Source: http://taxtv.com/code/00474-USCODE-2011-title26-subtitleA-chap1-subchapI-partI-sec617/
Timestamp: 2017-11-18 19:33:13
Document Index: 591761292

Matched Legal Cases: ['§617', '§617', '§617', '§1', '§504', '§1901', '§201', '§201', '§224', '§201', '§306', '§411', '§1007', '§11801', '§413', '§411', '§224', '§1906', '§1901', '§1906', '§1901', '§1906', '§1901', '§1901', '§504']

IRC §617. Deduction and recapture of certain mining exploration expenditures - TaxTV.com
IRC §617. Deduction and recapture of certain mining exploration expenditures
View related content: IRC §617
The term “adjusted exploration expenditures” means, with respect to any property or mine—
The term “mining property” means any property (within the meaning of section 614 after the application of subsections (c) and (e) thereof) with respect to which any expenditures allowed as a deduction under subsection (a)(1) are properly chargeable.
In the case of any property or mine received by the taxpayer in a distribution with respect to part or all of his interest in a partnership, the adjusted exploration expenditures with respect to such property or mine include the adjusted exploration expenditures (not otherwise included under subsection (f)(1)) with respect to such property or mine immediately prior to such distribution, but the adjusted exploration expenditures with respect to any such property or mine shall be reduced by the amount of gain to which section 7 (b) applied realized by the partnership (as constituted after the distribution) on the distribution of such property or mine.
In the case of any property or mine held by a partnership after a distribution to a partner to which section 7 (b) applied, the adjusted exploration expenditures with respect to such property or mine shall, under regulations prescribed by the Secretary, be reduced by the amount of gain to which section 7 (b) applied realized by such partner with respect to such distribution on account of such property or mine.
(Added Pub. L. 89–570, §1(a), Sept. 12, 1966, 80 Stat. 759; amended Pub. L. 91–172, title V, §504(b), Dec. 30, 1969, 83 Stat. 632; Pub. L. 94–455, title XIX, §§1901(a)(89), (b)(3)(K), (21)(C)–(E), 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1779, 1793, 1797, 1834; Pub. L. 97–248, title II, §201(d)(9)(D), formerly §201(c)(9)(D), §224(c)(8), Sept. 3, 1982, 96 Stat. 420, 489, renumbered §201(d)(9)(D), Pub. L. 97–448, title III, §306(a)(1)(A)(i), Jan. 12, 1983, 96 Stat. 2400; Pub. L. 99– 4, title IV, §§411(b)(2)(B), 413(b), Oct. 22, 1986, 100 Stat. 2226, 2228; Pub. L. 100–647, title I, §1007(g)(7), Nov. 10, 1988, 102 Stat. 3435; Pub. L. 101–508, title XI, §11801(a)(27), (c)(13), Nov. 5, 1990, 104 Stat. 1388–521, 1388–527.)
1988—Subsec. (j). Pub. L. 100–647 substituted “section 59(e)” for “section 58(i)”.
1986—Subsec. (d)(5). Pub. L. 99– 4, §413(b), added par. (5).
Subsec. (h). Pub. L. 99– 4, §411(b)(2)(B), amended subsec. (h) generally, substituting provisions relating to special rules for foreign exploration for provisions relating to limitations.
1982—Subsec. (h)(3)(B). Pub. L. 97–248, §224(c)(8), inserted “338,” after “334(b),”.
1976—Subsec. (a)(2)(A). Pub. L. 94–455, §1906(b)(13)(A), struck out “or his delegate” after “Secretary”.
Subsec. (a)(2)(B). Pub. L. 94–455, §§1901(a)(89), 1906(b)(13)(A), substituted “may not be revoked unless” for “may not be revoked after the last day of the third month following the month in which the final regulations issued under the authority of this subsection are published in the Federal Register, unless”, and struck out “or his delegate” after “Secretary”.
Subsec. (b)(2)(A). Pub. L. 94–455, §1906(b)(13)(A), struck out “or his delegate” after “Secretary”.
Subsec. (d)(1). Pub. L. 94–455, §1901(b)(3)(K), substituted “ordinary income” for “gain from the sale or exchange of property which is neither a capital asset nor property described in section 1231”.
Subsecs. (d)(2), (e)(2), (g)(2). Pub. L. 94–455, §1906(b)(13)(A), struck out “or his delegate” after “Secretary”.
Subsec. (h)(1). Pub. L. 94–455, §1901(b)(21)(C), substituted “and subsection (a) of section 615 (as in effect before the enactment of the Tax Reform Act of 1976)” for “and section 615(a) and the amounts which are or have been treated as deferred expenses under section 615(b)”.
Subsec. (h)(3). Pub. L. 94–455, §1901(b)(21)(D), struck out “and all amounts treated as deferred expenses which were paid or incurred” after “amounts deducted” in introductory provisions, redesignated subpar. (C) as (B), and in subpar. (B) as so redesignated, substituted “374(b)(1)” for “373(b)(1)”. Former subpar. (B), which related to the application of par. (2)(B) where the taxpayer would be entitled under section 381(c)(10) to deduct expenses deferred under section 615(b) had the distributor or transferor corporation elected to defer such expenses, was struck out.
1969—Pub. L. 91–172, §504(b)(1), substituted “Deduction and recapture of certain mining exploration expenditures” for “Additional exploration expenditures in the case of domestic mining” in heading.
Amendment by section 411(b)(2)(B) of Pub. L. 99– 4 applicable to costs paid or incurred after Dec. 31, 1986, in taxable years ending after such date, with transition rule, see section 411(c) of Pub. L. 99– 4 set out as a note under section 263 of this title.
Amendment by section 413(b) of Pub. L. 99– 4 applicable to any disposition of property placed in service by taxpayer after Dec. 31, 1986, but inapplicable if such property was acquired pursuant to written contract entered into before Sept. 26, 1985, and binding at all times thereafter, see section 413(c) of Pub. L. 99– 4, set out as a note under section 1254 of this title.
Section 3 of Pub. L. 89–570 provided that: “The amendments made by this Act [enacting this section and amending sections 170, 301, 312, 341, 453, 615, 703, and 7 of this title] shall apply to taxable years ending after the date of the enactment of this Act [Sept. 12, 1966] but only in respect of expenditures paid or incurred after such date.”