US Code

Public Law 119-73 (01/23/2026)

26 U.S.C. § 1245

Gain from dispositions of certain depreciable property

(a)

General rule

(1)

Ordinary income

Except as otherwise provided in this section, if section 1245 property is disposed of the amount by which the lower of—
(A)
the recomputed basis of the property, or
(B)
(i)
in the case of a sale, exchange, or involuntary conversion, the amount realized, or
(ii)
in the case of any other disposition, the fair market value of such property,
exceeds the adjusted basis of such property shall be treated as ordinary income. Such gain shall be recognized notwithstanding any other provision of this subtitle.
(2)

Recomputed basis

For purposes of this section—
(A)

In general

The term “recomputed basis” means, with respect to any property, its adjusted basis recomputed by adding thereto all adjustments reflected in such adjusted basis on account of deductions (whether in respect of the same or other property) allowed or allowable to the taxpayer or to any other person for depreciation or amortization.

(B)

Taxpayer may establish amount allowed

For purposes of subparagraph (A), if the taxpayer can establish by adequate records or other sufficient evidence that the amount allowed for depreciation or amortization for any period was less than the amount allowable, the amount added for such period shall be the amount allowed.

(C)

Certain deductions treated as amortization

Any deduction allowable under section 179, 179B, 179C, 179D, 179E, 181, 190, 193, or 194 shall be treated as if it were a deduction allowable for amortization.

(3)

Section 1245 property

For purposes of this section, the term “section 1245 property” means any property which is or has been property of a character subject to the allowance for depreciation provided in section 167 and is either—
(A)
personal property,
(B)
other property (not including a building or its structural components) but only if such other property is tangible and has an adjusted basis in which there are reflected adjustments described in paragraph (2) for a period in which such property (or other property)—
(i)
was used as an integral part of manufacturing, production, or extraction or of furnishing transportation, communications, electrical energy, gas, water, or sewage disposal services,
(ii)
constituted a research facility used in connection with any of the activities referred to in clause (i), or
(iii)
constituted a facility used in connection with any of the activities referred to in clause (i) for the bulk storage of fungible commodities (including commodities in a liquid or gaseous state),
(C)
1
1 So in original. Probably should be followed by a comma.
so much of any real property (other than any property described in subparagraph (B)) which has an adjusted basis in which there are reflected adjustments for amortization under section 169, 179, 179B, 179C, 179D, 179E, 188 (as in effect before its repeal by the Revenue Reconciliation Act of 1990), 190, 193, or 194 
(D)
a single purpose agricultural or horticultural structure (as defined in section 168(i)(13)),
(E)
a storage facility (not including a building or its structural components) used in connection with the distribution of petroleum or any primary product of petroleum,
(F)
any railroad grading or tunnel bore (as defined in section 168(e)(4)), or
(G)
any qualified production property (as defined in section 168(n)(2)).
(b)

Exceptions and limitations

(1)

Gifts

Subsection (a) shall not apply to a disposition by gift.

(2)

Transfers at death

Except as provided in section 691 (relating to income in respect of a decedent), subsection (a) shall not apply to a transfer at death.

(3)

Certain tax-free transactions

If the basis of property in the hands of a transferee is determined by reference to its basis in the hands of the transferor by reason of the application of section 332, 351, 361, 721, or 731, then the amount of gain taken into account by the transferor under subsection (a)(1) shall not exceed the amount of gain recognized to the transferor on the transfer of such property (determined without regard to this section). Except as provided in paragraph (6), this paragraph shall not apply to a disposition to an organization (other than a cooperative described in section 521) which is exempt from the tax imposed by this chapter.

(4)

Like kind exchanges; involuntary conversions, etc.

If property is disposed of and gain (determined without regard to this section) is not recognized in whole or in part under section 1031 or 1033, then the amount of gain taken into account by the transferor under subsection (a)(1) shall not exceed the sum of—
(A)
the amount of gain recognized on such disposition (determined without regard to this section), plus
(B)
the fair market value of property acquired which is not section 1245 property and which is not taken into account under subparagraph (A).
(5)

Property distributed by a partnership to a partner

(A)

In general

For purposes of this section, the basis of section 1245 property distributed by a partnership to a partner shall be deemed to be determined by reference to the adjusted basis of such property to the partnership.

