Source: http://taxtv.com/code/00094-USCODE-2011-title26-subtitleA-chap1-subchapA-partVI-sec55/
Timestamp: 2017-06-22 20:32:50
Document Index: 556624329

Matched Legal Cases: ['§55', '§55', '§55', '§252', '§701', '§1002', '§11102', '§521', '§1913', '§13203', '§1205', '§311', '§401', '§1601', '§6005', '§701', '§106', '§301', '§103', '§406', '§314', '§1302', '§403', '§301', '§2', '§15311', '§4', '§15311', '§102', '§1012', '§2013', '§201', '§421', '§104', '§232', '§4', '§101', '§221', '§331', '§201', '§5', '§103', '§305', '§474', '§612', '§711', '§1847', '§701', '§201', '§201', '§1144', '§1142', '§1012', '§1012', '§102', '§102', '§2', '§2', '§301', '§301', '§1302', '§403', '§1342', '§412', '§1341', '§412', '§412', '§1322', '§406', '§103', '§301', '§301', '§301', '§106', '§106', '§701', '§701', '§701', '§701', '§701', '§701', '§6005', '§6006', '§311', '§1601', '§1601', '§1401', '§1205', '§13203', '§13203', '§13203', '§11102', '§11813', '§1007', '§1007', '§1002', '§1007', '§252', '§201', '§1012', '§102', '§15311', '§4', '§15311', '§2', '§301', '§314', '§103', '§901', '§406', '§106', '§901', '§701', '§1007', '§441', '§55']

IRC §55. Alternative minimum tax imposed - TaxTV.com
IRC §55. Alternative minimum tax imposed
View related content: IRC §55	Table of ContentsPREVNEXT
In the case of a married individual filing a separate return, clause (i) shall be applied by substituting “$87,500” for “$175,000” each place it appears. For purposes of the preceding sentence, marital status shall be determined under section 7703.
The term “alternative minimum taxable income” means the taxable income of the taxpayer for the taxable year—
(B) 5 percent (0 percent in the case of taxable years beginning after 2007) of so much of the adjusted net capital gain (or, if less, taxable excess) as does not exceed an amount equal to the excess described in section 1(h)(1)(B), plus
(C) 15 percent of the adjusted net capital gain (or, if less, taxable excess) in excess of the amount on which tax is determined under subparagraph (B), plus
(D) 25 percent of the amount of taxable excess in excess of the sum of the amounts on which tax is determined under the preceding subparagraphs of this paragraph.
(4) Maximum rate of tax on qualified timber gain of corporations
In the case of any taxable year to which section 1201(b) applies, the amount determined under clause (i) 1 of subparagraph (B) shall not exceed the sum of—
(A) 20 percent of so much of the taxable excess (if any) as exceeds the qualified timber gain (or, if less, the net capital gain), plus
(B) 15 percent of the taxable excess in excess of the amount on which a tax is determined under subparagraph (A).
For purposes of this section, the term “regular tax” means the regular tax liability for the taxable year (as defined in section 26(b)) reduced by the foreign tax credit allowable under section 27(a), the section 936 credit allowable under section 27(b), and the Puerto Rico economic activity credit under section 30A. Such term shall not include any increase in tax under section 45(e)(11)(C), 49(b) or 50(a) or subsection (j) or (k) of section 42.
For provisions providing that certain credits are not allowable against the tax imposed by this section, see sections 26(a), 30C(d)(2), and 38(c).
In the case of a taxpayer other than a corporation, the term “exemption amount” means—
(A) $45,000 ($72,450 in the case of taxable years beginning in 2010 and $74,450 in the case of taxable years beginning in 2011) in the case of—
(B) $33,750 ($47,450 in the case of taxable years beginning in 2010 and $48,450 in the case of taxable years beginning in 2011) in the case of an individual who—
(C) 50 percent of the dollar amount applicable under paragraph (1)(A) in the case of a married individual who files a separate return, and
In the case of a corporation, the term “exemption amount” means $40,000.
