Source: https://irc.bloombergtax.com/public/uscode/doc/irc/section_56
Timestamp: 2019-10-18 23:28:48
Document Index: 615463138

Matched Legal Cases: ['§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56', '§ 56']

Internal Revenue Code, § 56. Adjustments In Computing Alternative Minimum Taxable Income
I.R.C. § 56(a) Adjustments Applicable To All Taxpayers —
I.R.C. § 56(a)(1) Depreciation
I.R.C. § 56(a)(1)(A) In General
I.R.C. § 56(a)(1)(A)(i) Property Other Than Certain Personal Property —
I.R.C. § 56(a)(1)(A)(ii) 150-Percent Declining Balance Method For Certain Property —
I.R.C. § 56(a)(1)(A)(ii)(I) —
I.R.C. § 56(a)(1)(A)(ii)(II) —
I.R.C. § 56(a)(1)(B) Exception For Certain Property —
I.R.C. § 56(a)(1)(C) Coordination With Transitional Rules
I.R.C. § 56(a)(1)(C)(i) In General —
I.R.C. § 56(a)(1)(C)(ii) Treatment Of Certain Property Placed In Service Before 1987 —
I.R.C. § 56(a)(1)(D) Normalization Rules —
I.R.C. § 56(a)(2) Mining Exploration And Development Costs
I.R.C. § 56(a)(2)(A) In General —
I.R.C. § 56(a)(2)(B) Loss Allowed —
I.R.C. § 56(a)(2)(B)(i) —
I.R.C. § 56(a)(2)(B)(ii) —
I.R.C. § 56(a)(3) Treatment Of Certain Long-Term Contracts —
I.R.C. § 56(a)(4) Alternative Tax Net Operating Loss Deduction —
I.R.C. § 56(a)(5) Pollution Control Facilities —
I.R.C. § 56(a)(6) Adjusted Basis —
I.R.C. § 56(a)(7) Section 87 Not Applicable —
I.R.C. § 56(b) Adjustments Applicable To Individuals —
I.R.C. § 56(b)(1) Limitation On Deductions
I.R.C. § 56(b)(1)(A) In General —
I.R.C. § 56(b)(1)(A)(i) —
I.R.C. § 56(b)(1)(A)(ii) —
I.R.C. § 56(b)(1)(B) Medical Expenses —
In determining the amount allowable as a deduction under section 213, subsection (a) of section 213 shall be applied without regard to subsection (f) of such section. This subparagraph shall not apply to taxable years beginning after December 31, 2016, and ending before January 1, 2019
I.R.C. § 56(b)(1)(C) Interest —
I.R.C. § 56(b)(1)(C)(i) —
I.R.C. § 56(b)(1)(C)(ii) —
I.R.C. § 56(b)(1)(C)(iii) —
I.R.C. § 56(b)(1)(C)(iv) —
I.R.C. § 56(b)(1)(D) Treatment Of Certain Recoveries —
I.R.C. § 56(b)(1)(E) Standard Deduction And Deduction For Personal Exemptions Not Allowed —
I.R.C. § 56(b)(1)(F) Section 68 Not Applicable —
I.R.C. § 56(b)(2) Circulation And Research And Experimental Expenditures
I.R.C. § 56(b)(2)(A) In General —
I.R.C. § 56(b)(2)(A)(i) —
I.R.C. § 56(b)(2)(A)(ii) —
I.R.C. § 56(b)(2)(B) Loss Allowed —
I.R.C. § 56(b)(2)(B)(i) —
I.R.C. § 56(b)(2)(B)(ii) —
I.R.C. § 56(b)(2)(C) Exception for Certain Research and Experimental Expenditures. —
I.R.C. § 56(b)(3) Treatment Of Incentive Stock Options —
I.R.C. § 56(c) Repealed —
[Repealed. Pub. L. 115-97, Sec. 12001(b)(8)(A), Dec. 22, 2017.]
I.R.C. § 56(d) Alternative Tax Net Operating Loss Deduction Defined
I.R.C. § 56(d)(1) In General —
I.R.C. § 56(d)(1)(A) —
I.R.C. § 56(d)(1)(A)(i) —
I.R.C. § 56(d)(1)(A)(i)(I) —
the amount of such deduction attributable to net operating losses (other than the deduction described in clause (ii)(I), or
I.R.C. § 56(d)(1)(A)(i)(II) —
I.R.C. § 56(d)(1)(A)(ii) —
I.R.C. § 56(d)(1)(A)(ii)(I) —
the amount of such deduction attributable to an applicable net operating loss with respect to which an election is made under section 172(b)(1)(H) (as in effect before its repeal by the Tax Increase Prevention Act of 2014), or
I.R.C. § 56(d)(1)(A)(ii)(II) —
I.R.C. § 56(d)(1)(B) —
I.R.C. § 56(d)(1)(B)(i) —
I.R.C. § 56(d)(1)(B)(ii) —
I.R.C. § 56(d)(2) Adjustments To Net Operating Loss Computation
I.R.C. § 56(d)(2)(A) Post-1986 Loss Years —
I.R.C. § 56(d)(2)(A)(i) —
I.R.C. § 56(d)(2)(A)(ii) —
I.R.C. § 56(d)(2)(B) Pre-1987 Years —
I.R.C. § 56(e) Qualified Housing Interest —
I.R.C. § 56(e)(1) In General —
I.R.C. § 56(e)(1)(A) —
I.R.C. § 56(e)(1)(B) —
I.R.C. § 56(e)(2) Qualified Dwelling —
I.R.C. § 56(e)(2)(A) —
I.R.C. § 56(e)(2)(B) —
I.R.C. § 56(e)(2)(C) —
I.R.C. § 56(e)(2)(D) —
mobile home not used on a transient basis (within the meaning of section 7701(a)(19)(C)(v)), including all structures or other property appurtenant thereto.
I.R.C. § 56(e)(3) Special Rule For Indebtedness Incurred Before July 1, 1982 —
I.R.C. § 56(e)(3)(A) —
I.R.C. § 56(e)(3)(B) —
I.R.C. § 56(e)(3)(B)(i) —
I.R.C. § 56(e)(3)(B)(ii) —
I.R.C. § 56(f) Repealed —
[Repealed Pub. L. 101-508, Sec. 11801(a)(3), Nov. 5, 1990, 104 Stat. 1388.]
I.R.C. § 56(g) Repealed —
[Repealed. Pub. L. 115-97, Sec. 12001(b)(8)(A), Dec. 22, 2017, 131 Stat. 2054.]
(Added by Pub. L. 99-514, title VII, Sec. 701(a), Oct. 22, 1986, 100 Stat. 2322, and amended by Pub. L. 100-203, title X, Sec. 10202(d), 10243(a), Dec. 22, 1987, 101 Stat. 1330-392, 1330-423; Pub. L. 100-647, title I, Sec. 1002(a)(12), 1007(b)(1)-(14)(A), (15)-(19), title II, Sec. 2001(c)(3)(A), 2004(b)(2), (3), title V, Sec. 5041(b)(4), title VI, Sec. 6079(a)(1), 6303(a), Nov. 10, 1988, 102 Stat. 3355, 3428-3432, 3594, 3599, 3674, 3709, 3755; Pub. L. 101-239, title VII, Sec. 7205(b), 7611(a)-(f)(4), 7612(c)(1), (d)(1), 7811(d)(3), 7815(e)(2), (4),7821(a)(5), Dec. 19, 1989, 103 Stat. 2335, 2371-2374, 2408, 2419, 2424; Pub. L. 101-508, title XI, Sec. 11103(b), 11301(b), 11531(a), (b)(1), 11704(a)(1), 11801(a)(3), (c)(2)(A)-(C), (9)(G), 11812(b)(4), Nov. 5, 1990, 104 Stat. 1388-406, 1388-449, 1388-488, 1388-490, 1388-518, 1388-520, 1388-522, 1388-523, 1388-526, 1388-535; Pub. L. 102-486, title XIX, Sec. 1915(b)(2), Oct. 24, 1992, 106 Stat. 2776; 3024; Pub. L. 103-66, title XIII, Sec. 13115(a), 13171(b), 13227(c), Aug. 10, 1993, 107 Stat. 312; Pub. L. 104-188, title I, Aug. 20, 1996, 110 Stat. 1755; Pub. L. 104-188, title XVI, XVII, Sec. 1601(b)(2)(c), (c)(2)-(3), 1702(c)(1), (e)(1)(B), (g)(4), 1704(t)(1), Aug. 20, 1996, 110 Stat 1883; 1869, 1870, 1873, 1887; Pub. L. 105-34, title III, IV, XII, Sec. 312(d)(1), 402, 403(a), 1212(a), Aug. 5, 1997, 111 Stat 788; Pub. L. 105-277, title IV, Sec. 4006(c), Oct. 21, 1998, 112 Stat 2681; Pub. L. 106-519, Sec. 4(1), Nov. 15, 2000; Pub. L. 106-554, Sec. 314, Dec. 21, 2000, 114 Stat. 2763; Pub. L. 107-147, title I, IV, Sec. 102(c)(1), 417(5), Mar. 9, 2002, 116 Stat. 21; Pub. L. 108-173, title XII, Sec. 1202(b), Dec. 8, 2003, 117 Stat. 2066; Pub. L. 108-311, title IV, Sec. 403(b), Oct. 4, 2004, 118 Stat. 1166; Pub. L. 108-357, title 1, IV, 835, Sec. 101(b)(4), 102(b), 422(b), 835(b)(1), Oct. 22, 2004, 118 Stat. 1418; Pub. L. 109-58, title XIII, Sec. 1326(d), Aug. 8, 2005, 119 Stat. 594; Pub. L. 109-135, title IV, Sec. 403(a)(14), 403(r)(2), Dec. 21, 2005, 119 Stat. 2577; Pub. L. 109-304, Sec. 17(e)(1), Oct. 6, 2006, 120 Stat. 1485; Pub. L. 110-172, Sec. 11(g)(1), 11(g)(2), Dec. 29, 2007, 121 Stat. 2473; Pub. L. 110-289, div. C, title I, Sec. 3022(a)(2), July 30, 2008, 122 Stat. 2654; Pub. L. 110-343, div. C, title VII, Sec. 706(b)(3), 708(c), Oct. 3, 2008, 122 Stat. 3765; Pub. L. 111-5, div. B, title I, Sec. 1008(d), 1503(b), Feb. 17, 2009, 123 Stat. 115; Pub. L. 111-92, Sec. 13(b), Nov. 6, 2009, 123 Stat. 2984; Pub. L. 111-148, Sec. 9013(c), Mar. 23, 2010, 124 Stat. 119; Pub. L. 113-295, Div. A, title II, Sec. 215(b), 221(a)(9), 221(a)(25)(B), 221(a)(30)(C), Dec. 19, 2014, 128 Stat. 4010; Pub. L. 115-97, title I, Sec. 11027(b), 12001(b)(7), (8)(A), Dec. 22, 2017, 131 Stat. 2054; Pub. L. 115-141, Div. U, title IV, Sec. 401(b)(7)–(8), Mar. 23, 2018, 132 Stat. 348.)
