Neither the basis nor the adjusted basis of any portion of real property shall, in the case of the lessor of such property, be increased or diminished on account of income derived by the lessor in respect of such property and excludable from gross income under section 109 (relating to improvements by lessee on lessor’s property).
Aug. 16, 1954, ch. 73668A Stat. 301Pub. L. 113–295, div. A, title II, § 221(a)(76)128 Stat. 4049(, ; , , .)
Editorial Notes
Amendments
Pub. L. 113–2952014— struck out last sentence which read as follows: “If an amount representing any part of the value of real property attributable to buildings erected or other improvements made by a lessee in respect of such property was included in gross income of the lessor for any taxable year beginning before , the basis of each portion of such property shall be properly adjusted for the amount so included in gross income.”
Statutory Notes and Related Subsidiaries
Effective Date of 2014 Amendment
Pub. L. 113–295section 221(b) of Pub. L. 113–295section 1 of this titleAmendment by effective , subject to a savings provision, see , set out as a note under .