(A) $150,000 in the case of a taxpayer described in paragraph (1)(A) or (2),
(C) $75,000 in the case of a taxpayer described in subparagraph (C) or (D) of paragraph (1).
The tentative minimum tax of a corporation shall be zero for any taxable year if the corporation’s average annual gross receipts for all 3-taxable-year periods ending before such taxable year does not exceed $7,500,000. For purposes of the preceding sentence, only taxable years beginning after December 31, 1993, shall be taken into account.
Subparagraph (A) shall be applied by substituting “$5,000,000” for “$7,500,000” for the first 3-taxable-year period (or portion thereof) of the corporation which is taken into account under subparagraph (A).
(D) Section 56(a)(4) (relating to alternative net operating loss deduction) shall apply in the same manner as if, in section 56(d)(2), the change date were substituted for “January 1, 1987” and the day before the change date were substituted for “December 31, 1986” each place it appears.
(Added and amended Pub. L. 99– 4, title II, §252(c), title VII, §701(a), Oct. 22, 1986, 100 Stat. 2205, 2321; Pub. L. 100–647, title I, §§1002(l)(27), 1007(a), Nov. 10, 1988, 102 Stat. 3381, 3428; Pub. L. 101–508, title XI, §§11102(a), 11813(b)(5), Nov. 5, 1990, 104 Stat. 1388–406, 1388–5 ; Pub. L. 102–318, title V, §521(b)(1), July 3, 1992, 106 Stat. 310; Pub. L. 102–486, title XIX, §1913(b)(2)(D), Oct. 24, 1992, 106 Stat. 3020; Pub. L. 103–66, title XIII, §13203(a)–(c)(1), Aug. 10, 1993, 107 Stat. 461, 462; Pub. L. 104–188, title I, §§1205(d)(6), 1401(b)(3), 1601(b)(2)(A), Aug. 20, 1996, 110 Stat. 1776, 1788, 1832; Pub. L. 105–34, title III, §311(b)(1), (2)(A), title IV, §401(a), title XVI, §1601(f)(1)(C), Aug. 5, 1997, 111 Stat. 834, 835, 843, 1090; Pub. L. 105–206, title VI, §§6005(d)(2), 6006(a), July 22, 1998, 112 Stat. 804, 806; Pub. L. 107–16, title VII, §701(a), (b), June 7, 2001, 115 Stat. 148; Pub. L. 108–27, title I, §106(a), title III, §301(a)(1), (2)(B), (b)(2), May 28, 2003, 117 Stat. 755, 758; Pub. L. 108–311, title I, §103(a), title IV, §406(d), Oct. 4, 2004, 118 Stat. 1168, 1189; Pub. L. 108–357, title III, §314(a), Oct. 22, 2004, 118 Stat. 1468; Pub. L. 109–58, title XIII, §§1302(b), 1322(a)(3)(H), 1341(b)(3), 1342(b)(3), Aug. 8, 2005, 119 Stat. 991, 1012, 1049, 10 ; Pub. L. 109–135, title IV, §§403(h), 412(p), Dec. 21, 2005, 119 Stat. 2624, 2638; Pub. L. 109–222, title III, §301(a), May 17, 2006, 120 Stat. 353; Pub. L. 110–166, §2(a), Dec. 26, 2007, 121 Stat. 2461; Pub. L. 110–234, title XV, §15311(b), May 22, 2008, 122 Stat. 1503; Pub. L. 110–246, §4(a), title XV, §15311(b), June 18, 2008, 122 Stat. 1664, 2265; Pub. L. 110–343, div. C, title I, §102(a), Oct. 3, 2008, 122 Stat. 3863; Pub. L. 111–5, div. B, title I, §§1012(a), 1142(b)(5), 1144(b)(3), Feb. 17, 2009, 123 Stat. 319, 331, 332; Pub. L. 111–240, title II, §2013(b), Sept. 27, 2010, 124 Stat. 2555; Pub. L. 111–312, title II, §201(a), Dec. 17, 2010, 124 Stat. 3299.)
For termination of amendment by section 105 of Pub. L. 108–311, see Effective and Termination Dates of 2004 Amendments note below.