2018--Subsec. (b)(1)(E). Pub. L. 115-141, Div. U, Sec. 401(b)(7), amended subpar. (E) by striking the last sentence “The preceding sentence shall not apply to so much of the standard deduction as is determined under subparagraphs (D) and (E) of section 63(c)(1).”.
Subsec. (d)(1)(A)(ii)(I). Pub. L. 115-141, Div. U, Sec. 401(b)(8), amended subclause (I) by inserting “(as in effect before its repeal by the Tax Increase Prevention Act of 2014)” after “section 172(b)(1)(H)”.
2017--Subsec. (b)(1)(B). Pub. L. 115-97, Sec. 11027(b), amended subpar. (B) by adding the sentence at the end.
Subsec. (b)(2)(C). Pub. L. 115-97, Sec. 12001(b)(7), amended par. (2) by striking subpar. (C) and by redesignating subpar. (D) as subpar. (C). Before amendment, subpar. (C) read as follows:
“(C) Special Rule For Personal Holding Companies.—In the case of circulation expenditures described in section 173, the adjustments provided in this paragraph shall apply also to a personal holding company (as defined in section 542).”
Subsec. (c). Pub. L. 115-97, Sec. 12001(b)(8)(A), struck subsec. (c). Before amendment, it read as follows:
“(c) Adjustments Applicable To Corporations
“(1) Adjustment For Adjusted Current Earnings.—Alternative minimum taxable income shall be adjusted as provided in subsection (g).
“(2) “Merchant Marine Capital Construction Funds.—In the case of a capital construction fund established under chapter 535 of title 46, United States —
“(A) subparagraphs (A), (B), and (C) of section 7518(c)(1) (and the corresponding provisions of such chapter 535) shall not apply to—
“(i) any amount deposited in such fund after December 31, 1986, or
“(ii) any earnings (including gains and losses) after December 31, 1986, on amounts in such fund, and
“(B) no reduction in basis shall be made under section 7518(f) (or the corresponding provisions of such chapter 535) with respect to the withdrawal from the fund of any amount to which subparagraph (A) applies.
“For purposes of this paragraph, any withdrawal of deposits or earnings from the fund shall be treated as allocable first to deposits made before (and earnings received or accrued before) January 1, 1987.
“(3) Special Deduction For Certain Organizations Not Allowed.—The deduction determined under section 4833(b) shall not be allowed.”
Subsec. (g). Pub. L. 115-97, Sec. 12001(b)(8)(A), struck subsec. (g). Before amendment, it read as follows:
“(g) Adjustments Based On Adjusted Current Earnings
“(1) In General.—The alternative minimum taxable income of any corporation for any taxable year shall be increased by 75 percent of the excess (if any) of—
“(A) the adjusted current earnings of the corporation, over
“(B) the alternative minimum taxable income (determined without regard to this subsection and the alternative tax net operating loss deduction).
“(2) Allowance Of Negative Adjustments
“(A) In General.—The alternative minimum taxable income for any corporation of any taxable year beginning after 1989, shall be reduced by 75 percent of the excess (if any) of—
“(i) the amount referred to in subparagraph (B) of paragraph (1), over
“(ii) the amount referred to in subparagraph (A) of paragraph (1).
“(B) Limitation.—The reduction under subparagraph (A) for any taxable year shall not exceed the excess (if any) of—
“(i) the aggregate increases in alternative minimum taxable income under paragraph (1) for prior taxable years, over
“(ii) the aggregate reductions under subparagraph (A) of this paragraph for prior taxable years.
“(3) Adjusted Current Earnings.—For purposes of this subsection, the term “adjusted current earnings” means the alternative minimum taxable income for the taxable year—
“(A) determined with the adjustments provided in paragraph (4), and
“(B) determined without regard to this subsection and the alternative tax net operating loss deduction.
“(4) Adjustments.—In determining adjusted current earnings, the following adjustments shall apply:
“(A) Depreciation
“(i) Property Placed In Service After 1989.—The depreciation deduction with respect to any property placed in service in a taxable year beginning after 1989 shall be determined under the alternative system of section 168(g). The preceding sentence shall not apply to any property placed in service after December 31, 1993, and the depreciation deduction with respect to such property shall be determined under the rules of subsection (a)(1)(A).
“(ii) Property To Which New ACRS System Applies.—In the case of any property to which the amendments made by section 201 of the Tax Reform Act of 1986 apply and which is placed in service in a taxable year beginning before 1990, the depreciation deduction shall be determined—
“(I) by taking into account the adjusted basis of such property (as determined for purposes of computing alternative minimum taxable income) as of the close of the last taxable year beginning before January 1, 1990, and
“(II) by using the straight-line method over the remainder of the recovery period applicable to such property under the alternative system of section 168(g).
“(iii) Property To Which Original ACRS System Applies.—In the case of any property to which section 168 (as in effect on the day before the date of the enactment of the Tax Reform Act of 1986 and without regard to subsection (d)(1)(A)(ii) thereof) applies and which is placed in service in a taxable year beginning before 1990, the depreciation deduction shall be determined—
“(I) by taking into account the adjusted basis of such property (as determined for purposes of computing the regular tax) as of the close of the last taxable year beginning before January 1, 1990, and
“(II) by using the straight line method over the remainder of the recovery period which would apply to such property under the alternative system of section 168(g).
“(iv) Property Placed In Service Before 1981.—In the case of any property not described in clause (i), (ii), or (iii), the amount allowable as depreciation or amortization with respect to such property shall be determined in the same manner as for purposes of computing taxable income.
“(v) Special Rule For Certain Property.—In the case of any property described in paragraph (1), (2), (3), or (4) of section 168(f), the amount of depreciation allowable for purposes of the regular tax shall be treated as the amount allowable under the alternative system of section 168(g).
“(B) Inclusion Of Items Included For Purposes Of Computing Earnings And Profits
“(i) In General.—In the case of any amount which is excluded from gross income for purposes of computing alternative minimum taxable income but is taken into account in determining the amount of earnings and profits—
“(I) such amount shall be included in income in the same manner as if such amount were includible in gross income for purposes of computing alternative minimum taxable income, and
“(II) the amount of such income shall be reduced by any deduction which would have been allowable in computing alternative minimum taxable income if such amount were includible in gross income.
“The preceding sentence shall not apply in the case of any amount excluded from gross income under section 108 (or the corresponding provisions of prior law). In the case of any insurance company taxable under section 831(b), this clause shall not apply to any amount not described in section 834(b) or under section 139A.
“(ii) Inclusion Of Buildup In Life Insurance Contracts.—In the case of any life insurance contract—
“(I) the income on such contract (as determined under section 7702(g)) for any taxable year shall be treated as includible in gross income for such year, and
“(II) there shall be allowed as a deduction that portion of any premium which is attributable to insurance coverage.
“(iii) Tax Exempt Interest On Certain Housing Bonds.—Clause (i) shall not apply in the case of any interest on a bond to which section 57(a)(5)(C)(iii) applies.
“(iv) Tax Exempt Interest On Bonds Issued In 2009 And 2010
“(I) In General.—Clause (i) shall not apply in the case of any interest on a bond issued after December 31, 2008, and before January 1, 2011.
“(II) Treatment Of Refunding Bonds.—For purposes of subclause (I), a refunding bond (whether a current or advance refunding) shall be treated as issued on the date of the issuance of the refunded bond (or in the case of a series of refundings, the original bond).
“(III) Exception For Certain Refunding Bonds.—Subclause (II) shall not apply to any refunding bond which is issued to refund any bond which was issued after December 31, 2003, and before January 1, 2009.
“(C) Disallowance Of Items Not Deductible In Computing Earnings And Profits
“(i) In General.—A deduction shall not be allowed for any item if such item would not be deductible for any taxable year for purposes of computing earnings and profits.
“(ii) Special Rule For Certain Dividends
“(I) In General.—Clause (i) shall not apply to any deduction allowable under section 243 or 245 for any dividend which is a 100-percent dividend or which is received from a 20-percent owned corporation (as defined in section 243(c)(2)), but only to the extent such dividend is attributable to income of the paying corporation which is subject to tax under this chapter determined after the application of sections 30A, 936 (including subsections (a)(4) and (i) thereof) and 921 (as in effect before its repeal by the FSC Repeal and Extraterritorial Income Exclusion Act of 2000).
“(II) 100-Percent Dividend.—For purposes of subclause (I), the term “100 percent dividend” means any dividend if the percentage used for purposes of determining the amount allowable as a deduction under section 243 or 245 with respect to such dividend is 100 percent.
“(iii) Treatment Of Taxes On Dividends From 936 Corporations
“(I) In General.—For purposes of determining the alternative minimum foreign tax credit, 75 percent of any withholding or income tax paid to a possession of the United States with respect to dividends received from a corporation eligible for the credit provided by section 936 shall be treated as a tax paid to a foreign country by the corporation receiving the dividend.
