Source: http://www4.law.cornell.edu/uscode/text/26/1398?quicktabs_8=0
Timestamp: 2013-12-11 07:23:01
Document Index: 189255348

Matched Legal Cases: ['§ 1398', '§ 1398', '§ 1398', '§ 3', '§ 104', '§ 1301', '§ 1812', '§ 104', '§ 104', '§ 1301', '§ 1812']

26 USC § 1398 - Rules relating to individuals’ title 11 cases | Title 26 - Internal Revenue Code | U.S. Code | LII / Legal Information Institute
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26 USC § 1398 - Rules relating to individuals’ title 11 cases
The tax on the taxable income of the estate shall be determined under subsection (d) ofsection 1.
Election to terminate debtor’s year when case commences
Notwithstanding section 442, the debtor may (without the approval of the Secretary) elect to treat the debtor’s taxable year which includes the commencement date as 2 taxable years—
For purposes of subsections (b), (c), and (d) ofsection 443, a return filed for either of the taxable years referred to in subparagraph (A) shall be treated as a return made under paragraph (1) of subsection (a) ofsection 443.
Estate’s share of debtor’s income
Debtor’s share of debtor’s income
Except as otherwise provided in this section, the determination of whether or not any amount paid or incurred by the estate—
The estate shall succeed to and take into account the following items (determined as of the first day of the debtor’s taxable year in which the case commences) of the debtor—
The carryover of excess charitable contributions determined under section 170
There shall be allowed as a deduction for the taxable year an amount equal to the aggregate of (i)
the administrative expense carryovers to such year, plus (ii)
the administrative expense carrybacks to such year.
If a net operating loss would be created or increased for any estate taxable year if section 172
(c) were applied without the modification contained in paragraph (4) of section 172
(d), then the amount of the net operating loss so created (or the amount of the increase in the net operating loss) shall be an administrative expense loss for such taxable year which shall be an administrative expense carryback to each of the 3 preceding taxable years and an administrative expense carryover to each of the 7 succeeding taxable years.
The portion of any administrative expense loss which may be carried to any other taxable year shall be determined under section 172
(b)(2), except that for each taxable year the computation under section 172
(b)(2) with respect to the net operating loss shall be made before the computation under this paragraph.
Carrybacks from debtor’s activities
(Added Pub. L. 96–589, § 3(a)(1),Dec. 24, 1980, 94 Stat. 3397; amended Pub. L. 99–514, title I, § 104(b)(14), title XIII, § 1301(j)(8), title XVIII, § 1812(a)(5),Oct. 22, 1986, 100 Stat. 2105, 2658, 2833.)
1986—Subsec. (c). Pub. L. 99–514, § 104(b)(14)(A), substituted “basic standard deduction” for “zero bracket amount” in heading.
Subsec. (c)(3). Pub. L. 99–514, § 104(b)(14)(B), amended par. (3) generally, substituting “Basic standard deduction” for “Amount of zero bracket amount” in heading and substituting “In the case of an estate which does not itemize deductions, the basic standard deduction for the estate” for “The amount of the estate’s zero bracket amount” in text.
Subsec. (d)(2)(B). Pub. L. 99–514, § 1301(j)(8), substituted “section 7703” for “section 143”.
Subsec. (g)(3). Pub. L. 99–514, § 1812(a)(5), amended par. (3) generally. Prior to amendment, par. (3), recovery exclusion, read as follows: “Any recovery exclusion under section 111 (relating to recovery of bad debts, prior taxes, and delinquency amounts).”
Amendment by section 104(b)(14) ofPub. L. 99–514applicable to taxable years beginning after Dec. 31, 1986, see section 151(a) ofPub. L. 99–514, set out as a note under section 1 of this title.
Amendment by section 1812(a)(5) ofPub. L. 99–514effective, except as otherwise provided, as if included in the provisions of the Tax Reform Act of 1984, Pub. L. 98–369, div. A, to which such amendment relates, see section 1881 ofPub. L. 99–514, set out as a note under section 48 of this title.
Subchapter applicable to bankruptcy cases commencing more than 90 days after Dec. 24, 1980, see section 7(b) ofPub. L. 96–589, set out as an Effective Date of 1980 Amendment note under section 108 of this title.