(B)

Adjustments added back

In the case of any property described in subparagraph (A), for purposes of computing the recomputed basis of such property the amount of the adjustments added back for periods before the distribution by the partnership shall be—
(i)
the amount of the gain to which subsection (a) would have applied if such property had been sold by the partnership immediately before the distribution at its fair market value at such time, reduced by
(ii)
the amount of such gain to which section 751(b) applied.
(6)

Transfers to tax-exempt organization where property will be used in unrelated business

(A)

In general

The second sentence of paragraph (3) shall not apply to a disposition of section 1245 property to an organization described in section 511(a)(2) or 511(b)(2) if, immediately after such disposition, such organization uses such property in an unrelated trade or business (as defined in section 513).

(B)

Later change in use

If any property with respect to the disposition of which gain is not recognized by reason of subparagraph (A) ceases to be used in an unrelated trade or business of the organization acquiring such property, such organization shall be treated for purposes of this section as having disposed of such property on the date of such cessation.

(7)

Timber property

In determining, under subsection (a)(2), the recomputed basis of property with respect to which a deduction under section 194 was allowed for any taxable year, the taxpayer shall not take into account adjustments under section 194 to the extent such adjustments are attributable to the amortizable basis of the taxpayer acquired before the 10th taxable year preceding the taxable year in which gain with respect to the property is recognized.

(8)

Disposition of amortizable section 197 intangibles

(A)

In general

If a taxpayer disposes of more than 1 amortizable section 197 intangible (as defined in section 197(c)) in a transaction or a series of related transactions, all such amortizable 197 intangibles shall be treated as 1 section 1245 property for purposes of this section.

(B)

Exception

Subparagraph (A) shall not apply to any amortizable section 197 intangible (as so defined) with respect to which the adjusted basis exceeds the fair market value.

(c)

Adjustments to basis

The Secretary shall prescribe such regulations as he may deem necessary to provide for adjustments to the basis of property to reflect gain recognized under subsection (a).

(d)

Application of section

This section shall apply notwithstanding any other provision of this subtitle.

Pub. L. 87–834, § 13(a)(1)76 Stat. 1032Pub. L. 88–272, title II, § 203(d)78 Stat. 35Pub. L. 91–172, title II, § 212(a)(1)83 Stat. 571Pub. L. 92–178, title I, § 104(a)(2)85 Stat. 501Pub. L. 94–81, § 2(a)89 Stat. 417Pub. L. 94–455, title II, § 212(b)(1)90 Stat. 1546Pub. L. 95–600, title VII, § 701(f)(3)(A)92 Stat. 2901Pub. L. 96–223, title II, § 251(a)(2)(C)94 Stat. 287Pub. L. 96–451, title III, § 301(c)(1)94 Stat. 1990Pub. L. 97–34, title II95 Stat. 218Pub. L. 97–448, title I, § 102(e)(2)(B)96 Stat. 2371Pub. L. 98–369, div. A, title I, § 111(e)(5)98 Stat. 633Pub. L. 99–121, title I, § 103(b)(1)(D)99 Stat. 509Pub. L. 99–514, title II, § 201(d)(11)100 Stat. 2141Pub. L. 100–647, title I, § 1002(i)(2)(I)102 Stat. 3371Pub. L. 101–239, title VII, § 7622(b)(2)[(d)(2)]103 Stat. 2378Pub. L. 101–508, title XI104 Stat. 1388–518Pub. L. 103–66, title XIII, § 13261(f)(4)107 Stat. 539Pub. L. 104–7, § 2(b)109 Stat. 93Pub. L. 104–188, title I, § 1703(n)(6)110 Stat. 1877Pub. L. 105–34, title XVI, § 1604(a)(3)111 Stat. 1097Pub. L. 108–357, title III, § 338(b)(5)118 Stat. 1481Pub. L. 109–58, title XIII119 Stat. 1014Pub. L. 109–135, title IV119 Stat. 2610Pub. L. 109–432, div. A, title IV, § 404(b)(3)120 Stat. 2956Pub. L. 113–295, div. A, title II, § 221(a)(34)(H)128 Stat. 4042Pub. L. 115–141, div. U, title IV, § 401(b)(31)132 Stat. 1203Pub. L. 119–21, title VII, § 70307(b)139 Stat. 201(Added , , ; amended , , ; , (2), title VII, § 704(b)(4), , , 670; , title III, § 303(c)(1), (2), , , 522; , , ; , title XIX, §§ 1901(a)(140), (b)(3)(K), (11)(D), 1906(b) (13)(A), 1951(c)(2)(C), title XXI, §§ 2122(b)(3), 2124(a)(2), , , 1787, 1793, 1795, 1834, 1840, 1915, 1917; , (B), (w)(1), (2), , , 2920; , , ; , , ; , §§ 201(b), 202(b), 204(a)–(d), 212(d)(2)(F), , , 220, 222, 223, 239; , , ; , (10), , ; , , ; , , ; , , ; , , ; , §§ 11704(a)(13), 11801(c)(6)(E), (8)(H), 11813(b)(21), , , 1388–524, 1388–555; , (5), , ; , , ; , , ; , , ; , title VIII, § 886(b)(2), , , 1641; , §§ 1323(b)(1), 1331(b)(2), 1363(a), , , 1024, 1060; , §§ 402(a)(6), 403(e)(2), (i)(2), , , 2623, 2625; , , ; , , ; , , ; , , .)