“(II) Limitation.—If the aggregate amount of the dividends referred to in subclause (I) for any taxable year exceeds the excess referred to in paragraph (1), the amount treated as tax paid to a foreign country under subclause (I) shall not exceed the amount which would be so treated without regard to this subclause multiplied by a fraction the numerator of which is the excess referred to in paragraph (1) and the denominator of which is the aggregate amount of such dividends.
“(III) Treatment Of Taxes Imposed On 936 Corporation.—For purposes of this clause, taxes paid by any corporation eligible for the credit provided by section 936 to a possession of the United States shall be treated as a withholding tax paid with respect to any dividend paid by such corporation to the extend such taxes would be treated as paid by the corporation receiving the dividend under rules similar to the rules of section 902 (and the amount of any such dividend shall be increased by the amount so treated).
“(IV) Separate Application Of Foreign Tax Credit Limitations.—In determining the alternative minimum foreign tax credit, section 904(d) shall be applied as if dividends from a corporation eligible for the credit provided by section 936 were a separate category of income referred to in a subparagraph of section 904(d)(1).
“(V) Coordination With Limitation
“On 936 Credit.—Any reference in this clause to a dividend received from a corporation eligible for the credit provided by section 936 shall be treated as a reference to the portion of any such dividend for which the dividends received deduction is disallowed under clause (i) after the application of clause (ii)(I).
“(VI) Application To Section 30A Corporations.—References in this clause to section 936 shall be treated as including references to section 30A.
“(iv) Special Rule For Certain Dividends Received By Certain Cooperatives.—In the case of an organization to which part I of subchapter T (relating to tax treatment of cooperatives) applies which is engaged in the marketing of agricultural or horticultural products, clause (i) shall not apply to any amount as a deduction under section 245(c).
“(v) Deduction For Domestic Production.—Clause (i) shall not apply to any amount allowable as a deduction under section 199.
“(vi) Special Rule For Certain Distributions
“From Controlled Foreign Corporations.—Clause (i) shall not apply to any deduction allowable under section 965.
“(D) Certain Other Earnings And Profits Adjustments
“(i) Intangible Drilling Costs.—The adjustments provided in section 312(n)(2)(A) shall apply in the case of amounts paid or incurred in taxable years beginning after December 31, 1989. In the case of a taxpayer other than an integrated oil company (as defined in section 291(b)(4)), in the case of any oil or gas well, this clause shall not apply in the case of amounts paid or incurred in taxable years beginning after December 31, 1992.
“(ii) Certain Amortization Provisions Not To Apply.—Sections 173 and 248 shall not apply to expenditures paid or incurred in taxable year beginning after December 31, 1989.
“(iii) LIFO Inventory Adjustments.—The adjustments provided in section 312(n)(4) shall apply, but only with respect to taxable years beginning after December 31, 1989.
“(iv) Installment Sales.—In the case of any installment sale in a taxable year beginning after December 31, 1989, adjusted current earnings shall be computed as if the corporation did not use the installment method. The preceding sentence shall not apply to the applicable percentage (as determined under section 453A) of the gain from any installment sale with respect to which section 453A(a)(1) applies.
“(E) Disallowance Of Loss On Exchange Of Debt Pools.—No loss shall be recognized on the exchange of any pool of debt obligations for another pool of debt obligations having substantially the same effective interest rates and maturities.
“(F) Depletion
“(i) In General.—The allowance for depletion with respect to any property placed in service in a taxable year beginning after December 31, 1989, shall be cost depletion determined under section 611.
“(ii) Exception For Independent Oil And Gas Producers And Royalty Owners.—Clause (i) (and subparagraph (C)(i)) shall not apply to any deduction for depletion computed in accordance with section 613A(c).
“(G) Treatment Of Certain Ownership Changes.—If—
“(i) there is an ownership change (within the meaning of section 382) after the date of the enactment of the Tax Reform Act of 1986 with respect to any corporation, and
“(ii) there is a net unrealized built-in loss (within the meaning of section 382(h)) with respect to such corporation,
“then the adjusted basis of each asset of such corporation (immediately after the ownership change) shall be its proportionate share (determined on the basis of respective fair market values) of the fair market value of the assets of such corporation (determined under section 382(h)) immediately before the ownership change.
“(H) Adjusted Basis.—The adjusted basis of any property with respect to which an adjustment under this paragraph applies shall be determined by applying the treatment prescribed in this paragraph.
“(I) Treatment Of Charitable Contributions.—Notwithstanding subparagraphs (B) and (C), no adjustment related to the earnings and profits effects of any charitable contribution shall be made in computing adjusted current earnings.
“(5) Other Definitions.—For purposes of paragraph (4)—
“(A) Earnings And Profits.—The term “earnings and profits” means earnings and profits computed for purposes of subchapter C.
“(B) Treatment Of Alternative Minimum Taxable Income.—The treatment of any item for purposes of computing alternative minimum taxable income shall be determined without regard to this subsection.
“(6) Exception For Certain Corporations.—This subsection shall not apply to any S corporation, regulated investment company, real estate investment trust, or REMIC.”
2014 — Subsec. (b)(1)(C)(iii)-(v). Pub. L. 113-295, Div. A, title 221(a)(25)(B), amended subpar. (C) by striking clause (ii) and by redesignating clauses (iii)-(v) as clauses (ii)-(iv), respectively. Before being struck, it read as follows:
“(ii) sections 163(d)(6) and 163(h)(5)) (relating to phase-ins) shall not apply,”.
Subsec. (d)(3). Pub. L. 113-295, Div. A, Sec. 221(a)(30)(C), amended subsec. (d) by striking par. (3). Before being struck, it read as follows:
“(3) Net Operating Loss Attributable To Federally Declared Disasters.—In the case of a taxpayer which has a qualified disaster loss (as defined by section 172(b)(1)(J)) for the taxable year, paragraph (1) shall be applied by increasing the amount determined under subparagraph (A)(ii)(I) thereof by the sum of the carrybacks and carryovers of such loss.”
Subsec. (g)(4)(C)(iv). Pub. L. 113-295, Div. A, Sec. 215(b), amended clause (iv) by substituting “an organization to which part I of subchapter T (relating to tax treatment of cooperatives) applies which is engaged in the marketing of agricultural or horticultural products” for “a cooperative described in section 927(a)(4)”.
Subsec. (g)(4)(F)(ii). Pub. L. 113-295, Div. A, Sec. 221(a)(9), amended clause (ii) by substituting “Clause” for “In the case of any taxable year beginning after December 31, 1992, clause”.
2010--Subsec. (b)(1)(B). Pub. L. 111-148, Sec. 9013(c), amended subpar. (B) by substituting “without regard to subsection (f) of such section” for “10 percent” for “7.5 percent”.
2009--Subsec. (d)(1)(A)(ii)(I). Pub. L. 111-92, Sec. 13(b), amended subpar. (I). Before amendment, it read as follows:
“(I) the amount of such deduction attributable to the sum of carrybacks of net operating losses from taxable years ending during 2001 or 2002 and carryovers of net operating losses to taxable years ending during 2001 and 2002, or”.
Subsec. (b)(1)(E). Pub. L. 111-5, Div. B, Sec. 1008(d), amended subpar. (E) by substituting “subparagraphs (D) and (E) of section 63(c)(1)” for “section 63(c)(1)(D)”.
Subsec. (g)(4)(B)(iv). Pub. L. 111-5, Div. B, Sec. 1503(b), amended subpar. (B) by adding clause (iv).
2008--Subsec. (b)(1)(E). Pub. L. 110-343, Div. C, Sec. 706(b)(3), amended subpar. (E) by adding the sentence at the end.
Subsec. (d)(3). Pub. L. 110-343, Div. C, Sec. 708(c), amended subsec. (D) by adding par. (3).
Subsec. (g)(4)(B)(iii). Pub. L. 110-289, Sec. 3022(a)(2), amended subpar. (B) by adding clause (iii).
2007--Subsec. (g)(4)(C)(ii)(I). Pub. L. 110-172, Sec. 11(g)(1), amended subclause (I) by substituting “921 (as in effect before its repeal by the FSC Repeal and Extraterritorial Income Exclusion Act of 2000)” for “921”.
Subsec. (g)(4)(C)(iv). Pub. L. 110-172, Sec. 11(g)(2), amended clause (iv) by substituting “an organization to which part I of subchapter T (relating to tax treatment of cooperatives) applies which is engaged in the marketing of agricultural or horticultural products” for “a cooperative described in section 927(a)(4)”. Note that the instructions in Pub. L. 110-172, Sec. 11(g)(2) directed that this change be made to Sec. 54(g)(4)(C)(iv), but that Sec. 54(g)(4)(C)(iv) does not exist. It appears to be a typographical error.
2006--Subsec. (c)(2). Pub. L. 109-304, Sec. 17(e)(1)(A), amended par. (2) by substituting “chapter 535 of title 46, United States Code” for “section 607 of the Merchant Marine Act, 1936 (46 U.S.C. 1177)”.
Subsec. (c)(2)(A)-(B). Pub. L. 109-304, Sec. 17(e)(1)(B), amended subpar. (A) and (B) by substituting “such chapter 535” for “such section 607”.
2005--Subsec. (b)(1)(A)(ii). Pub. L. 109-135, Sec. 403(r)(2), amended clause (ii) by inserting “or clause (ii) of section 164(b)(5)(A)" before the period at the end.
Subsec. (d)(1)(A)(i)(II). Pub. L. 109-135, Sec. 403(a)(14), amended subclause (II) by substituting “such deduction and the deduction under section 199” for “such deduction”.
Subsec. (d)(1)(A)(ii)(II). Pub. L. 109-135, Sec. 403(a)(14), amended subclause (II) by substituting “such deduction and the deduction under section 199” for “such deduction”.
Subsec. (a)(1)(B). Pub. L. 109-58, Sec. 1326(d), amended subpar. (B) by inserting “, or in section 168(e)(3)(C)(iv)" before the period.