For termination of amendment by sections 107 and 303 of Pub. L. 108–27, see Effective and Termination Dates of 2003 Amendment notes below.
A prior section 55, Pub. L. 95–600, title IV, §421(a), Nov. 6, 1978, 92 Stat. 2871; amended Pub. L. 96–222, title I, §104(a)(4)(A)–(D), (G), (H)(i), (ii), (viii), Apr. 1, 1980, 94 Stat. 215–218; Pub. L. 96–223, title II, §232(b)(2)(A), (c)(2), Apr. 2, 1980, 94 Stat. 276, 277; Pub. L. 96–603, §4(a), (b), Dec. 28, 1980, 94 Stat. 3 3, 3 4; Pub. L. 97–34, title I, §101(d)(1), title II, §221(b)(1)(A), title III, §331(d)(1)(A), Aug. 13, 1981, 95 Stat. 183, 246, 294; Pub. L. 97–248, title II, §201(a), Sept. 3, 1982, 96 Stat. 411; Pub. L. 97–354, §5(a)(13), Oct. 19, 1982, 96 Stat. 1693; Pub. L. 97–448, title I, §103(g)(2)(E), title III, §§305(c), 306(a)(1)(B), (C), Jan. 12, 1983, 96 Stat. 2379, 2399, 2400; Pub. L. 98–369, div. A, title IV, §§474(q), 491(d)(1), title VI, §612(e)(3), title VII, §711(a)(1), (4), (5), July 18, 1984, 98 Stat. 838, 849, 912, 942, 943; Pub. L. 99– 4, title XVIII, §1847(a), Oct. 22, 1986, 100 Stat. 2856, related to alternative minimum tax for taxpayers other than corporations, prior to the general revision of this part by Pub. L. 99– 4, §701(a).
2010—Subsec. (d)(1)(A). Pub. L. 111–312, §201(a)(1), substituted “$72,450 in the case of taxable years beginning in 2010 and $74,450 in the case of taxable years beginning in 2011” for “$70,950 in the case of taxable years beginning in 2009”.
Subsec. (d)(1)(B). Pub. L. 111–312, §201(a)(2), substituted “$47,450 in the case of taxable years beginning in 2010 and $48,450 in the case of taxable years beginning in 2011” for “$46,700 in the case of taxable years beginning in 2009”.
Subsec. (e)(5). Pub. L. 111–240 substituted “38(c)(6)(B)” for “38(c)(3)(B)”.
2009—Subsec. (c)(3). Pub. L. 111–5, §1144(b)(3), struck out “30B(g)(2),” after “sections 26(a),”.
Pub. L. 111–5, §1142(b)(5), struck out “30(b)(3),” after “sections 26(a),”.
Subsec. (d)(1)(A). Pub. L. 111–5, §1012(a)(1), substituted “($70,950 in the case of taxable years beginning in 2009)” for “($69,950 in the case of taxable years beginning in 2008)”.
Subsec. (d)(1)(B). Pub. L. 111–5, §1012(a)(2), substituted “($46,700 in the case of taxable years beginning in 2009)” for “($46,200 in the case of taxable years beginning in 2008)”.
Subsec. (d)(1)(A). Pub. L. 110–343, §102(a)(1), substituted “($69,950 in the case of taxable years beginning in 2008)” for “($66,250 in the case of taxable years beginning in 2007)”.
Subsec. (d)(1)(B). Pub. L. 110–343, §102(a)(2), substituted “($46,200 in the case of taxable years beginning in 2008)” for “($44,350 in the case of taxable years beginning in 2007)”.
2007—Subsec. (d)(1)(A). Pub. L. 110–166, §2(a)(1), substituted “($66,250 in the case of taxable years beginning in 2007)” for “($62,550 in the case of taxable years beginning in 2006)”.
Subsec. (d)(1)(B). Pub. L. 110–166, §2(a)(2), substituted “($44,350 in the case of taxable years beginning in 2007)” for “($42,500 in the case of taxable years beginning in 2006)”.
