Source: http://www.law.cornell.edu/uscode/text/26/1400F?quicktabs_8=2
Timestamp: 2013-12-12 06:52:38
Document Index: 282934230

Matched Legal Cases: ['§ 1400', '§ 1400', '§ 1400', '§ 1', '§ 101', '§ 310', '§ 110', '§ 322']

26 USC § 1400F - Renewal community capital gain | Title 26 - Internal Revenue Code | U.S. Code | LII / Legal Information Institute
USC › Title 26 › Subtitle A › Chapter 1 › Subchapter X › Part II › § 1400F	prevnext
26 USC § 1400F - Renewal community capital gain
General rule Gross income does not include any qualified capital gain from the sale or exchange of a qualified community asset held for more than 5 years.
Qualified community asset For purposes of this section—
In general The term “qualified community asset” means—
Qualified community stock (A)
In general Except as provided in subparagraph (B), the term “qualified community stock” means any stock in a domestic corporation if—
Redemptions A rule similar to the rule of section 1202
(c)(3) shall apply for purposes of this paragraph.
Qualified community partnership interest The term “qualified community partnership interest” means any capital or profits interest in a domestic partnership if—
Qualified community business property (A)
In general The term “qualified community business property” means tangible property if—
(d)(2)) after December 31, 2001, and before January 1, 2010,
Special rule for substantial improvements The requirements of clauses (i) and (ii) of subparagraph (A) shall be treated as satisfied with respect to—
The determination of whether a property is substantially improved shall be made under clause (ii) of section 1400B
(b)(4)(B), except that “December 31, 2001” shall be substituted for “December 31, 1997” in such clause.
Qualified capital gain For purposes of this section—
In general Except as otherwise provided in this subsection, the term “qualified capital gain” means any gain recognized on the sale or exchange of—
property used in the trade or business (as defined in section 1231
Gain before 2002 or after 2014 not qualified The term “qualified capital gain” shall not include any gain attributable to periods before January 1, 2002, or after December 31, 2014.
Certain rules to apply Rules similar to the rules of paragraphs (3), (4), and (5) of section 1400B
(e) shall apply for purposes of this subsection.
Certain rules to apply For purposes of this section, rules similar to the rules of paragraphs (5), (6), and (7) of subsection (b), andsubsections (f) and (g), ofsection 1400B shall apply; except that for such purposes section 1400B
(g)(2) shall be applied by substituting “January 1, 2002” for “January 1, 1998” and “December 31, 2014” for “December 31, 2014”.
Regulations The Secretary shall prescribe such regulations as may be appropriate to carry out the purposes of this section, including regulations to prevent the abuse of the purposes of this section.
(Added Pub. L. 106–554, § 1(a)(7) [title I, § 101(a)], Dec. 21, 2000, 114 Stat. 2763, 2763A–594; amended Pub. L. 108–311, title III, § 310(c)(2)(C),Oct. 4, 2004, 118 Stat. 1180; Pub. L. 109–432, div. A, title I, § 110(c)(2)(C),Dec. 20, 2006, 120 Stat. 2940; Pub. L. 110–343, div. C, title III, § 322(c)(2)(C),Oct. 3, 2008, 122 Stat. 3874.)
2008—Subsec. (d). Pub. L. 110–343substituted “2014’.” for “2012’.”.
2006—Subsec. (d). Pub. L. 109–432substituted “2012” for “2010”.
2004—Subsec. (d). Pub. L. 108–311substituted “2010” for “2008”.