Title 26 — Internal Revenue Code
Part I · Chapter 1 — Normal Taxes and Surtaxes
§ 582. Bad debts, losses, and gains with respect to securities held by financial institutions
Statutory text
Securities
Notwithstanding sections 165(g)(1) and 166(e), subsections (a) and (b) of section 166 (relating to allowance of deduction for bad debts) shall apply in the case of a bank to a debt which is evidenced by a security as defined in section 165(g)(2)(C).
Worthless stock in affiliated bank
For purposes of section 165(g)(1), where the taxpayer is a bank and owns directly at least 80 percent of each class of stock of another bank, stock in such other bank shall not be treated as a capital asset.
Bond, etc., losses and gains of financial institutions
General rule
For purposes of this subtitle, in the case of a financial institution referred to in paragraph (2), the sale or exchange of a bond, debenture, note, or certificate or other evidence of indebtedness shall not be considered a sale or exchange of a capital asset. For purposes of the preceding sentence, any regular or residual interest in a REMIC shall be treated as an evidence of indebtedness.
Financial institutions to which paragraph (1) applies
In general
For purposes of paragraph (1), the financial institutions referred to in this paragraph are—
any bank (and any corporation which would be a bank except for the fact it is a foreign corporation),
any financial institution referred to in section 591,
any small business investment company operating under the Small Business Investment Act of 1958, and
any business development corporation.
Business development corporation
For purposes of subparagraph (A), the term “business development corporation” means a corporation which was created by or pursuant to an act of a State legislature for purposes of promoting, maintaining, and assisting the economy and industry within such State on a regional or statewide basis by making loans to be used in trades and businesses which would generally not be made by banks within such region or State in the ordinary course of their business (except on the basis of a partial participation), and which is operated primarily for such purposes.
Limitations on foreign banks
In the case of a foreign corporation referred to in subparagraph (A)(i), paragraph (1) shall only apply to gains and losses which are effectively connected with the conduct of a banking business in the United States.
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. 202 · 68A Stat. 202
Enacted · 26 U.S.C. § 582
Aug. 16, 1954, ch. 736, 68A Stat. 202
Source evidence
Code source credit
Aug. 16, 1954, ch. 736, 68A Stat. 202Technical Amendments Act of 1958
Pub. L. 85–866 title I § 34 · 72 Stat. 1606
Struck · 26 U.S.C. § 582(c)
Pub. L. 85–866 struck out “with interest coupons or in registered form,” before “exceed the gains”
Source evidence
Code amendment note
Subsec. (c). Pub. L. 85–866 struck out “with interest coupons or in registered form,” before “exceed the gains”.Enacted provision · exact public law section
SEC. 34. BOND, ETC, LOSSES OF BANKS. 26 USC 582. Section 582 (c) (relating to losses of banks from sales or exchanges of evidences of indebtedness) is amended by striking out “with interest coupons or in registered form,”.Tax Reform Act of 1969
Pub. L. 91–172 § 433(c) · 83 Stat. 487
Substituted · 26 U.S.C. § 582
Pub. L. 91–172, § 433(c), substituted “Bad debts, losses, and gains with respect to securities held by financial institutions” for “Bad debt and loss deduction with respect to securities held by banks” in section catchline
Source evidence
Code amendment note
Pub. L. 91–172, § 433(c), substituted “Bad debts, losses, and gains with respect to securities held by financial institutions” for “Bad debt and loss deduction with respect to securities held by banks” in section catchline.Enacted provision · exact public law section
(c) Clerical Amendment.— The heading for section 582 is amended to read as follows: “SEC. 582. BAD DEBTS, LOSSES, AND GAINS WITH RESPECT TO SECURITIES HELD BY FINANCIAL INSTITUTIONS.”Tax Reform Act of 1969
Pub. L. 91–172 § 433(a) · 83 Stat. 487
Redesignated · 26 U.S.C. § 582(c)
Pub. L. 91–172, § 433(a), redesignated existing provisions as par. (1)
Inserted · 26 U.S.C. § 582(c)
Pub. L. 91–172, § 433(a), inserted reference to sections 585, 586 and 593
Added · 26 U.S.C. § 582(c)
Pub. L. 91–172, § 433(a), added pars. (2) and (3)
Source evidence
Code amendment note
