Amendments
2019—Subsec. (b)(1)(B) to (F). Pub. L. 116–94 redesignated subpars. (C) to (F) as (B) to (E), respectively, and struck out former subpar. (B). Prior to amendment, text of subpar. (B) read as follows: “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”.
2018—Subsec. (b)(1)(E). Pub. L. 115–141, § 401(b)(7), struck out at end “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, § 401(b)(8), inserted “(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, § 11027(b), inserted at end “This subparagraph shall not apply to taxable years beginning after December 31, 2016, and ending before January 1, 2019”.
Subsec. (b)(2)(C), (D). Pub. L. 115–97, § 12001(b)(7), redesignated subpar. (D) as (C) and struck out former subpar. (C). Prior to amendment, text of subpar. (C) read as follows: “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, § 12001(b)(8)(A), struck out subsec. (c) which related to adjustments applicable to corporations.
Subsec. (g). Pub. L. 115–97, § 12001(b)(8)(A), struck out subsec. (g) which related to adjustments based on adjusted current earnings.
2014—Subsec. (b)(1)(C)(ii) to (v). Pub. L. 113–295, § 221(a)(25)(B), redesignated cls. (iii) to (v) as (ii) to (iv), respectively, and struck out former cl. (ii) which read as follows: “sections 163(d)(6) and 163(h)(5) (relating to phase-ins) shall not apply,”.
Subsec. (d)(3). Pub. L. 113–295, § 221(a)(30)(C), struck out par. (3). Text read as follows: “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, § 215(b), substituted “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)”. See 2007 Amendment note below.
Subsec. (g)(4)(F)(ii). Pub. L. 113–295, § 221(a)(9), substituted “Clause (i)” for “In the case of any taxable year beginning after December 31, 1992, clause (i)”.
2010—Subsec. (b)(1)(B). Pub. L. 111–148 substituted “without regard to subsection (f) of such section” for “by substituting ‘10 percent’ for ‘7.5 percent’ ”.
2009—Subsec. (b)(1)(E). Pub. L. 111–5, § 1008(d), substituted “subparagraphs (D) and (E) of section 63(c)(1)” for “section 63(c)(1)(D)”.
Subsec. (d)(1)(A)(ii)(I). Pub. L. 111–92 amended subcl. (I) generally. Prior to amendment, subcl. (I) read as follows: “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. (g)(4)(B)(iv). Pub. L. 111–5, § 1503(b), added cl. (iv).
2008—Subsec. (b)(1)(E). Pub. L. 110–343, § 706(b)(3), inserted at end “The preceding sentence shall not apply to so much of the standard deduction as is determined under section 63(c)(1)(D).”
Subsec. (d)(3). Pub. L. 110–343, § 708(c), added par. (3).
Subsec. (g)(4)(B)(iii). Pub. L. 110–289 added cl. (iii).
2007—Subsec. (g)(4)(C)(ii)(I). Pub. L. 110–172, § 11(g)(1), substituted “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, § 11(g)(2), which purported to amend subsec. (g)(4)(C)(iv) of this section, but directed the amendment of section 54(g)(4)(C)(iv) of this title, 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)”, was not executed in light of the identical amendment made by Pub. L. 113–295, § 215(b), effective as if included in Pub. L. 110–172. See 2014 Amendment note above.
2006—Subsec. (c)(2). Pub. L. 109–304, in introductory provisions, substituted “chapter 535 of title 46, United States Code” for “section 607 of the Merchant Marine Act, 1936 (46 U.S.C. 1177)”, and, in subpars. (A) and (B), substituted “such chapter 535” for “such section 607”.
2005—Subsec. (a)(1)(B). Pub. L. 109–58 inserted “, or in section 168(e)(3)(C)(iv)” before period at end.
Subsec. (b)(1)(A)(ii). Pub. L. 109–135, § 403(r)(2), inserted “or clause (ii) of section 164(b)(5)(A)” before period at end.
Subsec. (d)(1)(A)(i)(II), (ii)(II). Pub. L. 109–135, § 403(a)(14), substituted “such deduction and the deduction under section 199” for “such deduction”.
2004—Subsec. (d)(1)(A)(i)(I). Pub. L. 108–311, § 403(b)(4)(A), struck out “attributable to carryovers” after “other than the deduction”.
Subsec. (d)(1)(A)(ii)(I). Pub. L. 108–311, § 403(b)(4)(B), substituted “from taxable years” for “for taxable years” and “carryovers” for “carryforwards”.
Subsec. (g)(4)(B)(i). Pub. L. 108–357, § 248(b)(1), inserted “or 1357” after “section 139A” in concluding provisions.
Pub. L. 108–357, § 101(b)(4), struck out “114 or” before “139A” in concluding provisions.
Subsec. (g)(4)(C)(v). Pub. L. 108–357, § 102(b), added cl. (v).
Subsec. (g)(4)(C)(vi). Pub. L. 108–357, § 422(b), added cl. (vi).