2004--Subsec. (g)(4)(B)(i). Pub. L. 108-357, Sec. 101(b)(4), amended clause (i) by striking “or 114”.
Subsec. (g)(4)(C)(v). Pub. L. 108-357, Sec. 102(b), amended subpar. (C) by adding clause (v).
Subsec. (g)(4)(C)(vi). Pub. L. 108-357, Sec. 422(b), amended subpar. (C) by adding clause (vi).
Subsec. (g)(6). Pub. L. 108-357, Sec. 835(b)(1), amended par. (6) by substituting “or REMIC” for “REMIC, or FASIT”.
Subsec. (d)(1)(A)(i)(I). Pub. L. 108-311, Sec. 403(b)(4)(A), amended subclause (I) by striking “attributable to carryovers” after “other than the deduction”.
Subsec. (d)(1)(A)(ii)(I). Pub. L. 108-311, Sec. 403(b)(4)(B), amended subclause (I) by substituting “from taxable years” for “for taxable years” and by substituting “carryovers” for “carryforwards”.
2003--Subsec. (g)(4)(B). Pub. L. 108-173, Sec. 1202(b), amended subpar. (B) by inserting “or 139A” after “section 114”.
2002--Subsec. (a)(1)(A). Pub. L. 107-147, Sec. 417(5), amended subpar. (A) by substituting “such section 1250” for “such 1250” in the flush sentence after clause (ii).
Subsec. (d)(1)(A). Pub. L. 107-147, Sec. 102(c)(1), amended subpar. (A). Before amendment it read as follows:
“(A) the amount of such deduction shall not exceed 90 percent of alternate minimum taxable income determined without regard to such deduction, and”.
2000--Subsec. (a)(1)(A)(ii). Pub. L. 106-554, Sec. 314(d), amended clause (ii) by inserting the parenthetical language immediately before “or to any other property”.
2000--Subsec. (g)(4)(B)(i). Pub. L. 106-519, Sec. 4(1), amended clause (i) by adding “or under section 114” before the period.
1998--Subsec. (a)(3). Pub. L 105-277, Sec. 4006(c)(2), amended par. (3) by substituting “section 460(b)(1)” for “section 460(b)(2)” and “section 460(b)(3)” for “section 460(b)(4)”.
1997--Subsec. (a)(1)(A)(i). Pub. L. 105-34, Sec. 402(a), amended clause (I) by adding a sentence at the end.
Subsec. (a)(5). Pub. L. 105-34, Sec. 402(b), amended par. (5) by adding a sentence at the end.
Subsecs. (a)(6)-(8). Pub. L. 105-34, Sec. 403(a), struck par. (6) and redesignated pars. (7) and (8) as pars. (6) and (7) respectively. Prior to amendment it read as follows:
“(6) Installment sales of certain property
In the case of any disposition after March 1, 1986, of any property described in section 1221(1), income from such disposition shall be determined without regard to the installment method under section 453. This paragraph shall not apply to any disposition with respect to which an election is in effect under section 453(l)(2)(B).”
Subsec. (e)(1)(A). Pub. L. 105-34, Sec. 312(d)(1), amended subpar. (A) by substituting “section 121” for “section 1034”.
Subsec. (e)(3)(B)(i). Pub. L. 105-34, Sec. 312(d)(1), amended clause (I) by substituting “section 121” for “section 1034”.
Subsec. (g)(4)(B)(i). Pub. L. 105-34, Sec. 1212(a), amended clause (I) by adding a sentence at the end.
1996--Subsec. (d)(1)(B)(ii). Pub. L. 104-188, Sec. 1702(e)(1)(A), amended clause (ii). Before amendment, clause (ii) read as follows: “(ii) in the case of taxable years beginning after December 31, 1986, section 172(b)(2) shall be applied by substituting “90 percent of alternative minimum taxable income determined without regard to the alternative tax net operating loss deduction” for “taxable income" each place it appears.”
Subsec. (g)(4)(C)(ii). Pub. L. 104-188, Sec. 1601(b)(2)(B), amended clause (ii) by adding “30A” before “936”. Sec. 1601(b)(2)(C), added a new clause (IV) to read as above. Sec. 1702(g)(4), amended subclause (D)(iii) by adding before the period at the end thereof “, but only with respect to taxable years beginning after December 31, 1989”.
Subsec. (g)(4)(C)(iii). Pub. L. 104-188, Sec. 1601(b)(2)(C), Added at the end a new subclause (VI).
Subsec. (g)(6). Pub. L. 104-188, Sec. 1621(b)(2), struck “or REMIC” in subsec. (g)(6), and inserted “REMIC, or FASIT”,
Subsec. (g)(4). Pub. L. 104-188, Sec. 1702(c)(1), redesignated subparagraphs (I) and (J) as subparagraphs (H) and (I).
Subsec. (g)(4)(D)(iii). Pub. L. 104-188, Sec. 1702(g)(4), inserted “, but only with respect to taxable years beginning after December 31. 1989” before the period at the end thereof.
Sec. (g)(4)(C)(ii)(II). Pub. L. 104-188, Sec. 1704(t)(1), struck “of the subclause” and inserted “of subclause”.
1993--Subsec. (g)(4)(A)(i). Pub. L. 103-66, Section 13115(a) amended clause (i) by adding at the end thereof the following new sentence: “The preceding sentence shall not apply to any property placed in service after December 31, 1993, and the depreciation deduction with respect to such property shall be determined under the rules of subsection (a)(1)(A).”.
Subsec. (g)(4)(C)(ii)(I). Pub. L. 103-66, Section 13227(c)(1), amended subclause (I) by striking “sections 936 and 921” and inserting “sections 936 (including subsections (a)(4) and (i) thereof) and 921”.
Subsec. (g)(4)(C)(iii). Pub. L. 103-66, Section 13227(c)(2), amended clause (iii) by adding at the end thereof new subclauses (IV) and (V).
Subsec. (g)(4)(J). Pub. L. 103-66, Section 13171(b), amended paragraph (4) by adding at the end thereof a new subparagraph (J).
1992--Subsec. (d)(1)(A). Pub. L. 102-486, Section 1915(c) amended and revised section 56(d)(1)(A), which prior to amendment read as follows:
“(A) the amount of such deduction shall not exceed the excess (if any) of --
“(ii) the deduction under subsection (h), and”
Subsec. (g)(4)(D)(i). Pub. L. 102-486, Section 1915(b), amended clause (i) by adding at the end a new sentence.
Subsec. (g)(4)(D)(i). Pub. L. 102-486, Sec. 1915(b)(2), added at the end a new sentence.
Subsec. (g)(4)(F). Pub. L. 102-486, Section 1915(a) amended subparagraph (F) by revising the format and adding clause (ii). Prior to amendment subparagraph (F) read as follows:
“(F) DEPLETION. The allowance for depletion with respect to any property placed in service in a taxable year beginning after 1989 shall be cost depletion determined under section 611.”
Subsec. (h). Pub. L. 102-486, Section 1915(c)(1), struck subsection (h), which prior to being stricken read as follows:
“(h) ADJUSTMENT BASED ON ENERGY PREFERENCES.
“In computing the alternative minimum taxable income of any taxpayer other than an integrated oil company for any taxable year beginning after 1990, there shall be allowed as a deduction an amount equal to the lesser of--
“(A) the alternative tax energy preference deduction, or
“(B) 40 percent of alternative minimum taxable income.
“(2) Phase-out of deduction as oil prices increase.
“The amount of the deduction under paragraph (1) (determined without regard to this paragraph) shall be reduced (but not below zero) by the amount which bears the same ratio to such amount as--
“(A) the excess of the reference price of crude oil for the calendar year preceding the calendar year in which the taxable year begins over $28, bears to
“(B) $6.
“For purposes of this paragraph, the reference price for any calendar year shall be determined under section 29(d)(2)(C) and the $28 amount under subparagraph (A) shall be adjusted at the same time and in the same manner as under section 43(b)(3).
“(3) Alternative tax energy preference deduction.
“For purposes of paragraph (1), the term “alternative tax energy preference deduction” means an amount equal to the sum of--
“(A) in the case of the intangible drilling cost preference, an amount equal to the sum of--
“(i) 75 percent of the portion of the intangible drilling cost preference attributable to qualified exploratory costs, plus
“(ii) 15 percent of the excess (if any) of--
“(I) the intangible drilling cost preference, over
“(II) the portion of the intangible drilling cost preference attributable to qualified exploratory costs, plus
“(B) 50 percent of the marginal production depletion preference.
“(4) Intangible drilling cost preference.
“The term “intangible drilling cost preference” means the amount by which alternative minimum taxable income would be reduced if it were computed without regard to section 57(a)(2) and subsection (g)(4)(D)(i).
“(B) Portion attributable to qualified exploratory costs.
“For purposes of subparagraph (A), the portion of the intangible drilling cost preference attributable to qualified exploratory costs is an amount which bears the same ratio to the intangible drilling cost preference as--
“(i) the qualified exploratory costs of the taxpayer for the taxable year, bear to
“(ii) the total intangible drilling and development costs with respect to which the taxpayer may make an election under section 263(c) for the taxable year.
“(5) Marginal production depletion preference.
“For purposes of this subsection, the term “marginal production depletion preference” means the amount by which alternative minimum taxable income would be reduced if it were computed as if section 57(a)(1) and subsection (g)(4)(G) did not apply to any allowance for depletion determined under section 613A(c)(6).
“(6) Qualified exploratory costs.
“The term “qualified exploratory costs” means intangible drilling and development costs of a taxpayer other than an integrated oil company which--
“(i) the taxpayer may elect to deduct as expenses under section 263(c), and
“(ii) are paid or incurred in connection with the drilling of an exploratory well located in the United States (within the meaning of section 638(l)).
“(B) Exploratory well.
“The term “exploratory well" means any of the following oil or gas wells:
“(i) An oil or gas well which is completed (or if not completed, with respect to which drilling operations cease) before the completion of any other well which--
“(I) is located within 1.25 miles from the well, and
“(II) is capable of production in commercial quantities.