Subsec. (c). Pub. L. 91–172, § 433(a), redesignated existing provisions as par. (1), inserted reference to sections 585, 586 and 593, and added pars. (2) and (3).Enacted provision · exact public law section
(a) Gain on Securities Held by Financial Institutions.— Subsection (c) of section 682 (relating to bad debt and loss deduction with 68A Stat. 202. 26 USC 582. respect to securities held by banks) is amended by striking out such subsection and inserting the following in lieu thereof: “(c) Bond, Etc., Losses and Gains of Financial Institutions.— “(1) General rule.— For purposes of this subtitle, in the case of a financial institution to which section 585, 586, or 593 applies, Ante, pp. 616, 620. the sale or exchange of a bond, debenture, note, or certificate or other evidence of indebtedness shall not be considered a sale or exchange of a capital asset. “(2) Transitional rule for banks.— In the case of a bank, if the net long-term capital gains of the taxable year from sales or exchanges of qualifying securities exceed the net short-term capital losses of the taxable year from such sales or exchanges such excess shall be considered as gain from the sale of a capital asset held for more than 6 months to the extent it does not exceed the net gain on sales and exchanges described in paragraph (1). “(3) Special rules.— For purposes of this subsection— “(A) The term ‘qualifying security’ means a bond, debenture, note, or certificate or other evidence of indebtedness held by a bank on July 11, 1969. “(B) The amount treated as capital gain or loss from the sale or exchange of a qualifying security shall be determined by multiplying the amount of capital gain or loss from the sale or exchange of such security (determined without regard to this subsection) by a fraction, the numerator of which is the number of days before July 12, 1969, that such security was held by the bank, and the denominator of which is the number of days the security was held by the bank.”Pub. L. 94–455 § 1402(b)(2) · 90 Stat. 1520
Changed · 26 U.S.C. § 582(c)(2)
Pub. L. 94–455, § 1402(b)(2), provided that “9 months” would be changed to “1 year”
Source evidence
Code amendment note
Subsec. (c)(2). Pub. L. 94–455, § 1402(b)(2), provided that “9 months” would be changed to “1 year”.Enacted provision · exact public law section
(2) Taxable years beginning after 1977.— Effective with respect to taxable years beginning after December 31, 1977, each provision referred to in paragraph (1) is amended by striking out Ante, p. 1731. “9 months” each place it appears and inserting in lieu thereof “1 year”.Pub. L. 94–455 § 1402(b)(1)(G) · 90 Stat. 1520
Changed · 26 U.S.C. § 582(c)(2)
Pub. L. 94–455, § 1402(b)(1)(G), (2), provided that “6 months” would be changed to “9 months” for taxable years beginning in 1977
Target inherited from the preceding amendment note.
Source evidence
Code amendment note
Pub. L. 94–455, § 1402(b)(1)(G), (2), provided that “6 months” would be changed to “9 months” for taxable years beginning in 1977.Enacted provision · exact public law section
(G) Paragraph (2) of section 582(c) (relating to capital gains of banks).Pub. L. 94–455 § 1044(a) · 90 Stat. 1520
Added · 26 U.S.C. § 582(c)(4)
Pub. L. 94–455, § 1044(a), added par. (4)
Source evidence
Code amendment note
Subsec. (c)(4). Pub. L. 94–455, § 1044(a), added par. (4).Enacted provision · exact public law section
(a) General Rule.— Section 5S2(e) (relating to bond. etc., losses and gains of financial institutions) is amended by adding at the end thereof the following new paragraph: “(4) Transitional rule for banks.— In the case of a corporation which would be a bank except for the fact that it is a foreign corporation, the net gain, if any. for the taxable year on safes and exchanges described in paragraph (1) shall be considered as gain from the sale or exchange of a capital asset to the extent such net gain does not exceed the portion of any capital loss carryover to such taxable year which is attributable to capital losses on sales or exchanges described in paragraph (1) for n taxable year beginning before July 12, 1999. For purposes of the preceding sentence, the portion of a net capital loss for a taxable year which is attributable to capital losses on sales or exchanges described in paragraph (1) is the amount of the net capital loss on such sales or exchanges for such taxable year (but not in excess of the net capital loss for such taxable year).”Tax Reform Act of 1984