Editorial Notes

References in Text

Pub. L. 101–508104 Stat. 1388–400section 188 of this titlesection 1 of this titleThe Revenue Reconciliation Act of 1990, referred to in subsec. (a)(3)(C), is title XI of , , . Section 11801(a)(13) of the Act repealed . For complete classification of this Act to the Code, see Short Title note set out under and Tables.

Amendments

Pub. L. 119–212025—Subsec. (a)(3)(G). added subpar. (G).

Pub. L. 115–1412018—Subsec. (a)(3)(C). struck out “, 185” after “179E”.

Pub. L. 113–2952014—Subsec. (a)(2)(C), (3)(C). struck out “179A,” after “179,”.

Pub. L. 109–4322006—Subsec. (a)(2)(C), (3)(C). inserted “179E,” after “179D,”.

Pub. L. 109–135, § 403(e)(2)2005—Subsec. (a)(2)(C). , (i)(2), inserted “181,” after “179B,” and substituted “193, or 194” for “or 193”.

Pub. L. 109–58, § 1331(b)(2), inserted “179D,” after “179C,”.

Pub. L. 109–58, § 1323(b)(1), inserted “179C,” after “179B,”.

Pub. L. 109–58, § 1331(b)(2)Subsec. (a)(3)(C). , inserted “179D,” after “179C,”.

Pub. L. 109–58, § 1323(b)(1), inserted “179C,” after “179B,”.

Pub. L. 109–135, § 402(a)(6)(B)Subsec. (b)(3). , substituted “paragraph (6)” for “paragraph (7)”.

Pub. L. 109–135, § 402(a)(6)(A)Subsec. (b)(5) to (8). , redesignated pars. (6) to (9) as (5) to (8), respectively, and struck out heading and text of former par. (5). Text read as follows: “Under regulations prescribed by the Secretary, rules consistent with paragraphs (3) and (4) of this subsection shall apply in the case of transactions described in section 1081 (relating to exchanges in obedience to SEC orders).”

Pub. L. 109–135, § 402(a)(6)(A)Subsec. (b)(9). , redesignated par. (9) as (8).

Pub. L. 109–58, § 1363(a), added par. (9).

Pub. L. 108–357, § 338(b)(5)2004—Subsec. (a)(2)(C), (3)(C). , inserted “179B,” after “179A,”.

Pub. L. 108–357, § 886(b)(2)Subsec. (a)(4). , struck out par. (4) which related to special rule for player contracts if a franchise to conduct any sports enterprise is sold or exchanged.

Pub. L. 105–341997—Subsec. (a)(2)(C), (3)(C). inserted “179A,” after “179,”.

Pub. L. 104–1881996—Subsec. (a)(3). reenacted heading without change and amended introductory provisions generally. Prior to amendment, introductory provisions read as follows: “For purposes of this section, the term ‘section 1245 property’ means any property which is or has been property of a character subject to the allowance for depreciation provided in section 167 (or subject to the allowance of amortization provided in)) and is either—”.

Pub. L. 104–71995—Subsec. (b)(5). struck out “1071 and” before “1081 transactions” in heading and “section 1071 (relating to gain from sale or exchange to effectuate policies of FCC) or” before “section 1081” in text.

Pub. L. 103–66, § 13261(f)(4)1993—Subsec. (a)(2)(C). , substituted “or 193” for “193, or 1253(d)(2) or (3)”.

Pub. L. 103–66, § 13261(f)(5)Subsec. (a)(3). , struck out “section 185 or 1253(d)(2) or (3)” after “amortization provided in” in introductory provisions.

Pub. L. 101–508, § 11704(a)(13)1990—Subsec. (a)(3). , substituted “or (3))” for “or (3)” in introductory provisions.

Pub. L. 101–508, § 11801(c)(6)(E)Subsec. (a)(3)(C). , substituted “188 (as in effect before its repeal by the Revenue Reconciliation Act of 1990),” for “188,”.