“(ii) An oil or gas well which is not described in clause (i) but which has a total depth which is at least 800 feet below the deepest completion depth of any well within 1.25 miles which is capable of production in commercial quantities.
“(iii) An oil or gas well capable of production in commercial quantities which is not described in clause (i) or (ii) but which is completed into a new reservoir, except that this clause shall not apply to a gas well if the gas is produced (or to be produced) from Devonian shale, coal seams, or a tight formation (determined in a manner similar to the manner under section 29(c)(2)).
“A well shall not treated as an exploratory well unless the operator submits to the Secretary (at such time and in such manner as the Secretary may provide) a certification from a petroleum engineer that the well is described in one of the preceding clauses.
“(C) Certain costs not included.
“The term “qualified exploratory costs” shall not include any cost paid or incurred--
“(i) in constructing, acquiring, transporting, erecting, or installing an offshore platform, or
“(ii) with respect to the drilling of a well from an offshore platform unless it is the first well which penetrates a reservoir.
“(D) Integrated oil company.
“For purposes of this paragraph, the term “integrated oil company” means, with respect to any taxable year, any producer of crude oil to whom subsection (c) of section 613A does not apply by reason of paragraph (2) or (4) of section 613A(d).
“(7) Special rules.
“(A) Alternative minimum taxable income.
“For purposes of paragraphs (1)(B), (4)(A), and (5), alternative minimum taxable income shall be determined without regard to the deduction allowable under this subsection and the alternative tax net operating loss deduction under subsection (a)(4).
“(B) Geothermal deposits.
“For purposes of this subsection, intangible drilling and development costs shall not include costs with respect to wells drilled for any geothermal deposits (as defined in section 613(e)(3)).
“(8) Regulations
“The Secretary may by regulation provide for appropriate adjustments in computing alternative minimum taxable income or adjusted current earnings for any taxable year following a taxable year for which a deduction was allowed under this subsection to ensure that no double benefit is allowed by reason of such deduction.”
1990--Subsec. (a)(1)(D). Pub. L. 101-508, Sec. 11812(b)(4), substituted ‘section 168(i)(10)’ for ‘section 167(l)(3)(A)’.
Subsec. (b)(1)(F). Pub. L. 101-508, Sec. 11103(b), added subpar. (F). Sec. 1704(t)(1), struck “of the subclause”, and inserted “of subclause” in subclause (ii)(II).
Subsec. (b)(3). Pub. L. 101-508, Sec. 11801(c)(9)(G), as amended by Pub. L. 104-188, Sec. 1702(h)(12), substituted ‘section 422’ for ‘section 422A’ and ‘Section 422(c)(2)’ for ‘Section 422A(c)(2)’.
Subsec. (c)(1). Pub. L. 101-508, Sec. 11801(c)(2)(A), substituted heading for one which read: ‘Adjustment for book income or adjusted current earnings’ and amended text generally. Prior to amendment, text read as follows:
‘(A) Book income adjustment. — For taxable years beginning in 1987, 1988, and 1989, alternative minimum taxable income shall be adjusted as provided under subsection (f).
‘(B) Adjusted current earnings. — For taxable years beginning after 1989, alternative minimum taxable income shall be adjusted as provided under subsection (g).’
Subsec. (d)(1)(A). Pub. L. 101-508, Sec. 11531(b)(1), amended subpar. (A) generally. Prior to amendment, subpar. (A) read as follows: ‘the amount of such deduction shall not exceed 90 percent of alternative minimum taxable income determined without regard to such deduction, and’.
Subsec. (f). Pub. L. 101-508, Sec. 11801(a)(3), struck out subsec. (f) which related to adjustments for book income of corporations with respect to minimum taxable income, adjusted net book income, adjustments for certain taxes, special rules for related corporations for consolidated returns, treatment of dividends, statements covering different periods, special rule for cooperatives, treatment and limitation of taxes on dividends from 936 corporations, rules for Alaska native corporations, special rules for life insurance companies, exclusion of certain income from transfer of stock for debt, secretarial authority to adjust items, applicable financial statements, earnings and profits used, special rules for more than one statement and exception for certain corporations.
Subsec. (g)(1), (2)(A). Pub. L. 101-508, Sec. 11801(c)(2)(B), as amended by Pub. L. 104-188, Sec. 1704(t)(48), struck ‘beginning after 1989’ in pars. (1) and (2)(A).
Subsec. (g)(4). Pub. L. 101-508, Sec. 11301(b), struck paragraph (F) and redesignated subparagraphs (G) and (H) as subparagraphs (F) and (G).
Subsec. (g)(4)(C)(iii). Pub. L. 101-508, Sec. 11801(c)(2)(C), substituted heading for one which read: ‘Special rule for dividends from section 936 companies’ and amended text generally. Prior to amendment, text read as follows: ‘In the case of any dividend received from a corporation eligible for the credit provided by section 936, rules similar to the rules of subparagraph (F) of subsection (f)(1) shall apply, except that ‘75 percent’ shall be substituted for ‘50 percent’ in clause (i) thereof.'
Subsec. (g)(4)(D)(ii). Pub. L. 101-508, Sec. 11704(a)(1), substituted ‘years’ for ‘year’.
Subsec. (g)(4)(F) to (H). Pub. L. 101-508, Sec. 11301(b), redesignated subpars. (G) and (H) as (F) and (G), respectively, and struck out former subpar. (F) which provided that acquisition expenses for life insurance companies be capitalized and amortized in accordance with the treatment generally required under generally accepted accounting principles as if this subparagraph applied to all taxable years.
Subsec. (h). Pub. L. 101-508, Sec. 11531(a), added subsec. (h).
1989--Subsec. (a)(3). Pub. L. 101-239, Sec. 7815(e)(2)(B), substituted ‘The first sentence of this paragraph shall not’ for ‘The preceding sentence shall not’.
Pub. L. 101-239, Sec. 7815(e)(2)(A), made clarifying amendment to directory language of Pub. L. 100-647, Sec. 5041(b)(4), see 1988 Amendment note below.
Pub. L. 101-239, Sec. 7612(c)(1), struck out ‘with respect to which the requirements of clauses (i) and (ii) of section 460(e)(1)(B) are met’ after ‘section 460(e)(6))’.
Subsec. (b)(2)(D). Pub. L. 101-239, Sec. 7612(d)(1), added subpar. (D).
Subsec. (b)(3). Pub. L. 101-239, Sec. 7811(d)(3), inserted after first sentence ‘Section 422A(c)(2) shall apply in any case where the disposition and the inclusion for purposes of this part are within the same taxable year and such section shall not apply in any other case.’ and substituted ‘this paragraph’ for ‘the preceding sentence’ in last sentence.
Subsec. (g)(4)(A)(i). Pub. L. 101-239, Sec. 7611(a)(1)(A), amended cl. (i) generally. Prior to amendment cl. (i) read as follows: ‘The depreciation deduction with respect to any property placed in service in a taxable year beginning after 1989 shall be determined under whichever of the following methods yields deductions with a smaller present value:
‘(I) The alternative system of section 168(g), or
‘(II) The method used for book purposes.’
Subsec. (g)(4)(A)(iii). Pub. L. 101-239, Sec. 7611(a)(2), inserted ‘and which is placed in service in a taxable year beginning before 1990’ after ‘thereof) applies’.
Subsec. (g)(4)(A)(v) to (vii). Pub. L. 101-239, Sec. 7611(a)(1)(B), redesignated cl. (vii) as (v), and struck out former cl. (v), which related to use of slower method if used for book purposes, and cl. (vi), which related to election to have cumulative limitation.
Subsec. (g)(4)(B)(i). Pub. L. 101-239, Sec. 7611(f)(2), inserted at end ‘The preceding sentence shall not apply in the case of any amount excluded from gross income under section 108 (or the corresponding provisions of prior law).’
Subsec. (g)(4)(B)(iii). Pub. L. 101-239, Sec. 7611(f)(3), repealed cl. (iii) which read as follows: ‘In the case of any annuity contract, the income on such contract (as determined under section 72(u)(2)) shall be treated as includible in gross income for such year. The preceding sentence shall not apply to any annuity contract which is held under a plan described in section 403(a) or which is described in section 72(u)(3)(C).’
Subsec. (g)(4)(C)(ii). Pub. L. 101-239, Sec. 7611(d), amended cl. (ii) generally. Prior to amendment, cl. (ii) read as follows: ‘Clause (i) shall not apply to any deduction allowable under section 243 or 245 for a 100-percent dividend -
‘(I) if the corporation receiving such dividend and the corporation paying such dividend could not be members of the same affiliated group under section 1504 by reason of section 1504(b),
‘(II) but only to the extent such dividend is attributable to income of the paying corporation which is subject to tax under this chapter (determined after the application of sections 936 and 921).
For purposes of the preceding sentence, the term ‘100 percent dividend’ means any dividend if the percentage used for purposes of determining the amount allowable as a deduction under section 243 or 245 with respect to such dividend is 100 percent.'
Subsec. (g)(4)(C)(iv). Pub. L. 101-239, Sec. 7611(e), added cl. (iv).
Subsec. (g)(4)(D). Pub. L. 101-239, Sec. 7611(b), amended subpar. (D) generally, in cl. (i), substituting provisions directing that adjustments in section 312(n)(2)(A) be applied, for provisions directing adjustments in section 312(n) be applied, with certain exceptions, in cl. (ii), substituting provisions directing that sections 173 and 248 not apply to expenditures paid or incurred in taxable years beginning after December 31, 1989, for material relating to special rule for intangible drilling costs and mineral exploration and development costs, and adding cls. (iii) and (iv).
Subsec. (g)(4)(D)(i)(IV), (V). Pub. L. 101-239, Sec. 7815(e)(4), added subcl. (IV) relating to inapplicability of pars. (6) to (8) and struck out former subcls. (IV) and (V), which read as follows:
‘(IV) paragraph (6) shall apply only to contracts entered into on or after March 1, 1986, and
‘(V) paragraphs (7) and (8) shall not apply.’