Subsec. (g)(6). Pub. L. 108–357, § 835(b)(1), substituted “or REMIC” for “REMIC, or FASIT”.
2003—Subsec. (g)(4)(B)(i). Pub. L. 108–173 inserted “or 139A” after “section 114” in concluding provisions.
2002—Subsec. (a)(1)(A)(ii). Pub. L. 107–147, § 417(5), substituted “such section 1250” for “such 1250” in concluding provisions.
Subsec. (d)(1)(A). Pub. L. 107–147, § 102(c)(1), amended subpar. (A) generally. Prior to amendment, subpar. (A) read as follows: “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 inserted “(and the straight line method shall be used for such 1250 property)” before “or to any other property” in concluding provisions.
Subsec. (g)(4)(B)(i). Pub. L. 106–519 inserted “or under section 114” before the period at end of first sentence in concluding provisions.
1998—Subsec. (a)(3). Pub. L. 105–277 substituted “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, § 402(a), inserted at end “In the case of property placed in service after December 31, 1998, the preceding sentence shall not apply but clause (ii) shall continue to apply.”
Subsec. (a)(5). Pub. L. 105–34, § 402(b), inserted at end “In the case of such a facility placed in service after December 31, 1998, such deduction shall be determined under section 168 using the straight line method.”
Subsec. (a)(6) to (8). Pub. L. 105–34, § 403(a), redesignated pars. (7) and (8) as (6) and (7), respectively, and struck out former par. (6) which 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), (3)(B)(i). Pub. L. 105–34, § 312(d)(1), substituted “section 121” for “section 1034”.
Subsec. (g)(4)(B)(i). Pub. L. 105–34, § 1212(a), inserted at end of concluding provisions “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).”
1996—Subsec. (b)(3). Pub. L. 104–188, § 1702(h)(12), provided that the amendment made by section 11801(c)(9)(G)(ii) of Pub. L. 101–508 shall be applied as if it struck “Section 422A(c)(2)” and inserted “Section 422(c)(2)”. See 1990 Amendment note below.
Subsec. (d)(1)(B)(ii). Pub. L. 101–508, § 1702(e)(1)(A), amended cl. (ii) generally. Prior to amendment, cl. (ii) read as follows: “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)(1), (2)(A). Pub. L. 104–188, § 1704(t)(48), provided that section 11801(c)(2)(B) of Pub. L. 101–508 shall be applied as if “section 56(g)” appeared instead of “section 59(g)”. See 1990 Amendment note below.
Subsec. (g)(4)(C)(ii)(I). Pub. L. 104–188, § 1601(b)(2)(B), inserted “30A,” before “936” and substituted “, (i), and (j)” for “and (i)”.
Subsec. (g)(4)(C)(ii)(II). Pub. L. 104–188, § 1704(t)(1), substituted “of subclause” for “of the subclause”.
Subsec. (g)(4)(C)(iii)(VI). Pub. L. 104–188, § 1601(b)(2)(C), added subcl. (VI).
Subsec. (g)(4)(D)(iii). Pub. L. 104–188, § 1702(g)(4), inserted “, but only with respect to taxable years beginning after December 31, 1989” before period at end.
Subsec. (g)(4)(H) to (J). Pub. L. 104–188, § 1702(c)(1), redesignated subpars. (I) and (J) as (H) and (I), respectively.
Subsec. (g)(6). Pub. L. 104–188, § 1621(b)(2), substituted “REMIC, or FASIT” for “or REMIC”.
1993—Subsec. (g)(4)(A)(i). Pub. L. 103–66, § 13115(a), inserted at end “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, § 13227(c)(1), substituted “sections 936 (including subsections (a)(4) and (i) thereof) and 921” for “sections 936 and 921”.
Subsec. (g)(4)(C)(iii)(IV), (V). Pub. L. 103–66, § 13227(c)(2), added subcls. (IV) and (V).
Subsec. (g)(4)(J). Pub. L. 103–66, § 13171(b), added subpar. (J).
1992—Subsec. (d)(1)(A). Pub. L. 102–486, § 1915(c)(2), amended subpar. (A) generally. Prior to amendment, subpar. (A) read as follows: “the amount of such deduction shall not exceed the excess (if any) of—
“(i) 90 percent of alternative minimum taxable income determined without regard to such deduction and the deduction under subsection (h), over
“(ii) the deduction under subsection (h), and”.
Subsec. (g)(4)(D)(i). Pub. L. 102–486, § 1915(b)(2), inserted at end “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.”
Subsec. (g)(4)(F). Pub. L. 102–486, § 1915(a)(2), amended subpar. (F) generally. Prior to amendment, subpar. (F) read as follows: “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, § 1915(c)(1), struck out subsec. (h) which related to adjustment based on energy preferences.
1990—Subsec. (a)(1)(D). Pub. L. 101–508, § 11812(b)(4), substituted “section 168(i)(10)” for “section 167(l)(3)(A)”.
