Source: http://taxtv.com/code/00602-USCODE-2011-title26-subtitleA-chap1-subchapN-partI-sec864/
Timestamp: 2017-06-27 10:29:45
Document Index: 570347186

Matched Legal Cases: ['§864', '§864', '§864', '§102', '§1901', '§123', '§1201', '§1810', '§10242', '§1012', '§7111', '§11401', '§101', '§13234', '§1162', '§532', '§4', '§101', '§401', '§894', '§3093', '§15', '§5', '§216', '§2122', '§1215', '§1242', '§1242', '§1899', '§1211', '§1242', '§1201', '§1810', '§1223', '§1221', '§1221', '§1275', '§1810', '§1215', '§5', '§1012', '§521', '§2', '§864']

IRC §864. Definitions and special rules - TaxTV.com
IRC §864. Definitions and special rules
View related content: IRC §864	Table of ContentsPREVNEXT
(ii) Trading for taxpayer’s own account
(B) any United States shareholder (as defined in section 9 (b)) and any person who is a related person (within the meaning of section 267(b)) to such a shareholder.
(i) such corporation is not included in the taxpayer’s affiliated group, and
For purposes of this paragraph, proper adjustment shall be made to the earnings and profits of any corporation to take into account any earnings and profits included in gross income under section 9 or under any other provision of this title and reflected in the adjusted basis of the stock.
This subsection shall apply to the taxpayer’s first taxable year (beginning on or before August 1, 1994) following the taxpayer’s last taxable year to which Revenue Procedure 92–56 applies or would apply if the taxpayer elected the benefits of such Revenue Procedure.
(Aug. 16, 1954, ch. 736, 68A Stat. 278; Pub. L. 89–809, title I, §102(d), Nov. 13, 1966, 80 Stat. 1544; Pub. L. 94–455, title XIX, §1901(a)(113), Oct. 4, 1976, 90 Stat. 1783; Pub. L. 98–369, div. A, title I, §§123(a), 127(c), July 18, 1984, 98 Stat. 644, 6 ; Pub. L. 99– 4, title XII, §§1201(d)(4), 1211(b)(2), 1215(a), (b)(1), 1221(a)(2), 1223(b)(1), 1242(a), (b), 1275(c)(7), title XVIII, §§1810(c)(2), (3), 1899A(21), Oct. 22, 1986, 100 Stat. 2525, 2536, 2544, 2545, 2550, 2558, 2580, 2599, 2824, 2959; Pub. L. 100–203, title X, §10242(b), Dec. 22, 1987, 101 Stat. 1330–423; Pub. L. 100–647, title I, §1012(a)(1)(B), (d)(7), (10), (g)(5), (h)(1), (2)(A), (3)–(6), (p)(30), (r), Nov. 10, 1988, 102 Stat. 3494, 3498, 3499, 3501–3503, 3521, 3525; Pub. L. 101–239, title VII, §7111, Dec. 19, 1989, 103 Stat. 2326; Pub. L. 101–508, title XI, §11401(a), Nov. 5, 1990, 104 Stat. 1388–472; Pub. L. 102–227, title I, §101(a), Dec. 11, 1991, 105 Stat. 1686; Pub. L. 103–66, title XIII, §13234, Aug. 10, 1993, 107 Stat. 504; Pub. L. 105–34, title XI, §1162(a), Aug. 5, 1997, 111 Stat. 987; Pub. L. 106–170, title V, §532(c)(2)(N)–(P), Dec. 17, 1999, 113 Stat. 1931; Pub. L. 106– 9, §4(3), Nov. 15, 2000, 114 Stat. 2432; Pub. L. 108–357, title I, §101(b)(6), title IV, §§401(a), (b), 403(b)(6), 413(c)(12), title VIII, §894(a), Oct. 22, 2004, 118 Stat. 1423, 1488, 1491, 1494, 1507, 1647; Pub. L. 110–289, div. C, title III, §3093(a), (b), July 30, 2008, 122 Stat. 2912; Pub. L. 111–92, §15(a), (b), Nov. 6, 2009, 123 Stat. 2996; Pub. L. 111–147, title V, §5 (a), Mar. 18, 2010, 124 Stat. 117; Pub. L. 111–226, title II, §216(a), Aug. 10, 2010, 124 Stat. 2400; Pub. L. 111–240, title II, §2122(c), Sept. 27, 2010, 124 Stat. 2568.)
2000—Subsec. (e)(3). Pub. L. 106– 9 designated existing provisions as subpar. (A), inserted heading, and added subpar. (B).
1991—Subsec. (f)(5). Pub. L. 102–227 amended par. (5) generally. Prior to amendment, par. (5) read as follows: “This subsection shall apply to the taxpayer’s first 2 taxable years beginning after August 1, 1989, and on or before August 1, 1991.”
1986—Pub. L. 99– 4, §1215(b)(1), inserted “and special rules” in section catchline.
Subsec. (c)(1)(A). Pub. L. 99– 4, §1242(b)(1), inserted reference to pars. (6) and (7).
Subsec. (c)(1)(B). Pub. L. 99– 4, §1242(b)(2), inserted “paragraph (6) or (7) or in”.
Subsec. (c)(2). Pub. L. 99– 4, §1899A(21), inserted a comma between “section 871(h)” and “section 881(a)”.
Subsec. (c)(4)(B)(iii). Pub. L. 99– 4, §1211(b)(2), struck out cl. (iii), which read as follows: “is derived from the sale or exchange (without the United States) through such office or other fixed place of business of personal property described in section 1221(1), except that this clause shall not apply if the property is sold or exchanged for use, consumption, or disposition outside the United States and an office or other fixed place of business of the taxpayer outside the United States participated materially in such sale or exchange.”