Pub. L. 101–508, § 11813(b)(21)Subsec. (a)(3)(D). , substituted “section 168(i)(13)” for “section 48(p)”.

Pub. L. 101–508, § 11801(c)(8)(H)Subsec. (b)(3). , struck out “371(a), 374(a),” after “332, 351, 361,”.

Pub. L. 101–239, § 7622(b)(2)(A)[(d)(2)(A)]1989—Subsec. (a)(2)(C). , substituted “193, or 1253(d)(2) or (3)” for “or 193”.

Pub. L. 101–239, § 7622(b)(2)(B)[(d)(2)(B)]Subsec. (a)(3). , substituted “section 185 or 1253(d)(2) or (3)” for “section 185” in introductory provisions.

Pub. L. 100–6471988—Subsec. (a)(3)(F). added subpar. (F).

Pub. L. 99–514, § 201(d)(11)(A)1986—Subsec. (a)(1). , struck out “during a taxable year beginning after , or section 1245 recovery property is disposed of after ,” after “if section 1245 property is disposed of”.

Pub. L. 99–514, § 201(d)(11)(B)Subsec. (a)(2). , amended par. (2) generally, restating former subpars. (A) to (E) and concluding provisions as subpars. (A) to (C).

Pub. L. 99–514, § 201(d)(11)(C)Subsec. (a)(3). , redesignated subpars. (D), (E), and (F) as (C), (D), and (E), respectively, and struck out former subpar. (C) which read as follows: “an elevator or an escalator”.

Pub. L. 99–514, § 201(d)(11)(D)Subsec. (a)(5), (6). , struck out par. (5) which defined “section 1245 recovery property” and par. (6) which provided special rule for qualified leased property.

Pub. L. 99–1211985—Subsec. (a)(5)(A) to (C). substituted “19-year real property” for “18-year real property”.

Pub. L. 98–369, § 111(e)(5)1984—Subsec. (a)(5)(A) to (C). , substituted “18-year real property and low-income housing” for “15-year real property”.

Pub. L. 98–369, § 111(e)(10)Subsec. (d)(5)(D). , substituted “low-income housing (within the meaning of section 168(c)(2)(F))” for “15-year real property which is described in clause (i), (ii), (iii), or (iv) of section 1250(a)(1)(B)”.

Pub. L. 97–4481983—Subsec. (a)(3)(F). inserted “(not including a building or its structural components)” after “a storage facility”.

Pub. L. 97–34, § 204(a)1981—Subsec. (a)(1). , inserted reference to section 1245 recovery property disposed of after , in introductory provisions.

Pub. L. 97–34Pub. L. 97–34, § 212(d)(2)(F)Subsec. (a)(2). , §§ 202(b)(1)–(3), 204(b), inserted reference to section 179 in subpar. (D), added subpar. (E), and, in provisions following subpar. (E), and inserted references to section 179 in three places. , in provisions following subpar. (E), substituted “191 (as in effect before its repeal by the Economic Recovery Tax Act of 1981)” for “191” in two places.

Pub. L. 97–34, § 202(b)(3)Subsec. (a)(3)(D). , inserted reference to section 179.

Pub. L. 97–34, § 201(b)Subsec. (a)(3)(E), (F). , added subpars. (E) and (F).

Pub. L. 97–34, § 204(c)Subsec. (a)(5). , added par. (5).

Pub. L. 97–34, § 204(d)Subsec. (a)(6). , added par. (6).

Pub. L. 96–451, § 301(c)(1)(A)1980—Subsec. (a)(2). , (B), inserted references to section 194 in subpar. (D) and text following subpar. (D).

Pub. L. 96–223, § 251(a)(2)(C)(i)–(iii), inserted references to section 193 in subpar. (D) and text following subpar. (D).

Pub. L. 96–451, § 301(c)(1)(B)Subsec. (a)(3)(D). , inserted reference to section 194.

Pub. L. 96–223, § 251(a)(2)(C)(i), inserted reference to section 193.

Pub. L. 96–451, § 301(c)(1)(C)Subsec. (b)(8). , added par. (8).

Pub. L. 95–600, § 701(f)(3)(A)1978—Subsec. (a)(2). , struck out from the listed sections in subpar. (D) reference to 191 and inserted “(in the case of property described in paragraph (3)(C))” before “191” in two places in next to last sentence.

Pub. L. 95–600, § 701(f)(3)(B)Subsec. (a)(3)(D). , struck out reference to section 191.

Pub. L. 95–600, § 701(w)(2)Subsec. (a)(4)(B). , inserted “attributable to periods after ,” after “for the depreciation”, “incurred after ,” after “allowable for losses”, and “described in clause (i)” after “of the amounts”.