Pub. L. 98–369 div. A title X § 1001(b)(6) · 98 Stat. 494
Substituted · 26 U.S.C. § 582(c)(2)
Pub. L. 98–369 substituted “6 months” for “1 year”, applicable to property acquired after June 22, 1984, and before Jan. 1, 1988. See Effective Date of 1984 Amendment note below
Source evidence
Code amendment note
Subsec. (c)(2). Pub. L. 98–369 substituted “6 months” for “1 year”, applicable to property acquired after June 22, 1984, and before Jan. 1, 1988. See Effective Date of 1984 Amendment note below.Enacted provision · exact public law section
(6) Paragraph (2) of section 582(c) (relating to capital gains 26 USC 582. of banks).Tax Reform Act of 1986
Pub. L. 99–514 § 901(d)(3)(A) · 100 Stat. 2085
Substituted · 26 U.S.C. § 582(c)(1)
Pub. L. 99–514, § 901(d)(3)(A), substituted “referred to in paragraph (5)” for “to which section 585, 586, or 593 applies”
Source evidence
Code amendment note
Subsec. (c)(1). Pub. L. 99–514, § 901(d)(3)(A), substituted “referred to in paragraph (5)” for “to which section 585, 586, or 593 applies”.Enacted provision · exact public law section
(A) Paragraph (1) of section 582(c) (relating to bonds, etc., losses and gains of financial institutions) is amended by striking out “a financial institution to which section 585, 586, or 593 applies” and inserting in lieu thereof “a financial institution referred to in paragraph (5)”.Tax Reform Act of 1986
Pub. L. 99–514 § 671(b)(4) · 100 Stat. 2085
Inserted · 26 U.S.C. § 582(c)(1)
Pub. L. 99–514, § 671(b)(4), inserted “For purposes of the preceding sentence, any regular or residual interest in a REMIC shall be treated as an evidence of indebtedness.”
Target inherited from the preceding amendment note.
Source evidence
Code amendment note
Pub. L. 99–514, § 671(b)(4), inserted “For purposes of the preceding sentence, any regular or residual interest in a REMIC shall be treated as an evidence of indebtedness.”Enacted provision · exact public law section
(4) Treatment for purposes of section 582(c).— Paragraph (1) of section 582(c) is amended by adding at the end thereof the following new sentence: “For purposes of the preceding sentence, any regular or residual interest in a REMIC shall be treated as an evidence of indebtedness.”Tax Reform Act of 1986
Pub. L. 99–514 § 901(d)(3)(B) · 100 Stat. 2085
Added · 26 U.S.C. § 582(c)(5)
Pub. L. 99–514, § 901(d)(3)(B), added par. (5)
Source evidence
Code amendment note
Subsec. (c)(5). Pub. L. 99–514, § 901(d)(3)(B), added par. (5).Enacted provision · exact public law section
(B) Subsection (c) of section 582 is amended by adding at the end thereof the following new paragraph: “(5) Financial institutions to which paragraph (1) applies.— “(A) In general.— For purposes of paragraph (1), the financial institutions referred to in this paragraph are— “(i) any bank (and any corporation which would be a bank except for the fact it is a foreign corporation), “(ii) any financial institution referred to in section 591, “(iii) any small business investment company operating under the Small Business Investment Act of 1958, and “(iv) any business development corporation. “(B) Business development corporation.— For purposes of subparagraph (A), the term ‘business development corporation’ means a corporation which was created by or pursuant to an act of a State legislature for purposes of promoting, maintaining, and assisting the economy and industry within such State on a regional or statewide basis by making loans to be used in trades and businesses which would generally not be made by banks within such region or State in the ordinary course of their business (except on the basis of a partial participation), and which is operated primarily for such purposes. “(C) Limitations on foreign banks.— In the case of a foreign corporation referred to in subparagraph (A)(i), paragraph (1) shall only apply to gains and losses which are effectively connected with the conduct of a banking business in the United States.”Technical and Miscellaneous Revenue Act of 1988
Pub. L. 100–647 title I § 1008(d)(3) · 102 Stat. 3342
Substituted · 26 U.S.C. § 582(a)
Pub. L. 100–647 substituted “subsections (a) and (b) of section 166” for “subsections (a), (b), and (c) of section 166”
Source evidence
Code amendment note
Subsec. (a). Pub. L. 100–647 substituted “subsections (a) and (b) of section 166” for “subsections (a), (b), and (c) of section 166”.Enacted provision · exact public law section
