Source: http://taxtv.com/code/00401-USCODE-2011-title26-subtitleA-chap1-subchapE-partII-subpartC-sec468/
Timestamp: 2017-06-28 02:10:12
Document Index: 620446023

Matched Legal Cases: ['§468', '§468', '§91', '§1807', '§11802', '§12', '§2', '§6901', '§1807', '§1807', '§1899']

IRC §468. Special rules for mining and solid waste reclamation and closing costs - TaxTV.com
IRC §468. Special rules for mining and solid waste reclamation and closing costs
If a taxpayer elects the application of this section with respect to any mining or solid waste disposal property, the amount of any deduction for qualified reclamation or closing costs for any taxable year to which such election applies shall be equal to the current reclamation or closing costs allocable to—
A reserve shall be increased each taxable year by an amount equal to the amount of interest which would have been earned during such taxable year on the opening balance of such reserve for such taxable year if such interest were computed—
There shall be allowed as a deduction for any taxable year the excess of—
In the case of any reserve for qualified reclamation costs, there shall be included in gross income for any taxable year an amount equal to the excess of—
In the case of any reserve for qualified closing costs, there shall be included in gross income for any taxable year an amount equal to the excess of—
Proper inclusion in income shall be made upon—
If a taxpayer makes an election under subsection (a)(1), the taxpayer shall establish with respect to the property for which the election was made—
The term “qualified reclamation or closing costs” means any of the following expenses:
Any expenses incurred for any land reclamation or closing activity which is conducted in accordance with a reclamation plan (including an amendment or modification thereof)—
(I) is submitted pursuant to the provisions of section 1 or 528 of the Surface Mining Control and Reclamation Act of 1977 (as in effect on January 1, 1984), and
(Added Pub. L. 98–369, div. A, title I, §91(b)(1), July 18, 1984, 98 Stat. 601; amended Pub. L. 99– 4, title XVIII, §§1807(a)(3)(A), (C), 1899A(14), Oct. 22, 1986, 100 Stat. 2811, 2959; Pub. L. 101–508, title XI, §11802(c), Nov. 5, 1990, 104 Stat. 1388–529.)
The Surface Mining Control and Reclamation Act of 1977, referred to in subsec. (d)(2)(A), is Pub. L. 95–87, Aug. 3, 1977, 91 Stat. 445, as amended. Title V of that Act is classified generally to subchapter V (§12 et seq.) of chapter 25 of Title 30, Mineral Lands and Mining. Sections 1 and 528 of that Act are classified to sections 1261 and 1278, respectively, of Title 30. For complete classification of this Act to the Code, see Short Title note set out under section 1201 of Title 30 and Tables.
The Solid Waste Disposal Act, referred to in subsec. (d)(2)(B)(i), is title II of Pub. L. 89–272, Oct. 20, 1965, 79 Stat. 997, as amended generally by Pub. L. 94–580, §2, Oct. 21, 1976, 90 Stat. 2795, which is classified generally to chapter 82 (§6901 et seq.) of Title 42, The Public Health and Welfare. For complete classification of this Act to the Code, see Short Title note set out under section 6901 of Title 42 and Tables.
1986—Subsec. (a)(1). Pub. L. 99– 4, §1807(a)(3)(C), substituted “this section” for “this subsection”.
Subsec. (a)(2)(D). Pub. L. 99– 4, §1807(a)(3)(A), added subpar. (D).
Subsec. (d)(2)(B)(ii). Pub. L. 99– 4, §1899A(14), substituted “Comprehensive Environmental Response, Compensation, and Liability Act of 1980” for “Comprehensive Environmental, Compensation, and Liability Act of 1980”.
Amendment by section 1807(a)(3)(A), (C) 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.