Source: https://irc.bloombergtax.com/public/uscode/doc/irc/section_194
Timestamp: 2019-10-17 16:40:52
Document Index: 397479959

Matched Legal Cases: ['§ 194', '§ 194', '§ 194', '§ 194', '§ 194', '§ 194', '§ 194', '§ 194', '§ 194', '§ 194', '§ 194', '§ 194', '§ 194', '§ 194', '§ 194', '§ 194', '§ 194', '§ 194', '§ 194', '§ 194', '§ 194', '§ 194', '§ 194', '§ 194', '§ 194', '§ 194']

Internal Revenue Code, § 194. Treatment Of Reforestation Expenditures
I.R.C. § 194(a) Allowance Of Deduction —
I.R.C. § 194(b) Treatment As Expenses
I.R.C. § 194(b)(1) Election To Treat Certain Reforestation Expenditures As Expenses
I.R.C. § 194(b)(1)(A) In General —
I.R.C. § 194(b)(1)(B) Dollar Limitation —
The aggregate amount of reforestation expenditures which may be taken into account under subparagraph (A) with respect to each qualified timber property for any taxable year shall not exceed—
I.R.C. § 194(b)(1)(B)(i) —
I.R.C. § 194(b)(1)(B)(ii) —
I.R.C. § 194(b)(1)(B)(iii) —
I.R.C. § 194(b)(2) Allocation Of Dollar Limit
I.R.C. § 194(b)(2)(A) Controlled Group —
For purposes of applying the dollar limitation under paragraph (1)(B)—
I.R.C. § 194(b)(2)(A)(i) —
I.R.C. § 194(b)(2)(A)(ii) —
For purposes of the preceding sentence, the term “controlled group” has the meaning assigned to it by section 1563(a), except that the phrase “more than 50 percent” shall be substituted for the phrase “at least 80 percent” each place it appears in section 1563(a)(1).
I.R.C. § 194(b)(2)(B) Partnerships And S Corporations —
I.R.C. § 194(c) Definitions And Special Rule —
I.R.C. § 194(c)(1) Qualified Timber Property —
The term “qualified timber property” means a woodlot or other site located in the United States which will contain trees in significant commercial quantities and which is held by the taxpayer for the planting, cultivating, caring for, and cutting of trees for sale or use in the commercial production of timber products.
I.R.C. § 194(c)(2) Amortizable Basis —
The term “amortizable basis” means that portion of the basis of the qualified timber property attributable to reforestation expenditures which have not been taken into account under subsection (b).
I.R.C. § 194(c)(3) Reforestation Expenditures
I.R.C. § 194(c)(3)(A) In General —
The term “reforestation expenditures” means direct costs incurred in connection with forestation or reforestation by planting or artificial or natural seeding, including costs—
I.R.C. § 194(c)(3)(A)(i) —
I.R.C. § 194(c)(3)(A)(ii) —
I.R.C. § 194(c)(3)(A)(iii) —
I.R.C. § 194(c)(3)(B) Cost-Sharing Programs —
I.R.C. § 194(c)(4) Treatment Of Trusts And Estates —
I.R.C. § 194(c)(5) Application With Other Deductions —
I.R.C. § 194(d) Life Tenant And Remainderman —
(Added Pub. L. 96-451, title III, 301(a), Oct. 14, 1980, 94 Stat. 1989, and amended Pub. L. 97-354, 3(g), Oct. 19, 1982, 96 Stat. 1689; Pub. L. 99-514, title XIII, 1301(j)(8), Oct. 22, 1986, 100 Stat. 2658; Pub. L. 108-357, title III, Sec. 322, Oct. 22, 2004, 118 Stat. 1418; Pub. L. 109-135, title IV, Sec. 403(i)(1), Dec. 21, 2005, 119 Stat. 2577.)
2005-Subsec. (b)(1)(B). Pub. L. 109-135, Sec. 403(i)(1)(A), amended subpar. (B). Before amendment, it read as follows:
“(B) DOLLAR LIMITATION.--
“The aggregate amount of reforestation expenditures which may be taken into account under subparagraph (A) with respect to each qualified timber property for any taxable year shall not exceed $10,000 ($5,000 in the case of a separate return by a married individual (as defined in section 7703)).”