(3) Subsection (a) of section 582 of the 1986 Code is amended by striking out “subsections (a), (b), and (c) of section 166” and inserting in lieu thereof “subsections (a) and (b) of section 166”.Revenue Reconciliation Act of 1990
Pub. L. 101–508 § 11801(c)(11)(A) · 104 Stat. 1388
Substituted · 26 U.S.C. § 582(c)(1)
Pub. L. 101–508, § 11801(c)(11)(A), substituted “paragraph (2)” for “paragraph (5)”
Source evidence
Code amendment note
Subsec. (c)(1). Pub. L. 101–508, § 11801(c)(11)(A), substituted “paragraph (2)” for “paragraph (5)”.Enacted provision · exact public law section
(A) by striking “paragraph (5)” in paragraph (1) and inserting “paragraph (2)”, andRevenue Reconciliation Act of 1990
Pub. L. 101–508 § 11801(a)(25) · 104 Stat. 1388
Redesignated · 26 U.S.C. § 582(c)(2)
Pub. L. 101–508, § 11801(a)(25), (c)(11)(B), redesignated par. (5) as (2)
Struck · 26 U.S.C. § 582(c)(2)
Pub. L. 101–508, § 11801(a)(25), (c)(11)(B), struck out former par. (2) “Transitional rule for banks” which read as follows: “In the case of a bank, if the net long-term capital gains of the taxable year from sales or exchanges of qualifying securities exceed the net short-term capital losses of the taxable year from such sales or exchanges, such excess shall be considered as gain from the sale of a capital asset held for more than 6 months to the extent it does not exceed the net gain on sales and exchanges described in paragraph (1).”
Source evidence
Code amendment note
Subsec. (c)(2). Pub. L. 101–508, § 11801(a)(25), (c)(11)(B), redesignated par. (5) as (2) and struck out former par. (2) “Transitional rule for banks” which read as follows: “In the case of a bank, if the net long-term capital gains of the taxable year from sales or exchanges of qualifying securities exceed the net short-term capital losses of the taxable year from such sales or exchanges, such excess shall be considered as gain from the sale of a capital asset held for more than 6 months to the extent it does not exceed the net gain on sales and exchanges described in paragraph (1).”Enacted provision · exact public law section
(25) Paragraphs (2), (3), and (4) of section 582(c) (relating to bond, etc., losses and gains of financial institutions).Revenue Reconciliation Act of 1990
Pub. L. 101–508 § 11801(a)(25) · 104 Stat. 1388
Struck · 26 U.S.C. § 582(c)(3)
Pub. L. 101–508, § 11801(a)(25), struck out par. (3) “Special rules” which read as follows: “For purposes of this subsection—
Source evidence
Code amendment note
Subsec. (c)(3). Pub. L. 101–508, § 11801(a)(25), struck out par. (3) “Special rules” which read as follows: “For purposes of this subsection—“(A) The term ‘qualifying security’ means a bond, debenture, note, or certificate or other evidence of indebtedness held by a bank on July 11, 1969. “(B) The amount treated as capital gain or loss from the sale or exchange of a qualifying security shall be determined by multiplying the amount of capital gain or loss from the sale or exchange of such security (determined without regard to this subsection) by a fraction, the numerator of which is the number of days before July 12, 1969, that such security was held by the bank, and the denominator of which is the number of days the security was held by the bank.”
Enacted provision · exact public law section
(25) Paragraphs (2), (3), and (4) of section 582(c) (relating to bond, etc., losses and gains of financial institutions).Revenue Reconciliation Act of 1990
Pub. L. 101–508 § 11801(a)(25) · 104 Stat. 1388
Struck · 26 U.S.C. § 582(c)(4)
Pub. L. 101–508, § 11801(a)(25), struck out par. (4) “Transitional rule for banks” which read as follows: “In the case of a corporation which would be a bank except for the fact that it is a foreign corporation, the net gain, if any, for the taxable year on sales and exchanges described in paragraph (1) shall be considered as gain from the sale or exchange of a capital asset to the extent such net gain does not exceed the portion of any capital loss carryover to such taxable year which is attributable to capital losses on sales or exchanges described in paragraph (1) for a taxable year beginning before July 12, 1969. For purposes of the preceding sentence, the portion of a net capital loss for a taxable year which is attributable to capital losses on sales or exchanges described in paragraph (1) is the amount of the net capital loss on such sales or exchanges for such taxable year (but not in excess of the net capital loss for such taxable year).”
