Source: https://law.justia.com/codes/us/2015/title-26/subtitle-a/chapter-1/subchapter-b/part-ix/sec.-271/
Timestamp: 2020-02-27 21:21:29
Document Index: 176305719

Matched Legal Cases: ['§ 271', '§2104', '§ 271', '§271', '§2104', '§2104']

26 U.S.C. § 271 (2015) - Debts owed by political parties, etc. :: Title 26 - Internal Revenue Code (Sections 1 - 9834) - US Code :: Justia
Justia US Law US Codes and Statutes US Code 2015 US Code Title 26 - Internal Revenue Code (Sections 1 - 9834) Subtitle A - Income Taxes (Sections 1 - 1564) Chapter 1 - Normal Taxes and Surtaxes (Sections 1 - 1400U-3) Subchapter B - Computation of Taxable Income (Sections 61 - 291) Part IX - Items Not Deductible (Sections 261 - 280H) Sec. 271 - Debts owed by political parties, etc.
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Chapter 1 - Normal Taxes and Surtaxes (Sections 1 - 1400U-3)
Subchapter B - Computation of Taxable Income (Sections 61 - 291)
Part IX - Items Not Deductible (Sections 261 - 280H)
Sec. 271 - Debts owed by political parties, etc.
Subchapter B - Computation of Taxable Income
PART IX - ITEMS NOT DEDUCTIBLE
Contains section 271
Source Credit Aug. 16, 1954, ch. 736, 68A Stat. 82; Pub. L. 94-455, title XXI, §2104(a), Oct. 4, 1976, 90 Stat. 1901.
Statutes at Large References 90 Stat. 1901, 1902
Public and Private Laws Public Law 94-455
26 U.S.C. § 271 (2015)
§271. Debts owed by political parties, etc.(a) General rule
In the case of a taxpayer (other than a bank as defined in section 581) no deduction shall be allowed under section 166 (relating to bad debts) or under section 165(g) (relating to worthlessness of securities) by reason of the worthlessness of any debt owed by a political party.
(b) Definitions(1) Political party
For purposes of subsection (a), the term "political party" means—
(A) a political party;
(B) a national, State, or local committee of a political party; or
(C) a committee, association, or organization which accepts contributions or makes expenditures for the purpose of influencing or attempting to influence the election of presidential or vice-presidential electors or of any individual whose name is presented for election to any Federal, State, or local elective public office, whether or not such individual is elected.
(2) Contributions
For purposes of paragraph (1)(C), the term "contributions" includes a gift, subscription, loan, advance, or deposit, of money, or anything of value, and includes a contract, promise, or agreement to make a contribution, whether or not legally enforceable.
(3) Expenditures
For purposes of paragraph (1)(C), the term "expenditures" includes a payment, distribution, loan, advance, deposit, or gift, of money, or anything of value, and includes a contract, promise, or agreement to make an expenditure, whether or not legally enforceable.
In the case of a taxpayer who uses an accrual method of accounting, subsection (a) shall not apply to a debt which accrued as a receivable on a bona fide sale of goods or services in the ordinary course of the taxpayer's trade or business if—
(1) for the taxable year in which such receivable accrued, more than 30 percent of all receivables which accrued in the ordinary course of the trades and businesses of the taxpayer were due from political parties, and
(2) the taxpayer made substantial continuing efforts to collect on the debt.
(Aug. 16, 1954, ch. 736, 68A Stat. 82; Pub. L. 94–455, title XXI, §2104(a), Oct. 4, 1976, 90 Stat. 1901.)
1976—Subsec. (c). Pub. L. 94–455 added subsec. (c).
Pub. L. 94–455, title XXI, §2104(b), Oct. 4, 1976, 90 Stat. 1902, provided that: "The amendment made by subsection (a) [amending this section] shall apply to taxable years beginning after December 31, 1975."