2006—Subsec. (d)(1)(A). Pub. L. 109–222, §301(a)(1), substituted “$62,550 in the case of taxable years beginning in 2006” for “$58,000 in the case of taxable years beginning in 2003, 2004, and 2005”.
Subsec. (d)(1)(B). Pub. L. 109–222, §301(a)(2), substituted “$42,500 in the case of taxable years beginning in 2006” for “$40,250 in the case of taxable years beginning in 2003, 2004, and 2005”.
2005—Subsec. (c)(1). Pub. L. 109–58, §1302(b), which directed amendment of par. (1) by inserting “45(e)(11)(C),” after “section” in last sentence, was executed by making the insertion after “section” the first place it appeared in last sentence, to reflect the probable intent of Congress.
Subsec. (c)(2). Pub. L. 109–135, §403(h), substituted “regular tax liability” for “regular tax”.
Pub. L. 109–58, §1342(b)(3), which directed amendment of par. (2) by inserting “30C(d)(2),” after “30B(g)(2),”, was repealed by Pub. L. 109–135, §412(p)(3).
Pub. L. 109–58, §1341(b)(3), which directed amendment of par. (2) by inserting “30B(g)(2),” after “30(b)(2),”, was repealed by Pub. L. 109–135, §412(p)(2).
Subsec. (c)(3). Pub. L. 109–135, §412(p)(1), inserted “30B(g)(2), 30C(d)(2),” after “30(b)(3),”.
Pub. L. 109–58, §1322(a)(3)(H), struck out “29(b)(6),” after “26(a),”.
2004—Subsec. (b)(3)(B). Pub. L. 108–311, §406(d), substituted “an amount equal to the excess described in” for “the amount on which a tax is determined under”.
Subsec. (d)(1)(A), (B). Pub. L. 108–311, §§103(a), 105, temporarily substituted “2003, 2004, and 2005” for “2003 and 2004”. See Effective and Termination Dates of 2004 Amendments note below.
2003—Subsec. (b)(3). Pub. L. 108–27, §§301(b)(2), 303, temporarily struck out first sentence of concluding provisions which read as follows: “In the case of taxable years beginning after December 31, 2000, rules similar to the rules of section 1(h)(2) shall apply for purposes of subparagraphs (B) and (C).” See Effective and Termination Dates of 2003 Amendment note below.
Subsec. (b)(3)(B). Pub. L. 108–27, §§301(a)(1), 303, temporarily substituted “5 percent (0 percent in the case of taxable years beginning after 2007)” for “10 percent”. See Effective and Termination Dates of 2003 Amendment note below.
Subsec. (b)(3)(C). Pub. L. 108–27, §§301(a)(2)(B), 303, temporarily substituted “15 percent” for “20 percent”. See Effective and Termination Dates of 2003 Amendment note below.
Subsec. (d)(1)(A). Pub. L. 108–27, §§106(a)(1), 107, temporarily substituted “$58,000 in the case of taxable years beginning in 2003 and 2004” for “$49,000 in the case of taxable years beginning in 2001, 2002, 2003, and 2004”. See Effective and Termination Dates of 2003 Amendment note below.
Subsec. (d)(1)(B). Pub. L. 108–27, §§106(a)(2), 107, temporarily substituted “$40,250 in the case of taxable years beginning in 2003 and 2004” for “$35,750 in the case of taxable years beginning in 2001, 2002, 2003, and 2004”. See Effective and Termination Dates of 2003 Amendment note below.
2001—Subsec. (d)(1)(A). Pub. L. 107–16, §701(a)(1), substituted “$45,000 ($49,000 in the case of taxable years beginning in 2001, 2002, 2003, and 2004)” for “$45,000”.
Subsec. (d)(1)(B). Pub. L. 107–16, §701(b)(1), struck out “and” at end.
Pub. L. 107–16, §701(a)(2), substituted “$33,750 ($35,750 in the case of taxable years beginning in 2001, 2002, 2003, and 2004)” for “$33,750”.