Subsec. (c)(4). Pub. L. 109-135, Sec. 403(i)(1)(B), amended par. (4). Before amendment, it read as follows:
“(4) TREATMENT OF TRUSTS AND ESTATES.--
“Except as provided in subparagraph (B), this section shall not apply to trusts and estates.
“(B) AMORTIZATION DEDUCTION ALLOWED TO ESTATES.--
“The benefit of the deduction for amortization provided by subsection (a) shall be allowed to estates in the same manner as in the case of an individual. The allowable deduction shall be apportioned between the income beneficiary and the fiduciary under regulations prescribed by the Secretary. Any amount so apportioned to a beneficiary shall be taken into account for purposes of determining the amount allowable as a deduction under subsection (a) to such beneficiary.”
2004-Sec. 194. Pub. L. 108-357, Sec. 322(c)(4), amended the heading of Sec. 194 by substituting “Treatment” for “Amortization”.
Subsec. (b). Pub. L. 108-357, Sec. 322(a), amended the material of subsec. (b) that preceded par. (2). Prior to amendment, it read as follows:
“(1) Maximum dollar amount
“The aggregate amount of amortizable basis acquired during the taxable year which may be taken into account under subsection (a) for such taxable year shall not exceed $10,000 ($5,000 in the case of a separate return by a married individual (as defined in section 7703)).”
Subsec. (b)(2). Pub. L. 108-357, Sec. 322(c)(2), amended par. (2) by substituting “paragraph (1)(B)” for “paragraph (1)”.
Subsec. (b)(3)-(4). Pub. L. 108-357, Sec. 322(c)(1), struck par. (3) and (4). Before being struck, they read as follows:
“(3) Section not to apply to trusts
“This section shall not apply to trusts.
“(4) Estates
“The benefit of the deduction for amortization provided by this section shall be allowed to estates in the same manner as in the case of an individual. The allowable deduction shall be apportioned between the income beneficiary and the fiduciary under regulations prescribed by the Secretary. Any amount so apportioned to a beneficiary shall be taken into account for purposes of determining the amount allowable as a deduction under this section to such beneficiary.”
Subsec. (c)(2). Pub. L. 108-357, Sec. 322(b), amended par. (2) by inserting “which have not been taken into account under subsection (b)” after “expenditures”.
Subsec. (c)(4)-(5). Pub. L. 108-357, Sec. 322(c)(3), amended subsec. (c) by striking par. (4) and by adding par. (4) and (5). Prior to being struck, par. (4) read as follows:
“(4) Basis allocation
“If the amount of the amortizable basis acquired during the taxable year of all qualified timber property with respect to which the taxpayer has made an election under subsection (a) exceeds the amount of the limitation under subsection (b)(1), the taxpayer shall allocate that portion of such amortizable basis with respect to which a deduction is allowable under subsection (a) to each such qualified timber property in such manner as the Secretary may by regulations prescribe.”
1986--Subsec. (b)(1). Pub. L. 99-514 substituted “section 7703" for “section 143”.
1982--Subsec. (b)(2)(B). Pub. L. 97-354 substituted “Partnerships and S corporations” for “Partnerships” in heading, and inserted “A similar rule shall apply in the case of an S corporation and its shareholders.”
Amendments by Pub. L. 109-135, Sec. 403(i)(1), applicable as if included in the provisions of the American Jobs Creation Act of 2004 [Pub. L. 108-357, Sec. 322] to which they relate [Effective for expenditures paid or incurred after October 22, 2004].
Amendments by Pub. L. 108-357, Sec. 322, applicable to expenditures paid or incurred after October 22, 2004.
Section 301(d) of Pub. L. 96-451 provided that: “The amendments made by this section [enacting this section and amending sections 62 and 1245 of this title] shall apply with respect to additions to capital account made after December 31, 1979.”