Title 26 — Internal Revenue Code
Part IX · Chapter 1 — Normal Taxes and Surtaxes
§ 272. Disposal of coal or domestic iron ore
Statutory text
Where the disposal of coal or iron ore is covered by section 631, no deduction shall be allowed for expenditures attributable to the making and administering of the contract under which such disposition occurs and to the preservation of the economic interest retained under such contract, except that if in any taxable year such expenditures plus the adjusted depletion basis of the coal or iron ore disposed of in such taxable year exceed the amount realized under such contract, such excess, to the extent not availed of as a reduction of gain under section 1231, shall be a loss deductible under section 165(a). This section shall not apply to any taxable year during which there is no income under the contract.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Aug. 16, 1954, ch. 736, 68A Stat. 82 · 68A Stat. 82
Enacted · 26 U.S.C. § 272
Aug. 16, 1954, ch. 736, 68A Stat. 82
Source evidence
Code source credit
Aug. 16, 1954, ch. 736, 68A Stat. 82Revenue Act of 1964
Pub. L. 88–272 title II § 227(a)(3) · 78 Stat. 19
Inserted · 26 U.S.C. § 272
Pub. L. 88–272 inserted “or domestic iron ore” in section catchline, and “or iron ore” wherever appearing in text
Source evidence
Code amendment note
Pub. L. 88–272 inserted “or domestic iron ore” in section catchline, and “or iron ore” wherever appearing in text.Enacted provision · exact public law section
(3) Amendment of section 272.— The text of section 272 (relating to disposal of coal) is amended by inserting “or iron ore” after “coal” each place it appears.Effective date note
Pub. L. 88–272, title II, § 227(c), Feb. 26, 1964, 78 Stat. 98, provided that: “The amendments made by this section [amending this section and sections 631, 1016, 1231, and 1402 and section 411 of Title 42, The Public Health and Welfare] shall apply with respect to amounts received or accrued in taxable years beginning after December 31, 1963, attributable to iron ore mined in such taxable years.”
1 of 2 references resolved to an enrolled provision · 1 partial
Editorial Notes
Amendments
1964—Pub. L. 88–272 inserted “or domestic iron ore” in section catchline, and “or iron ore” wherever appearing in text.
Statutory Notes and Related Subsidiaries
Effective Date of 1964 Amendment
Pub. L. 88–272, title II, § 227(c), , 78 Stat. 98, provided that: “The amendments made by this section [amending this section and sections 631, 1016, 1231, and 1402 and section 411 of Title 42, The Public Health and Welfare] shall apply with respect to amounts received or accrued in taxable years beginning after , attributable to iron ore mined in such taxable years.”
Credits
1954–1964 · 2 acts
- 1954Aug. 16, 1954, ch. 736, 68A Stat. 82
- 1964Pub. L. 88–272, title II, § 227(a)(3), (b)(3), , 78 Stat. 98.
Show as published
(Aug. 16, 1954, ch. 736, 68A Stat. 82; Pub. L. 88–272, title II, § 227(a)(3), (b)(3), , 78 Stat. 98.)