Subsec. (g)(4)(G). Pub. L. 101-239, Sec. 7611(c), amended subpar. (G) generally. Prior to amendment, subpar. (G) read as follows: ‘The allowances for depletion with respect to any property placed in service in a taxable year beginning after 1989, shall be determined under whichever of the following methods yields deductions with a smaller present value:
‘(i) cost depletion determined under section 611, or
Subsec. (g)(4)(H). Pub. L. 101-239, Sec. 7205(b), added cl. (ii) and concluding provision and struck out former cl. (ii) and concluding provision which read as follows:
‘(ii)(I) the aggregate adjusted bases of the assets of such corporation (immediately after the change), exceed
‘(II) the value of the stock of such corporation (as determined for purposes of section 382), properly adjusted for liabilities and other relevant items, then the adjusted basis of each asset of such corporation (as of such time) shall be its proportionate share (determined on the basis of respective fair market values) of the amount referred to in clause (ii)(II).’
Subsec. (g)(4)(H)(i). Pub. L. 101-239, Sec. 7611(f)(1), substituted ‘in a taxable year beginning after 1989’ for ‘after the date of the enactment of the Tax Reform Act of 1986’.
Subsec. (g)(5)(A). Pub. L. 101-239, Sec. 7611(f)(4), redesignated subpar. (B) as (A) and struck out former subpar. (A) which defined ‘book purposes’.
Subsec. (g)(5)(B). Pub. L. 101-239, Sec. 7611(f)(4), redesignated subpar. (D) as (B). Former subpar. (B) redesignated (A).
Subsec. (g)(5)(C). Pub. L. 101-239, Sec. 7611(f)(4), struck out subpar. (C) which read as follows: ‘Present value. - Present value shall be determined as of the time the property is placed in service (or, if later, as of the beginning of the first taxable year beginning after 1989) and under regulations prescribed by the Secretary.’
Subsec. (g)(5)(D). Pub. L. 101-239, Sec. 7611(f)(4), redesignated subpar. (D) as (B).
1988--Subsec. (a)(1)(A)(i). Pub. L. 100-647, Sec. 1007(b)(15), substituted ‘personal’ for ‘real’ in heading.
Subsec. (a)(1)(C)(i). Pub. L. 100-647, Sec. 1002(a)(12), inserted ‘by reason of section 203, 204, or 251(d) of such Act’ after ‘do not apply’.
Subsec. (a)(3). Pub. L. 100-647, Sec. 5041(b)(4), as amended by Pub. L. 101-239, Sec. 7815(e)(2)(A), inserted at end ‘The preceding sentence shall not apply to any home construction contract (as defined in section 460(e)(6)) with respect to which the requirements of clauses (i) and (ii) of section 460(e)(1)(B) are met.’
Pub. L. 100-647, Sec. 1007(b)(1), inserted at end ‘For purposes of the preceding sentence, in the case of a contract described in section 460(e)(1), the percentage of the contract completed shall be determined under section 460(b)(2) by using the simplified procedures for allocation of costs prescribed under section 460(b)(4).’
Subsec. (a)(8). Pub. L. 100-647, Sec. 1007(b)(19), added par. (8).
Subsec. (b)(1). Pub. L. 100-647, Sec. 1007(b)(16), struck out ‘itemized’ after ‘Limitation on’ in heading.
Subsec. (b)(1)(C)(ii). Pub. L. 100-647, Sec. 2004(b)(2), substituted ‘163(h)(5)’ for ‘163(h)(6)’.
Subsec. (b)(1)(C)(iii). Pub. L. 100-647, Sec. 1007(b)(4), substituted ‘specified private activity bond’ for ‘specified activity bond’ before ‘under’, and ‘57(a)(5)(B)’ for ‘56(a)(5)(B)’.
Subsec. (b)(1)(C)(iv), (v). Pub. L. 100-647, Sec. 1007(b)(3), added cls. (iv) and (v).
Subsec. (b)(1)(E). Pub. L. 100-647, Sec. 1007(b)(2), substituted ‘and deduction for personal exemptions not allowed’ for ‘not allowed’ in heading and amended text generally. Prior to amendment, text read as follows: ‘The standard deduction provided in section 63(c) shall not be allowed.’
Subsec. (b)(3). Pub. L. 100-647, Sec. 1007(b)(14)(A), added par. (3).
Subsec. (c)(1). Pub. L. 100-647, Sec. 1007(b)(13)(A), substituted ‘adjusted current earnings’ for ‘adjusted earnings and profits’ in heading.
Subsec. (c)(1)(B). Pub. L. 100-647, Sec. 1007(b)(13)(B), substituted ‘Adjusted current earnings’ for ‘Adjusted earnings and profits’ in heading.
Subsec. (d)(2)(A). Pub. L. 100-647, Sec. 1007(b)(5), struck out ‘(other than subsection (a)(6) thereof)’ after ‘for such year’ in cl. (ii) and inserted sentence at end providing that an item of tax preference shall be taken into account under clause (ii).
Subsec. (e)(1). Pub. L. 100-647, Sec. 2004(b)(3)(A), substituted ‘improving’ for ‘rehabilitating’ in introductory text.
Pub. L. 100-647, Sec. 1007(b)(6)(A)(i), inserted ‘qualified residence interest (as defined in section 163(h)(3)) and is’ after ‘interest which is’ in introductory text.
Subsec. (e)(1)(A). Pub. L. 100-647, Sec. 2004(b)(3)(B), struck out ‘or is paid’ after ‘accrues’.
Subsec. (e)(1)(B). Pub. L. 100-647, Sec. 1007(b)(6)(A)(ii), substituted ‘section 163(h)(4)’ for ‘section 163(h)(3)’.
Subsec. (e)(3). Pub. L. 100-647, Sec. 1007(b)(6)(B), substituted ‘interest which is qualified residence interest (as defined in section 163(h)(3)) and is paid or accrued’ for ‘interest paid or accrued’.
Subsec. (f)(2)(B). Pub. L. 100-647, Sec. 2001(c)(3)(A), inserted at end ‘No adjustment shall be made under this subparagraph for the tax imposed by section 59A.’
Pub. L. 100-647, Sec. 1007(b)(7), inserted ‘(otherwise eligible for the credit provided by section 901 without regard to section 901(j))’ after ‘any such taxes’.
Subsec. (f)(2)(F). Pub. L. 100-647, Sec. 1007(b)(11)(A), substituted ‘Treatment of taxes on dividends from 936 corporations’ for ‘Treatment of dividends from 936 corporations’ in heading and amended text generally, substituting cls. (i) to (iii) for former cls. (i) and (ii).
Subsec. (f)(2)(I), (J). Pub. L. 100-647, Sec. 6303(a), added subpar. (I) and redesignated former subpar. (I) as (J).
Subsec. (f)(3)(A)(iii). Pub. L. 100-647, Sec. 1007(b)(8), inserted ‘for a substantial nontax purpose’ after ‘an income statement’.
Subsec. (f)(3)(B). Pub. L. 100-647, Sec. 1007(b)(9), substituted ‘this subsection’ for ‘paragraph (3)(A)’ in penultimate sentence.
Subsec. (f)(3)(C). Pub. L. 100-647, Sec. 1007(b)(10), inserted at end ‘If the taxpayer has 2 or more statements described in the clause (or subclause) with the lowest number designation, the applicable financial statement shall be the one of such statements specified in regulations.’
Subsec. (g)(4)(A)(vi), (vii). Pub. L. 100-647, Sec. 1007(b)(17), added cls. (vi) and (vii).
Subsec. (g)(4)(B)(iii). Pub. L. 100-647, Sec. 6079(a)(1), amended last sentence generally, inserting ‘which is’ after ‘any annuity contract’ and ‘or which is described in section 72(u)(3)(C)’ after ‘in section 403(a)’.
Pub. L. 100-647, Sec. 1007(b)(12), inserted at end ‘The preceding sentence shall not apply to any annuity contract held under a plan described in section 403(a).’
Subsec. (g)(4)(C)(iii). Pub. L. 100-647, Sec. 1007(b)(11)(B), substituted ‘clause (i)’ for ‘clause (ii)(I)’.
Subsec. (g)(4)(I). Pub. L. 100-647, Sec. 1007(b)(18), added subpar. (I).
1987--Subsec. (a)(6). Pub. L. 100-203, Sec. 10202(d), amended par. (6) generally. Prior to amendment, par. (6) read as follows: ‘In the case of any —
‘(A) disposition after March 1, 1986, of property described in section 1221(1), or
‘(B) other disposition if an obligation arising from such disposition would be an applicable installment obligation (as defined in section 453C(e)) to which section 453C applies, income from such disposition shall be determined without regard to the installment method under section 453 or 453A and all payments to be received for the disposition shall be deemed received in the taxable year of the disposition. This paragraph shall not apply to any disposition with respect to which an election is in effect under section 453C(e)(4).’
Subsec. (f)(2)(H), (I). Pub. L. 100-203, Sec. 10243(a), added subpar. (H) and redesignated former subpar. (H) as (I).
Amendments by Pub. L. 115-141, Sec. 401(b)(7)–(8), effective March 23, 2018.
Amendment by Pub. L. 115-97, Sec. 11027(b), effective taxable years beginning after December 31, 2017.
Amendments by Pub. L. 115-97, Sec. 12001(b), effective taxable years beginning after December 31, 2017.
Amendment by Pub. L. 113-295, Div. A, Sec. 215(b), effective as if included in the provision of the Tax Technical Corrections Act of 2007 to which it relates.
Amendment by Sec. 9013(c) of Pub. L. 111-148 effective for taxable years beginning after December 31, 2012.
Amendment by Sec. 13(b) of Pub. L. 111-92 effective for taxable years ending after December 31, 2002.
Amendment by Div. B, Sec. 1008(d), of Pub. L. 111-5 effective for purchases on or after the date of the enactment of this Act [Enacted: Feb. 17, 2009] in taxable years ending after such date.
Amendment by Div. B, Sec. 1503(b) of Pub. L. 111-5 effective obligations issued after December 31, 2008.