Subsec. (d)(1)(C), (D). Pub. L. 107–16, §701(b)(1), added subpars. (C) and (D) and struck out former subpar. (C) which read as follows: “$22,500 in the case of—
Subsec. (d)(3). Pub. L. 107–16, §701(b)(3), in concluding provisions, substituted “paragraph (1)(C)” for “paragraph (1)(C)(i)” and “the minimum amount of such income (as so determined) for which the exemption amount under paragraph (1)(C) is zero, or (ii) such exemption amount (determined without regard to this paragraph)” for “$165,000 or (ii) $22,500”.
Subsec. (d)(3)(C). Pub. L. 107–16, §701(b)(2), substituted “subparagraph (C) or (D) of paragraph (1)” for “paragraph (1)(C)”.
1998—Subsec. (b)(3). Pub. L. 105–206, §6005(d)(2), reenacted par. heading without change and amended text of par. (3) generally. Prior to amendment, text read as follows: “The amount determined under the first sentence of paragraph (1)(A)(i) shall not exceed the sum of—
“(C) 10 percent of so much of the taxpayer’s adjusted net capital gain (or, if less, taxable excess) as does not exceed the amount on which a tax is determined under section 1(h)(1)(D), plus
In the case of taxable years beginning after December 31, 2000, rules similar to the rules of section 1(h)(2) shall apply for purposes of subparagraphs (C) and (D). Terms used in this paragraph which are also used in section 1(h) shall have the respective meanings given such terms by section 1(h).”
Subsec. (e)(1). Pub. L. 105–206, §6006(a), reenacted par. heading without change and amended text of par. (1) generally. Prior to amendment, text read as follows: “The tentative minimum tax of a corporation shall be zero for any taxable year if—
“(A) such corporation met the $5,000,000 gross receipts test of section 448(c) for its first taxable year beginning after December 31, 1996, and
1997—Subsec. (b)(1)(A)(ii). Pub. L. 105–34, §311(b)(2)(A), substituted “this subsection” for “clause (i)”.
Subsec. (c)(1). Pub. L. 105–34, §1601(f)(1)(C), substituted “Puerto Rico” for “Puerto Rican”.
1996—Subsec. (c)(1). Pub. L. 104–188, §1601(b)(2)(A), substituted “, the section 936 credit allowable under section 27(b), and the Puerto Rican economic activity credit under section 30A” for “and the section 936 credit allowable under section 27(b)”.
Pub. L. 104–188, §1401(b)(3), struck out “shall not include any tax imposed by section 402(d) and” before “shall not include any increase in tax under section 49(b)”.
Subsec. (c)(2). Pub. L. 104–188, §1205(d)(6), struck out “28(d)(2),” after “26(a),”.
1993—Subsec. (b)(1). Pub. L. 103–66, §13203(a), amended heading and text of par. (1) generally. Prior to amendment, text read as follows: “The tentative minimum tax for the taxable year is—
Subsec. (d)(1). Pub. L. 103–66, §13203(b), substituted “$45,000” for “$40,000” in subpar. (A), “$33,750” for “$30,000” in subpar. (B), and “$22,500” for “$20,000” in subpar. (C).
Subsec. (d)(3). Pub. L. 103–66, §13203(c)(1), substituted “$165,000 or (ii) $22,500” for “$155,000 or (ii) $20,000” in last sentence.
1992—Subsec. (c)(1). Pub. L. 102–318 substituted “402(d)” for “402(e)”.
Subsec. (c)(2). Pub. L. 102–486 substituted “29(b)(6), 30(b)(3),” for “29(b)(5),”.
1990—Subsec. (b)(1)(A). Pub. L. 101–508, §11102(a), substituted “24 percent” for “21 percent”.
Subsec. (c)(1). Pub. L. 101–508, §11813(b)(5), substituted “section 49(b) or 50(a)” for “section 47”.
1988—Subsec. (b)(2). Pub. L. 100–647, §1007(a)(2), inserted at end “If a taxpayer is subject to the regular tax, such taxpayer shall be subject to the tax imposed by this section (and, if the regular tax is determined by reference to an amount other than taxable income, such amount shall be treated as the taxable income of such taxpayer for purposes of the preceding sentence).”