Source evidence
Code amendment note
Subsec. (c)(4). Pub. L. 101–508, § 11801(a)(25), struck out par. (4) “Transitional rule for banks” which read as follows: “In the case of a corporation which would be a bank except for the fact that it is a foreign corporation, the net gain, if any, for the taxable year on sales and exchanges described in paragraph (1) shall be considered as gain from the sale or exchange of a capital asset to the extent such net gain does not exceed the portion of any capital loss carryover to such taxable year which is attributable to capital losses on sales or exchanges described in paragraph (1) for a taxable year beginning before July 12, 1969. For purposes of the preceding sentence, the portion of a net capital loss for a taxable year which is attributable to capital losses on sales or exchanges described in paragraph (1) is the amount of the net capital loss on such sales or exchanges for such taxable year (but not in excess of the net capital loss for such taxable year).”Enacted provision · exact public law section
(25) Paragraphs (2), (3), and (4) of section 582(c) (relating to bond, etc., losses and gains of financial institutions).Revenue Reconciliation Act of 1990
Pub. L. 101–508 § 11801(c)(11)(B) · 104 Stat. 1388
Redesignated · 26 U.S.C. § 582(c)(5)
Pub. L. 101–508, § 11801(c)(11)(B), redesignated par. (5) as (2)
Source evidence
Code amendment note
Subsec. (c)(5). Pub. L. 101–508, § 11801(c)(11)(B), redesignated par. (5) as (2).Enacted provision · exact public law section
(B) by redesignating paragraph (5) as paragraph (2).Small Business Job Protection Act of 1996
Pub. L. 104–188 title I § 1621(b)(4) · 110 Stat. 1755
Inserted · 26 U.S.C. § 582(c)(1)
Pub. L. 104–188 inserted “, and any regular interest in a FASIT,” after “REMIC”
Source evidence
Code amendment note
Subsec. (c)(1). Pub. L. 104–188 inserted “, and any regular interest in a FASIT,” after “REMIC”.Enacted provision · exact public law section
(4) Paragraph (1) of section 582(c) is amended by inserting “, and any regular interest in a FASIT,” after “REMIC”.Pub. L. 108–357 title VIII § 835(b)(3) · 118 Stat. 1418
Struck · 26 U.S.C. § 582(c)(1)
Pub. L. 108–357 struck out “, and any regular interest in a FASIT,” before “shall be treated”
Source evidence
Code amendment note
Subsec. (c)(1). Pub. L. 108–357 struck out “, and any regular interest in a FASIT,” before “shall be treated”.Enacted provision · exact public law section
(3) Paragraph (1) of section 582(c) is amended by striking “, and any regular interest in a FASIT,”.Effective date note
Amendment by Pub. L. 108–357 effective Jan. 1, 2005, with exception for any FASIT in existence on Oct. 22, 2004, 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, see section 835(c) of Pub. L. 108–357, set out as a note under section 56 of this title.
21 of 22 references resolved to an enrolled provision · 1 partial
Editorial Notes
References in Text
The Small Business Investment Act of 1958, referred to in subsec. (c)(2)(A)(iii), is Pub. L. 85–699, , 72 Stat. 689, which is classified principally to chapter 14B (§ 661 et seq.) of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see Short Title note set out under section 661 of Title 15 and Tables.
Amendments1958–2004 · 9 rounds
2004
Subsec. (c)(1). Pub. L. 108–357 struck out “, and any regular interest in a FASIT,” before “shall be treated”.
1996
Subsec. (c)(1). Pub. L. 104–188 inserted “, and any regular interest in a FASIT,” after “REMIC”.
1990
Subsec. (c)(1). Pub. L. 101–508, § 11801(c)(11)(A), substituted “paragraph (2)” for “paragraph (5)”.
Subsec. (c)(2). Pub. L. 101–508, § 11801(a)(25), (c)(11)(B), redesignated par. (5) as (2) and struck out former par. (2) “Transitional rule for banks” which read as follows: “In the case of a bank, if the net long-term capital gains of the taxable year from sales or exchanges of qualifying securities exceed the net short-term capital losses of the taxable year from such sales or exchanges, such excess shall be considered as gain from the sale of a capital asset held for more than 6 months to the extent it does not exceed the net gain on sales and exchanges described in paragraph (1).”