Amendment by Div. C, Sec. 706(b)(3) of Pub. L. 110-343 effective for disasters declared in taxable years beginning after December 31, 2007.
Amendment by Div. C, Sec. 708(c) of Pub. L. 110-343 effective for losses arising in taxable years beginning after December 31, 2007, in connection with disasters declared after such date.
Amendment by Section 3022(a)(2) of Pub. L. 110-289 effective for bonds issued after the date of the enactment of this Act [Enacted: July 30, 2008].
Amendments by Section 11(g)(1)-(2) of Pub. L. 110-172 effective on the date of the enactment of this Act [Enacted: Dec. 29, 2007].
Amendments by Section 17(e)(1) of Pub. L. 109-135 effective on the date of the enactment of this Act [Enacted: Oct. 6, 2006].
Amendment by Section 403(r)(2) of Pub. L. 109-135 effective as if included in the provisions of the American Jobs Creation Act of 2004 [Pub. L. 108-357, Sec. 501] to which it relates.
Amendments by Section 403(a)(14) of Pub. L. 109-135 effective as if included in the provisions of the American Jobs Creation Act of 2004 [Pub. L. 108-357, Sec. 102] to which they relate.
Amendment by Section 1326(d) of Pub. L. 109-58 effective for property placed in service after April 11, 2005. Sec. 1326(e)(2) of Pub. L. 109-58 provided the following exception:
“(2) EXCEPTION. — The amendments made by this section shall not apply to any property with respect to which the taxpayer or a related party has entered into a binding contract for the construction thereof on or before April 11, 2005, or, in the case of self-constructed property, has started construction on or before such date.”
Amendment by Section 101(b)(4) of Pub. L. 108-357 effective for transactions after December 31, 2004. Section 101(d)-(f), as amended by Pub. L. 113-295, Div. A, Sec. 219(a), provided the following rules:
“(d) TRANSITIONAL RULE FOR 2005 AND 2006—
“(1) IN GENERAL— In the case of transactions during 2005 or 2006, the amount includible in gross income by reason of the amendments made by this section shall not exceed the applicable percentage of the amount which would have been so included but for this subsection.
“(2) APPLICABLE PERCENTAGE— For purposes of paragraph (1), the applicable percentage shall be as follows:
“(e) REVOCATION OF ELECTION TO BE TREATED AS DOMESTIC CORPORATION— If, during the 1-year period beginning on the date of the enactment of this Act, a corporation for which an election is in effect under section 943(e) of the Internal Revenue Code of 1986 revokes such election, no gain or loss shall be recognized with respect to property treated as transferred under clause (ii) of section 943(e)(4)(B) of such Code to the extent such property—
“(f) BINDING CONTRACTS— The amendments made by this section shall not apply to any transaction in the ordinary course of a trade or business which occurs pursuant to a binding contract—
Amendment by Section 102(b) of Pub. L. 108-357 effective for taxable years beginning after December 31, 2004.
Amendment by Section 422(b) of Pub. L. 108-357 effective for taxable years ending on or after the date of the enactment of this Act [Enacted: Oct. 22, 2004].
Amendment by Section 835(b)(1) of Pub. L. 108-357 effective on January 1, 2005. Section 835(c)(2) of Pub. L. 108-357 provided the following rule:
(2) EXCEPTION FOR EXISTING FASITS— Paragraph (1) shall not apply to any FASIT in existence on the date of the enactment of this Act to the extent that regular interests issued by the FASIT before such date continue to remain outstanding in accordance with the original terms of issuance.”
Amendments by Section 403(b)(4) of Pub. L. 108-311 effective as if included in the provisions [Sec. 102(c)] of the Job Creation and Worker Assistance Act of 2002 to which they relate [net operating losses for taxable years beginning after December 31, 1990].
Amendment by Section 1202(b) of Pub. L. 108-173 effective for taxable years ending after the date of the enactment of this Act [Enacted: Dec. 8, 2003].
Section 102(c)(2) of Pub. L. 107-147, as amended by Pub. L. 108-311, Sec. 403(b)(3), provided that the amendment made by this section shall be applicable to taxable years ending after December 31, 1990.
Amendment by Section 417(5) of Pub. L. 107-147 effective on the date of the enactment of this Act [enacted: Mar. 9, 2002].
Amendment by section 4(1) of Pub. L. 106-519 effective generally for transactions after September 30, 2000.
Amendment by section 314(d) of Pub. L. 106-554 effective as if included in the provisions of the 1997 Taxpayer Relief Act to which it relates.
Amendments by section 4006(c)(2) of Pub. L. 105-277 effective on the date of the enactment of this Act [enacted: Oct. 21, 1998].
Amendment by section 312(d)(1) of Pub. L. 105-34 effective for sales and exchanges after May 6, 1997. For special rules, see section 312(d)[e] as set out in section 121.
Amendment by section 403(a) of Pub. L. 105-34 effective for dispositions in taxable years beginning after December 31, 1987. Section 403(b) of Pub. L. 105-34 provided the following special rule:
“(2) Special rule for 1987—
In the case of taxable years beginning in 1987, the last sentence of section 56(a)(6) of the Internal Revenue Codeof 1986 (as in effect for such taxable years) shall be applied by inserting “or in the case of a taxpayer using the cash receipts and disbursements method of accounting, any disposition described in section 453C(e)(1)(B)(ii)” after “section 453C(e)(4)”.”
Amendment by section 1212(a) of Pub. L. 105-34 effective for taxable years beginning after December 31, 1997.
Sec. 1601(c)(2)-(3) of Pub. L. 104-188, provided that:
“(2) Special Rule for Qualified Possession Source Investment Income. The amendments made by this section shall not apply to qualified possession source investment income received or accrued before July 1, 11996, without regard to the taxable year in which received or accrued.
(3) Special Transition Rule for Payment of Estimated Tax Installment. In determining the amount of any installment due under section 6655 of the Internal Revenue Code of 1986 after the date of the enactment of this Act [Aug. 20, 1996] and before October 1, 1996, only 1/2 of any increase in tax (for the taxable year for which such installment is made) by reason of the amendments made by subsections (a) and (b) shall be taken into account. Any reduction in such installment by reason of the preceding sentence shall be recaptured by increasing the next required installment for such year by the amount of such reduction.”
Sec. 1621(e) of Pub. L. 104-188, provided that: “The amendments made by this section shall take effect on September 1, 1997.”
Sec. 1702(e)(1)(B) of Pub. L. 104-188, provided that: “(B) For purposes of applying sections 56(g)(1) and 56(g)(3) of the Internal Revenue Code of 1986 with respect to taxable years beginning in 1991 and 1992, the references in such sections to the alternative tax net operating loss deduction shall be treated as including a reference to the deduction under section 56(h) of such Code as in effect before the amendments made by section 1915 of the Energy Policy Act of 1992.”
Sec. 1702(i) of Pub. L. 104-188, provided that: “Except as otherwise expressly provided, any amendment made by this section shall take effect as if included in the provision of the Revenue Reconciliation Act of 1990 to which such amendment relates.”
Sec. 13115(b) of Pub. L. 103-66, provided that:
“Except as provided in paragraph (2), the amendments made by this section shall apply to property placed in service after December 31, 1993.
“(2) Coordination with transitional rules. —
“The amendments made by this section shall not apply to any property to which paragraph (1) of section 56(a) of the Internal Revenue Code of 1986 does not apply by reason of subparagraph (C)(i) thereof.”
Sec. 13171(d) of Pub. L. 103-66, provided that: “The amendments made by this section shall apply to contributions made after June 30, 1992, except that in the case of any contribution of capital gain property which is not tangible personal property, such amendments shall apply only if the contribution is made after December 31, 1992.”
Amendment by Sec. 13227(c) of Pub. L. 103-66 applicable to taxable years beginning after December 31, 1993.
Amendment by Sec. 1915 of Pub. L. 102-486 applicable to taxable years beginning after December 31, 1992.
Amendment by section 11103(b) of Pub. L. 101-508 applicable to taxable years beginning after Dec. 31, 1990, see section 11103(e) of Pub. L. 101-508, set out as a note under section 1 of this title.
Section 11301(d)(2) of Pub. L. 101-508 provided that:
‘(A) In general. — The amendment made by subsection (b) (amending this section) shall apply to taxable years beginning on or after September 30, 1990, except that, in the case of a small insurance company, such amendment shall apply to taxable years beginning after December 31, 1989. For purposes of this paragraph, the term ‘small insurance company’ means any insurance company which meets the requirements of section 806(a)(3) of the Internal Revenue Code of 1986; except that paragraph (2) of section 806(c) of such Code shall not apply.
‘(B) Special rules for year which includes September 30, 1990. — In the case of any taxable year which includes September 30, 1990, the amount of acquisition expenses which is required to be capitalized under section 56(g)(4)(F) of the Internal Revenue Codeof 1986 (as in effect before the amendment made by subsection (b)) by a company which is not a small insurance company shall be the amount which bears the same ratio to the amount which (but for this subparagraph) would be so required to be capitalized as the number of days in such taxable year before September 30, 1990, bears to the total number of days in such taxable year. A similar reduction shall be made in the amount amortized for such taxable year under such section 56(g)(4)(F).'
Section 11531(c) of Pub. L. 101-508 provided that: ‘The amendments made by this section (amending this section and sections 59 and 59A of this title) shall apply to taxable years beginning after December 31, 1990.’
Section 11704(b) of Pub. L. 101-508 provided that: ‘The amendments made by this section (amending this section, sections 172, 351, 413, 461, 469, 597, 857, 860D, 860G, 892, 927, 936, 1017, 1245, 1441, 2056A, 2642, 3231, 4091, 4093, 5061, 6013, 6038A, 6039D, 6045, 6323, 6332, 6655, 7519, 7522, 7608, and 7701 of this title, and provisions set out as a note under section 231n of Title 45, Railroads) shall take effect on the date of the enactment of this Act.’