Subsec. (c)(6), (7). Pub. L. 99– 4, §1242(a), added pars. (6) and (7).
Subsec. (d)(5)(A)(i). Pub. L. 99– 4, §1201(d)(4), amended cl. (i) generally. Prior to amendment, cl. (i) read as follows: “Subparagraphs (A), (B), (C), and (D) of section 904(d)(2) (relating to interest income to which separate limitation applies) and subparagraph (J) of section 904(d)(3) (relating to interest from members of same affiliated group).”
Pub. L. 99– 4, §1810(c)(3), inserted “and subparagraph (J) of section 904(d)(3) (relating to interest from members of same affiliated group)”.
Subsec. (d)(5)(A)(ii). Pub. L. 99– 4, §1223(b)(1), substituted “less than 5 percent or $1,000,000” for “less than 10 percent”.
Subsec. (d)(5)(A)(iii). Pub. L. 99– 4, §1221(a)(2), amended cl. (iii) generally, substituting “section 954(c)(2) (relating to certain export financing)” for “section 954(c)(3) (relating to certain income derived in active conduct of trade or business)”.
Subsec. (d)(5)(A)(iv). Pub. L. 99– 4, §1221(a)(2), amended cl. (iv) generally, substituting “Clause (i) of section 954(c)(3)(A) (relating to” for “Subparagraphs (A) and (B) of section 954(c)(4) (relating to exception for”.
Subsec. (d)(5)(B). Pub. L. 99– 4, §1275(c)(7), amended subpar. (B) generally, striking out cl. (i) heading, substituting “An amount” for “Any amount”, and striking out cl. (ii), Virgin Islands corporations, which read as follows: “Subsection (b) of section 934 shall not apply to any amount treated as interest under paragraph (1) unless such amount is from sources within the Virgin Islands (determined after the application of paragraph (1)).”
Subsec. (d)(7), (8). Pub. L. 99– 4, §1810(c)(2), added par. (7) and redesignated former par. (7) as (8).
Subsec. (e). Pub. L. 99– 4, §1215(a), added subsec. (e).
Pub. L. 111–147, title V, §5 (b), Mar. 18, 2010, 124 Stat. 117, provided that: “The amendments made by this section [amending this section] shall take effect on the date of the enactment of this Act [Mar. 18, 2010].”
Amendment by section 1201(d)(4) of Pub. L. 99– 4 applicable to taxable years beginning after Dec. 31, 1986, except as otherwise provided, see section 1201(e) of Pub. L. 99– 4, set out as a note under section 904 of this title.
Amendment by section 1211(b)(2) of Pub. L. 99– 4 applicable to taxable years beginning after Dec. 31, 1986, except as otherwise provided, see section 1211(c) of Pub. L. 99– 4, set out as an Effective Date note under section 865 of this title.
Section 1215(c) of Pub. L. 99– 4, as amended by Pub. L. 100–647, title I, §1012(h)(7), Nov. 10, 1988, 102 Stat. 3504; Pub. L. 104–191, title V, §521(a), Aug. 21, 1996, 110 Stat. 2103, provided that:
[“(1) In general.—The amendment made by this section [amending section 1215(c) of Pub. L. 99– 4, set out above] shall apply to taxable years beginning after December 31, 1995.
[“(2) Special rule.—In the case of the first taxable year beginning after December 31, 1995, the pre-effective date portion of the interest expense of the corporation referred to in such paragraph (5) of such section 1215(c) [of Pub. L. 99– 4] for such taxable year shall be allocated and apportioned without regard to such amendment. For purposes of the preceding sentence, the pre-effective date portion is the amount which bears the same ratio to the interest expense for such taxable year as the number of days during such taxable year before the date of the enactment of this Act [Aug. 21, 1996] bears to 366.”]
Amendment by section 1221(a)(2) of Pub. L. 99– 4 applicable to taxable years of foreign corporations beginning after Dec. 31, 1986, except as otherwise provided, see section 1221(g) of Pub. L. 99– 4, set out as a note under section 954 of this title.
Section 1223(c) of Pub. L. 99– 4 provided that: “The amendments made by this section [amending this section and sections 881 and 954 of this title] shall apply to taxable years beginning after December 31, 1986.”
Section 1242(c) of Pub. L. 99– 4 provided that: “The amendments made by this section [amending this section] shall apply to taxable years beginning after December 31, 1986.”
Amendment by section 1275(c)(7) of Pub. L. 99– 4 applicable to taxable years beginning after Dec. 31, 1986, with certain exceptions and qualifications, see section 1277 of Pub. L. 99– 4, set out as a note under section 931 of this title.
Amendment by section 1810(c)(2), (3) of Pub. L. 99– 4 effective, 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 of Pub. L. 99– 4, set out as a note under section 48 of this title.
Section 123(c) of Pub. L. 98–369, as amended by Pub. L. 99– 4, §2, Oct. 22, 1986, 100 Stat. 2095, provided that:
For applicability of amendment by section 1201(d)(4) of Pub. L. 99– 4 notwithstanding any treaty obligation of the United States in effect on Oct. 22, 1986, and for nonapplication of amendments by sections 1211(b)(2) and 1242(a) of Pub. L. 99– 4 to the extent application of such amendments would be contrary to any treaty obligation of the United States in effect on Oct. 22, 1986, with provision that for such purposes any amendment by title I of Pub. L. 100–647 be treated as if it had been included in the provision of Pub. L. 99– 4 to which such amendment relates, see section 1012(aa)(2) to (4) of Pub. L. 100–647, set out as a note under section 861 of this title.
View related content: IRC §864