Subsec. (b)(1)(F). Pub. L. 101–508, § 11103(b), added subpar. (F).
Subsec. (b)(3). Pub. L. 101–508, § 11801(c)(9)(G)(i), substituted “section 422” for “section 422A”.
Pub. L. 101–508, § 11801(c)(9)(G)(ii), which directed the substitution of “section 422(c)(2)” for “section 422A(c)(2)”, was executed by substituting “Section 422(c)(2)” for “Section 422A(c)(2)”. See 1996 Amendment note above.
Subsec. (c)(1). Pub. L. 101–508, § 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, § 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, § 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, § 11801(c)(2)(B), which directed that pars. (1) and (2) “of section 59(g) are each amended by striking ‘beginning after 1989’ ”, was executed to pars. (1) and (2)(A) of subsec. (g) of this section after “any taxable year”. See 1996 Amendment note above.
Subsec. (g)(4)(C)(iii). Pub. L. 101–508, § 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, § 11704(a)(1), substituted “years” for “year”.
Subsec. (g)(4)(F) to (H). Pub. L. 101–508, § 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, § 11531(a), added subsec. (h).
1989—Subsec. (a)(3). Pub. L. 101–239, § 7815(e)(2)(B), substituted “The first sentence of this paragraph shall not” for “The preceding sentence shall not”.
Pub. L. 101–239, § 7815(e)(2)(A), made clarifying amendment to directory language of Pub. L. 100–647, § 5041(b)(4), see 1988 Amendment note below.
Pub. L. 101–239, § 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, § 7612(d)(1), added subpar. (D).
Subsec. (b)(3). Pub. L. 101–239, § 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, § 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, § 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, § 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, § 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, § 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, § 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, § 7611(e), added cl. (iv).
Subsec. (g)(4)(D). Pub. L. 101–239, § 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, § 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, § 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
“(ii) the method used for book purposes.”
Subsec. (g)(4)(H). Pub. L. 101–239, § 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, § 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, § 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, § 7611(f)(4), redesignated subpar. (D) as (B). Former subpar. (B) redesignated (A).
Subsec. (g)(5)(C). Pub. L. 101–239, § 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, § 7611(f)(4), redesignated subpar. (D) as (B).
1988—Subsec. (a)(1)(A)(i). Pub. L. 100–647, § 1007(b)(15), substituted “personal” for “real” in heading.
Subsec. (a)(1)(C)(i). Pub. L. 100–647, § 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, § 5041(b)(4), as amended by Pub. L. 101–239, § 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, § 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, § 1007(b)(19), added par. (8).
Subsec. (b)(1). Pub. L. 100–647, § 1007(b)(16), struck out “itemized” after “Limitation on” in heading.
Subsec. (b)(1)(C)(ii). Pub. L. 100–647, § 2004(b)(2), substituted “163(h)(5)” for “163(h)(6)”.
Subsec. (b)(1)(C)(iii). Pub. L. 100–647, § 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, § 1007(b)(3), added cls. (iv) and (v).
Subsec. (b)(1)(E). Pub. L. 100–647, § 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, § 1007(b)(14)(A), added par. (3).
Subsec. (c)(1). Pub. L. 100–647, § 1007(b)(13)(A), substituted “adjusted current earnings” for “adjusted earnings and profits” in heading.
Subsec. (c)(1)(B). Pub. L. 100–647, § 1007(b)(13)(B), substituted “Adjusted current earnings” for “Adjusted earnings and profits” in heading.
Subsec. (d)(2)(A). Pub. L. 100–647, § 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, § 2004(b)(3)(A), substituted “improving” for “rehabilitating” in introductory text.
Pub. L. 100–647, § 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, § 2004(b)(3)(B), struck out “or is paid” after “accrues”.
Subsec. (e)(1)(B). Pub. L. 100–647, § 1007(b)(6)(A)(ii), substituted “section 163(h)(4)” for “section 163(h)(3)”.
Subsec. (e)(3). Pub. L. 100–647, § 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, § 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, § 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, § 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, § 6303(a), added subpar. (I) and redesignated former subpar. (I) as (J).
Subsec. (f)(3)(A)(iii). Pub. L. 100–647, § 1007(b)(8), inserted “for a substantial nontax purpose” after “an income statement”.
Subsec. (f)(3)(B). Pub. L. 100–647, § 1007(b)(9), substituted “this subsection” for “paragraph (3)(A)” in penultimate sentence.
Subsec. (f)(3)(C). Pub. L. 100–647, § 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, § 1007(b)(17), added cls. (vi) and (vii).
Subsec. (g)(4)(B)(iii). Pub. L. 100–647, § 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, § 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, § 1007(b)(11)(B), substituted “clause (i)” for “clause (ii)(I)”.
Subsec. (g)(4)(I). Pub. L. 100–647, § 1007(b)(18), added subpar. (I).
1987—Subsec. (a)(6). Pub. L. 100–203, § 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, § 10243(a), added subpar. (H) and redesignated former subpar. (H) as (I).