Amendment by section 11812(b)(4) of Pub. L. 101-508 applicable to property placed in service after Nov. 5, 1990, but not applicable to any property to which section 168 of this title does not apply by reason of subsec. (f)(5) of section 168, and not applicable to rehabilitation expenditures described in section 252(f)(5) of Pub. L. 99-514, see section 11812(c) of Pub. L. 101-508, set out as a note under section 42 of this title.
Section 7205(c) of Pub. L. 101-239 provided that:
‘(1) In general. — Except as otherwise provided in this subsection, the amendments made by this section (amending this section and section 382 of this title) shall apply to ownership changes and acquisitions after October 2, 1989, in taxable years ending after such date.
‘(2) Binding contract. — The amendments made by this section shall not apply to any ownership change or acquisition pursuant to a written binding contract in effect on October 2, 1989, and at all times thereafter before such change or acquisition.
‘(3) Bankruptcy proceedings. — In the case of a reorganization described in section 368(a)(1)(G) of the Internal Revenue Code of 1986, or an exchange of debt for stock in a title 11 or similar case (as defined in section 368(a)(3) of such Code), the amendments made by this section shall not apply to any ownership change resulting from such a reorganization or proceeding if a petition in such case was filed with the court before October 3, 1989.
‘(4) Subsidiaries of bankrupt parent. — The amendments made by this section shall not apply to any built-in loss of a corporation which is a member (on October 2, 1989) of an affiliated group the common parent of which (on such date) was subject to title 11 or similar case (as defined in section 368(a)(3) of such Code). The preceding sentence shall apply only if the ownership change or acquisition is pursuant to the plan approved in such proceeding and is before the date 2 years after the date on which the petition which commenced such proceeding was filed.’
Section 7611(g) of Pub. L. 101-239 provided that:
‘(1) In general. — Except as otherwise provided in this subsection, the amendments made by this section (amending this section and sections 59 and 312 of this title) shall apply to taxable years beginning after December 31, 1989.
‘(2) Intangible drilling costs. — The amendments made by subsection (f)(5) (amending sections 59 and 312 of this title) shall apply to costs paid or incurred in taxable years beginning after December 31, 1989.
‘(3) Regulations on earnings and profits rules. — Not later than March 15, 1991, the Secretary of the Treasury or his delegate shall prescribe initial regulations providing guidance as to which items of income are included in adjusted current earnings under section 56(g)(4)(B)(i) of the Internal Revenue Code of 1986 and which items of deduction are disallowed under section 56(g)(4)(C) of such Code.'
Section 7612(c)(2) of Pub. L. 101-239 provided that: ‘The amendment made by paragraph (1) (amending this section) shall apply to contracts entered into in taxable years beginning after September 30, 1990.’
Section 7612(d)(2) of Pub. L. 101-239 provided that: ‘The amendment made by paragraph (1) (amending this section) shall apply to taxable years beginning after December 31, 1990.’
Amendment by sections 7811(d)(3) and 7815(e)(2), (4) of Pub. L. 101-239 effective, except as otherwise provided, as if included in the provision of the Technical and Miscellaneous Revenue Act of 1988, Pub. L. 100-647, to which such amendment relates, see section 7817 of Pub. L. 101-239, set out as a note under section 1 of this title.
Section 7821(c)(5) of Pub. L. 101-239 provided that: “(5) In the case of taxable years beginning in 1987, the reference to section 453 contained in section 56(a)(6) of the Internal Revenue Code of 1986 shall be treated as including a reference to section 453A.
Section 1007(b)(14)(C) of Pub. L. 100-647 provided that: ‘The amendments made by this paragraph (amending this section and section 57 of this title) shall apply with respect to options exercised after December 31, 1987.’
Amendment by sections 1002(a)(12) and 1007(b)(1)-(13), (15)-(19) of Pub. L. 100-647 effective, except as otherwise provided, as if included in the provision of the Tax Reform Act of 1986, Pub. L. 99-514, to which such amendment relates, see section 1019(a) of Pub. L. 100-647, set out as a note under section 1 of this title.
Section 2001(e) of Pub. L. 100-647 provided that: ‘Except as otherwise provided in this section, the amendments made by this section (amending this section, sections 59A, 882, 4041, 4081, 4091, 4662, 4672, 6416, 6421, and 6427 of this title, and provisions set out as a note under section 4081 of this title) shall take effect as if included in the provision of the Superfund Revenue Act of 1986 (Pub. L. 99-499, title V) to which it relates.'
Section 2004(u) of Pub. L. 100-647 provided that: ‘Except as otherwise provided in this section, any amendment made by this section (amending this section, sections 163, 244, 280H, 301, 304, 355, 384, 444, 453, 453A, 469, 514, 811, 812, 816, 842, 904, 1201, 1363, 1503, 1561, 4093, 5113, 5123, 5276, 5881, 6427, 6655, 7519, and 7704 of this title, and provisions set out as notes under sections 21, 219, 243, 301, 304, 444, 453, 1503, and 7704 of this title) shall take effect as if included in the provisions of the Revenue Act of 1987 (Pub. L. 100-203, title X) to which such amendment relates.'
Amendment by section 5041(b)(4) of Pub. L. 100-647 applicable to contracts entered into on or after June 21, 1988, but not applicable to any contract resulting from the acceptance of a bid made before June 21, 1988, if the bid could not have been revoked or altered at any time on or after June 21, 1988, and not applicable in the case of a qualified ship contract (as defined in section 10203(b)(2)(B) of Pub. L. 100-203, set out as a note under section 460 of this title), see section 5041(e) of Pub. L. 100-647, set out as a note under section 460 of this title.
Section 6079(a)(2) of Pub. L. 100-647 provided that: ‘The amendment made by paragraph (1) (amending this section) shall take effect as if included in the amendments made by section 701 of the Reform Act (Pub. L. 99-514).'
Section 6303(b) of Pub. L. 100-647 provided that: ‘The amendment made by subsection (a) (amending this section) shall apply to taxable years beginning after December 31, 1986.’
Amendment by section 10202(d) of Pub. L. 100-203 applicable to dispositions in taxable years beginning after Dec. 31, 1986, with coordination with Tax Reform Act of 1986, see section 10202(e)(4), (5) of Pub. L. 100-203, set out as a note under section 453 of this title.
Section 10243(b) of Pub. L. 100-203 provided that: ‘The amendment made by subsection (a) (amending this section) shall apply to taxable years beginning after December 31, 1987.’
Sec. 13(d) of Pub. L. 111-92 provided:
SECTION 56(g)(1) AND (3); TAXABLE YEARS BEGINNING IN 1991 AND 1992
Section 1702(e)(1)(B) of Pub. L. 104-188 provided that: ‘For purposes of applying sections 56(g)(1) and 56(g)(3) of the Internal Revenue Code of 1986 with respect to taxable years beginning in 1991 and 1992, the reference in such sections to the alternative tax net operating loss deduction shall be treated as including a reference to the deduction under section 56(h) of such Code as in effect before the amendments made by section 1915 of the Energy Policy Act of 1992.'
For provisions that nothing in amendment by sections 11801 and 11812 of Pub. L. 101-508 be construed to affect treatment of certain transactions occurring, property acquired, or items of income, loss, deduction, or credit taken into account prior to Nov. 5, 1990, for purposes of determining liability for tax for periods ending after Nov. 5, 1990, see section 11821(b) of Pub. L. 101-508, set out as a note under section 29 of this title.
Section 7821(a)(5) of Pub. L. 101-239 provided that: ‘In the case of taxable years beginning in 1987, the reference to section 453 contained in section 56(a)(6) of the Internal Revenue Code of 1986 shall be treated as including a reference to section 453A.'
Section 702 of Pub. L. 99-514, which required Secretary of the Treasury or his delegate to conduct a study of operation and effect of provisions of sections 56(f) and 56(g) of the Internal Revenue Code of 1986, was repealed by Pub. L. 101-508, title XI, Sec. 11832(4), Nov. 5, 1990, 104 Stat. 1388-559.
A prior section 56, added Pub. L. 91-172, title III, Sec. 301(a), Dec. 30, 1969, 83 Stat. 580, and amended Pub. L. 91-614, title V, Sec. 501(a), Dec. 31, 1970, 84 Stat. 1846; Pub. L. 92-178, title VI, Sec. 601(c)(4), (5), Dec. 10, 1971, 85 Stat. 558; Pub. L. 93-406, title II, Sec. 2001(g)(2)(D), 2002(g)(4), 2005(c)(7), Sept. 2, 1974, 88 Stat. 957, 968, 991; Pub. L. 94-12, title II, Sec. 203(b)(2), (3), 208(d)(2), (3), Mar. 29, 1975, 89 Stat. 30, 35; Pub. L. 94-455, title III, Sec. 301(a), (b), (c)(4)(B), Oct. 4, 1976, 90 Stat. 1549, 1552; Pub. L. 95-30, title II, Sec. 202(d)(2), May 23, 1977, 91 Stat. 148; Pub. L. 95-600, title I, Sec. 141(d), Nov. 6, 1978, 92 Stat. 2794; Pub. L. 95-618, title I, Sec. 101(b)(2), Nov. 9, 1978, 92 Stat. 3179; Pub. L. 96-222, title I, Sec. 101(a)(7)(L)(iii)(IV), Apr. 1, 1980, 94 Stat. 200; Pub. L. 97-34, title III, Sec. 331(c)(2), Aug. 13, 1981, 95 Stat. 293; Pub. L. 97-248, title II, Sec. 201(d)(1), formerly Sec. 201(c)(1), Sept. 3, 1982, 96 Stat. 419, redesignated Pub. L. 97-448, title III, Sec. 306(a)(1)(A)(i), Jan. 12, 1983, 96 Stat. 2400; Pub. L. 98-369, div. A, title IV, Sec. 474(r)(1), July 18, 1984, 98 Stat. 839; Pub. L. 99-514, title XI, Sec. 1171(b)(3), Oct. 22, 1986, 100 Stat. 2513, related to a corporate minimum tax, prior to the general revision of this part by Pub. L. 99-514, Sec. 701(a).