Subsec. (c)(3). Pub. L. 101–508, § 11801(a)(25), struck out par. (3) “Special rules” which read as follows: “For purposes of this subsection—
“(A) The term ‘qualifying security’ means a bond, debenture, note, or certificate or other evidence of indebtedness held by a bank on .
“(B) The amount treated as capital gain or loss from the sale or exchange of a qualifying security shall be determined by multiplying the amount of capital gain or loss from the sale or exchange of such security (determined without regard to this subsection) by a fraction, the numerator of which is the number of days before , that such security was held by the bank, and the denominator of which is the number of days the security was held by the bank.”
Subsec. (c)(4). Pub. L. 101–508, § 11801(a)(25), struck out par. (4) “Transitional rule for banks” which read as follows: “In the case of a corporation which would be a bank except for the fact that it is a foreign corporation, the net gain, if any, for the taxable year on sales and exchanges described in paragraph (1) shall be considered as gain from the sale or exchange of a capital asset to the extent such net gain does not exceed the portion of any capital loss carryover to such taxable year which is attributable to capital losses on sales or exchanges described in paragraph (1) for a taxable year beginning before . For purposes of the preceding sentence, the portion of a net capital loss for a taxable year which is attributable to capital losses on sales or exchanges described in paragraph (1) is the amount of the net capital loss on such sales or exchanges for such taxable year (but not in excess of the net capital loss for such taxable year).”
Subsec. (c)(5). Pub. L. 101–508, § 11801(c)(11)(B), redesignated par. (5) as (2).
1988
Subsec. (a). Pub. L. 100–647 substituted “subsections (a) and (b) of section 166” for “subsections (a), (b), and (c) of section 166”.
1986
Subsec. (c)(1). Pub. L. 99–514, § 901(d)(3)(A), substituted “referred to in paragraph (5)” for “to which section 585, 586, or 593 applies”.
Pub. L. 99–514, § 671(b)(4), inserted “For purposes of the preceding sentence, any regular or residual interest in a REMIC shall be treated as an evidence of indebtedness.”
Subsec. (c)(5). Pub. L. 99–514, § 901(d)(3)(B), added par. (5).
1984
Subsec. (c)(2). Pub. L. 98–369 substituted “6 months” for “1 year”, applicable to property acquired after , and before . See Effective Date of 1984 Amendment note below.
1976
Subsec. (c)(2). Pub. L. 94–455, § 1402(b)(2), provided that “9 months” would be changed to “1 year”.
Pub. L. 94–455, § 1402(b)(1)(G), (2), provided that “6 months” would be changed to “9 months” for taxable years beginning in 1977.
Subsec. (c)(4). Pub. L. 94–455, § 1044(a), added par. (4).
1969
Pub. L. 91–172, § 433(c), substituted “Bad debts, losses, and gains with respect to securities held by financial institutions” for “Bad debt and loss deduction with respect to securities held by banks” in section catchline.
Subsec. (c). Pub. L. 91–172, § 433(a), redesignated existing provisions as par. (1), inserted reference to sections 585, 586 and 593, and added pars. (2) and (3).
1958
Subsec. (c). Pub. L. 85–866 struck out “with interest coupons or in registered form,” before “exceed the gains”.
Statutory Notes and Related Subsidiaries
Effective Date of 2004 Amendment
Amendment by Pub. L. 108–357 effective , with exception for any FASIT in existence on , 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, see section 835(c) of Pub. L. 108–357, set out as a note under section 56 of this title.
Effective Date of 1996 Amendment
Amendment by Pub. L. 104–188 effective , see section 1621(d) of Pub. L. 104–188, set out as a note under section 26 of this title.
Effective Date of 1988 Amendment
Amendment by 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.
Effective Date of 1986 Amendment
Amendment by section 671(b)(4) of Pub. L. 99–514 effective , see section 675(a) of Pub. L. 99–514, as amended, set out as an Effective Date note under section 860A of this title.
Amendment by section 901(d)(3) of Pub. L. 99–514 applicable to taxable years beginning after , see section 901(e) of Pub. L. 99–514, set out as a note under section 166 of this title.
Effective Date of 1984 Amendment
Amendment by Pub. L. 98–369 applicable to property acquired after , and before , see section 1001(e) of Pub. L. 98–369, set out as a note under section 166 of this title.
Effective Date of 1976 Amendment
Pub. L. 94–455, title X, § 1044(b), , 90 Stat. 1643, as amended by Pub. L. 99–514, § 2, , 100 Stat. 2095, provided that:
“(1) The amendment made by subsection (a) [amending this section] shall apply with respect to taxable years beginning after .
