 2015-01-25 14:27:20
Document Index: 184244668

Matched Legal Cases: ['§ 110', '§ 110', '§ 110', '§ 1213', '§ 11801', '§ 1213']

26 U.S. Code § 110 - Qualified lessee construction allowances for short-term leases | LII / Legal Information Institute
U.S. Code › Title 26 › Subtitle A › Chapter 1 › Subchapter B › Part III › § 110 26 U.S. Code § 110 - Qualified lessee construction allowances for short-term leases
In general Gross income of a lessee does not include any amount received in cash (or treated as a rent reduction) by a lessee from a lessor—
for the purpose of such lessee’s constructing or improving qualified long-term real property for use in such lessee’s trade or business at such retail space,
Consistent treatment by lessor Qualified long-term real property constructed or improved in connection with any amount excluded from a lessee’s income by reason of subsection (a) shall be treated as nonresidential real property of the lessor (including for purposes of section 168
Short-term lease The term “short-term lease” means a lease (or other agreement for occupancy or use) of retail space for 15 years or less (as determined under the rules of section 168
Information required to be furnished to Secretary Under regulations, the lessee and lessor described in subsection (a) shall, at such times and in such manner as may be provided in such regulations, furnish to the Secretary—
(Added Pub. L. 105–34, title XII, § 1213(a),Aug. 5, 1997, 111 Stat. 1000.)
A prior section 110, act Aug. 16, 1954, ch. 736, 68A Stat. 33, related to income taxes paid by lessee corporations, prior to repeal by Pub. L. 101–508, title XI, § 11801(a)(6),Nov. 5, 1990, 104 Stat. 1388–520.
Pub. L. 105–34, title XII, § 1213(e),Aug. 5, 1997, 111 Stat. 1001, provided that: “The amendments made by this section [enacting this section and amending sections 168 and 6724 of this title] shall apply to leases entered into after the date of the enactment of this Act [Aug. 5, 1997].”