Subsec. (c)(1). Pub. L. 100–647, §1007(a)(1), inserted “and the section 936 credit allowable under section 27(b)” before period at end of first sentence.
Pub. L. 100–647, §1002(l)(27), substituted “subsection (j) or (k) of section 42” for “section 42(j)”.
Subsec. (d)(3). Pub. L. 100–647, §1007(a)(3), inserted at end “In the case of a taxpayer described in paragraph (1)(C)(i), alternative minimum taxable income shall be increased by the lesser of (i) 25 percent of the excess of alternative minimum taxable income (determined without regard to this sentence) over $155,000, or (ii) $20,000.”
1986—Subsec. (c)(1). Pub. L. 99– 4, §252(c), inserted “or section 42(j)”.
Pub. L. 111–312, title II, §201(b), Dec. 17, 2010, 124 Stat. 3299, provided that: “The amendments made by this section [amending this section] shall apply to taxable years beginning after December 31, 2009.”
Pub. L. 111–5, div. B, title I, §1012(b), Feb. 17, 2009, 123 Stat. 319, provided that: “The amendments made by this section [amending this section] shall apply to taxable years beginning after December 31, 2008.”
Pub. L. 110–343, div. C, title I, §102(b), Oct. 3, 2008, 122 Stat. 3863, provided that: “The amendments made by this section [amending this section] shall apply to taxable years beginning after December 31, 2007.”
Pub. L. 110–234, title XV, §15311(d), May 22, 2008, 122 Stat. 1503, and Pub. L. 110–246, §4(a), title XV, §15311(d), June 18, 2008, 122 Stat. 1664, 2265, provided that: “The amendments made by this section [amending this section and sections 857 and 1201 of this title] shall apply to taxable years ending after the date of enactment [June 18, 2008].”
Pub. L. 110–166, §2(b), Dec. 26, 2007, 121 Stat. 2461, provided that: “The amendments made by this section [amending this section] shall apply to taxable years beginning after December 31, 2006.”
Pub. L. 109–222, title III, §301(b), May 17, 2006, 120 Stat. 353, provided that: “The amendments made by this section [amending this section] shall apply to taxable years beginning after December 31, 2005.”
Pub. L. 108–357, title III, §314(c), Oct. 22, 2004, 118 Stat. 1469, provided that: “The amendments made by this section [amending this section and section 1301 of this title] shall apply to taxable years beginning after December 31, 2003.”
Pub. L. 108–311, title I, §103(b), Oct. 4, 2004, 118 Stat. 1168, provided that: “The amendments made by this section [amending this section] shall apply to taxable years beginning after December 31, 2004.”
Amendment by section 103(a) of Pub. L. 108–311 subject to title IX of the Economic Growth and Tax Relief Reconciliation Act of 2001, Pub. L. 107–16, §901, to the same extent and in the same manner as the provision of such Act to which such amendment relates, see section 105 of Pub. L. 108–311, set out as a note under section 1 of this title.
Pub. L. 108–311, title IV, §406(h), Oct. 4, 2004, 118 Stat. 1190, provided that: “The amendments made by this section [amending this section and sections 246, 529, 530, 901, 1259, and 1397E of this title] shall take effect as if included in the provisions of the Taxpayer Relief Act of 1997 [Pub. L. 105–34] to which they relate.”
Pub. L. 108–27, title I, §106(b), May 28, 2003, 117 Stat. 755, provided that: “The amendments made by subsection (a) [amending this section] shall apply to taxable years beginning after December 31, 2002.”
Amendment by section 106(a) of Pub. L. 108–27 subject to title IX of the Economic Growth and Tax Relief Reconciliation Act of 2001, Pub. L. 107–16, §901, to the same extent and in the same manner as the provision of such Act to which such amendment relates, see section 107 of Pub. L. 108–27, set out as a note under section 1 of this title.