“(2) If the refund or credit of any overpayment attributable to the application of the amendment made by subsection (a) to any taxable year is otherwise prevented by the operation of any law or rule of law (other than section 7122 of the Internal Revenue Code of 1986 [formerly I.R.C. 1954], relating to compromises) on the day which is one year after the date of the enactment of this Act [], such credit or refund shall be nevertheless allowed or made if claim therefor is filed on or before such day.”
Pub. L. 94–455, title XIV, § 1402(b)(1), , 90 Stat. 1731, provided that amendment made by that section is effective with respect to taxable years beginning in 1977.
Pub. L. 94–455, title XIV, § 1402(b)(2), , 90 Stat. 1732, provided that the amendment made by that section is effective with respect to taxable years beginning after .
Effective Date of 1969 Amendment
Pub. L. 91–172, title IV, § 433(d), , 83 Stat. 624, as amended by Pub. L. 99–514, § 2, , 100 Stat. 2095, provided that:
“(1) In general.—
The amendments made by this section [amending this section and section 1243 of this title] shall apply to taxable years beginning after .
“(2) Election for small business investment companies and business development corporations.—
Notwithstanding paragraph (1), in the case of a financial institution described in section 586(a) of the Internal Revenue Code of 1986 [formerly I.R.C. 1954], the amendments made by this section [amending this section and section 1243 of this title] shall not apply for its taxable years beginning after , and before , unless the taxpayer so elects at such time and in such manner as shall be prescribed by the Secretary of the Treasury or his delegate. Such election shall be irrevocable and shall apply to all such taxable years.”
Effective Date of 1958 Amendment
Amendment by Pub. L. 85–866 applicable to taxable years beginning after , and ending after , see section 1(c)(1) of Pub. L. 85–866, set out as a note under section 165 of this title.
Savings Provision
For provisions that nothing in amendment by 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 , for purposes of determining liability for tax for periods ending after , see section 11821(b) of Pub. L. 101–508, set out as a note under section 45K of this title.
Credits
1954–2004 · 10 acts
- 1954Aug. 16, 1954, ch. 736, 68A Stat. 202
- 1958Pub. L. 85–866, title I, § 34, , 72 Stat. 1632
- 1969Pub. L. 91–172, title IV, § 433(a), (c), , 83 Stat. 623, 624
- 1976Pub. L. 94–455, title X, § 1044(a), title XIV, § 1402(b)(1)(G), (2), , 90 Stat. 1642, 1732
- 1984Pub. L. 98–369, div. A, title X, § 1001(b)(6), (e), , 98 Stat. 1011, 1012
- 1986Pub. L. 99–514, title VI, § 671(b)(4), title IX, § 901(d)(3), , 100 Stat. 2318, 2379
- 1988Pub. L. 100–647, title I, § 1008(d)(3), , 102 Stat. 3439
- 1990Pub. L. 101–508, title XI, § 11801(a)(25), (c)(11), , 104 Stat. 1388–521, 1388–527
- 1996Pub. L. 104–188, title I, § 1621(b)(4), , 110 Stat. 1867
- 2004Pub. L. 108–357, title VIII, § 835(b)(3), , 118 Stat. 1593.
Show as published
(Aug. 16, 1954, ch. 736, 68A Stat. 202; Pub. L. 85–866, title I, § 34, , 72 Stat. 1632; Pub. L. 91–172, title IV, § 433(a), (c), , 83 Stat. 623, 624; Pub. L. 94–455, title X, § 1044(a), title XIV, § 1402(b)(1)(G), (2), , 90 Stat. 1642, 1732; Pub. L. 98–369, div. A, title X, § 1001(b)(6), (e), , 98 Stat. 1011, 1012; Pub. L. 99–514, title VI, § 671(b)(4), title IX, § 901(d)(3), , 100 Stat. 2318, 2379; Pub. L. 100–647, title I, § 1008(d)(3), , 102 Stat. 3439; Pub. L. 101–508, title XI, § 11801(a)(25), (c)(11), , 104 Stat. 1388–521, 1388–527; Pub. L. 104–188, title I, § 1621(b)(4), , 110 Stat. 1867; Pub. L. 108–357, title VIII, § 835(b)(3), , 118 Stat. 1593.)