Amendment by section 301(a)(1), (2)(B), (b)(2) of Pub. L. 108–27 inapplicable to taxable years beginning after Dec. 31, 2012, and the Internal Revenue Code of 1986 to be applied and administered to such years as if such amendment had never been enacted, see section 303 of Pub. L. 108–27, as amended, set out as a note under section 1 of this title.
Pub. L. 107–16, title VII, §701(c), June 7, 2001, 115 Stat. 148, provided that: “The amendments made by this section [amending this section] shall apply to taxable years beginning after December 31, 2000.”
Section 401(b) of Pub. L. 105–34 provided that: “The amendment made by this section [amending this section] shall apply to taxable years beginning after December 31, 1997.”
Section 13203(d) of Pub. L. 103–66 provided that: “The amendments made by this section [amending this section and section 897 of this title] shall apply to taxable years beginning after December 31, 1992.”
Section 11102(b) of Pub. L. 101–508 provided that: “The amendment made by subsection (a) [amending this section] shall apply to taxable years beginning after December 31, 1990.”
Amendment by section 1002(l)(27) of Pub. L. 100–647 effective, except as otherwise provided, as if included in the provision of the Tax Reform Act of 1986, Pub. L. 99– 4, to which such amendment relates, see section 1019(a) of Pub. L. 100–647, set out as a note under section 1 of this title.
Section 1007(a)(3) of Pub. L. 100–647 provided that the amendment made by that section is effective with respect to taxable years ending after Nov. 10, 1988.
Amendment by Pub. L. 99– 4 applicable to buildings placed in service after Dec. 31, 1986, in taxable years ending after such date, see section 252(e) of Pub. L. 99– 4, set out as an Effective Date note under section 42 of this title.
Section 701(f) of Pub. L. 99– 4, as amended by Pub. L. 100–647, title I, §1007(f)(2), (3), Nov. 10, 1988, 102 Stat. 3433, provided that:
“(B) For purposes of this paragraph, the agreement vessel depreciation adjustment shall be an amount equal to the depreciation deduction that would have been allowable for such year under section 167 of such Code with respect to agreement vessels placed in service before January 1, 1987, if the basis of such vessels had not been reduced under section 607 of the Merchant Marine Act of 1936 [see 46 U.S.C. 53 0], as amended, and if depreciation with respect to such vessel had been computed using the 25-year straight-line method. The aggregate amount by which basis of a qualified taxpayer is treated as not reduced by reason of this subparagraph shall not exceed $100,000,000.
Section 1007(f)(1) of Pub. L. 100–647 provided that: “In the case of the taxable year of an estate or trust which begins before January 1, 1987, and ends on or after such date, the items of tax preference apportioned to any beneficiary of such estate or trust under section 58(c) of the Internal Revenue Code of 1954 (as in effect on the day before the date of the enactment of the Tax Reform Act of 1986 [Oct. 22, 1986]) shall be taken into account for purposes of determining the amount of the tax imposed by section 55 of the Internal Revenue Code of 1986 (as amended by the Tax Reform Act of 1986 [Pub. L. 99– 4]) on such beneficiary for such beneficiary’s taxable year in which such taxable year of the estate or trust ends.”
Section 2123 of Pub. L. 94–455, as amended by Pub. L. 98–369, div. A, title IV, §441(b)(1), July 18, 1984, 98 Stat. 815, provided that: “The Secretary of the Treasury shall publish annually information on the amount of tax paid by individual taxpayers with high total incomes. Total income for this purpose is to be calculated and set forth by adding to adjusted gross income any items of tax preference excluded from, or deducted in arriving at, adjusted gross income, and by subtracting any investment expenses incurred in the production of such income to the extent of the investment income. These data are to include the number of such individuals with total income over $200,000 who owe no Federal income tax (after credits) and the deductions, exclusions, or credits used by them to avoid tax.”
[Section 441(b)(2) of Pub. L. 98–369 provided that: “The amendment made by paragraph (1) [amending section 2123 of Pub. L. 94–455, set out above] shall apply to information published after the date of the enactment of this Act [July 18, 1984].”]
1 So in original. Subpar. (B) has no cl. (i).
View related content: IRC §55