Pub. L. 95–600, § 701(w)(1)Subsec. (a)(4)(C). , struck out provisions relating to the aggregate of the amounts treated as ordinary income.

Pub. L. 94–455, § 1901(b)(3)(K)1976—Subsec. (a)(1). , substituted “ordinary income” for “gain from the sale or exchange of property which is neither a capital asset nor property described in section 1231”.

Pub. L. 94–455Subsec. (a)(2)(D). , §§ 2122(b)(3)(B), 2124(a)(2), inserted reference to sections 190 and 191.

Pub. L. 94–455Subsec. (a)(2) foll. (D). , §§ 1901(b)(11)(D), 1951(c)(2)(C), 2122(b)(3)(A), (C), 2124(a)(2), in text following subpar. (D): struck out reference to section 187 in two places; inserted “(as in effect before its repeal by the Tax Reform Act of 1976),” after “section 168,” in two places; inserted provision for treatment for purposes of this section of any deduction allowable under section 190 as if it were a deduction allowable for amortization; and inserted reference to section 191 in two places, respectively.

Pub. L. 94–455Subsec. (a)(3)(D). , §§ 2122(b)(3)(A), 2124(a)(2), inserted reference to sections 190 and 191.

Pub. L. 94–455, § 212(b)(1)Subsec. (a)(4). , added par. (4).

Pub. L. 94–455, § 1906(b)(13)(A)Subsec. (b)(5). , struck out “or his delegate” after “Secretary”.

Pub. L. 94–455, § 1901(a)(140)Subsec. (b)(7)(B). , struck out “such organization acquiring such property,” before “such organization”.

Pub. L. 94–455, § 1906(b)(13)(A)Subsec. (c). , struck out “or his delegate” after “Secretary”.

Pub. L. 94–81, § 2(a)(1)1975—Subsec. (b)(3), (7). , (2), inserted reference to par. (7) in par. (3), and added par. (7).

Pub. L. 92–178, § 303(c)(1)1971—Subsec. (a)(2). , inserted reference to section 188 in two places in text following subpar. (D).

Pub. L. 92–178, § 104(a)(2)Subsec. (a)(3)(B)(ii), (iii). , substituted “research facility” for “research or storage facility” in cl. (ii) and added cl. (iii).

Pub. L. 92–178, § 303(c)(2)Subsec. (a)(3)(D). , inserted reference to section 188.

Pub. L. 91–1721969—Subsec. (a)(2). , §§ 212(a)(1), 704(b)(4)(A), (B), added subpar. (C) and inserted references to sections 169, 185, and 187, and added subpar. (D).

Pub. L. 91–172Subsec. (a)(3). , §§ 212(a)(2), 704(b)(4)(C)–(F), struck out “(other than livestock)” after “means any property” and substituted “section 167 (or subject to the allowance of amortization provided in section 185)” for “section 167” and added subpar. (D).

Pub. L. 88–2721964—Subsec. (a)(2), (3)(C). redefined “recomputed basis” with respect to elevators or escalators in par. (2), and inserted subpar. (C) in par. (3).

Statutory Notes and Related Subsidiaries

Effective Date of 2025 Amendment

Pub. L. 119–21section 70307(c) of Pub. L. 119–21section 168 of this titleAmendment by applicable to property placed in service after , see , set out as a note under .

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 .

Effective Date of 2006 Amendment

Pub. L. 109–432section 404(c) of Pub. L. 109–432section 179E of this titleAmendment by applicable to costs paid or incurred after , see , set out as an Effective Date note under .

Effective Date of 2005 Amendment

section 402(a)(6) of Pub. L. 109–135Pub. L. 109–5815 U.S.C. 79section 402(m) of Pub. L. 109–135section 23 of this titleAmendment by effective as if included in the provisions of the Energy Policy Act of 2005, , to which it relates, but not applicable with respect to any transaction ordered in compliance with the Public Utility Holding Company Act of 1935 ( et seq.) before its repeal, see , set out as an Effective and Termination Dates of 2005 Amendments note under .

Pub. L. 109–135Pub. L. 108–357section 403(nn) of Pub. L. 109–135section 26 of this titleAmendments by section 403(e)(2), (i)(2) of effective as if included in the provisions of the American Jobs Creation Act of 2004, , to which they relate, see , set out as a note under .

section 1323(b)(1) of Pub. L. 109–58section 1323(c) of Pub. L. 109–58section 179C of this titleAmendment by applicable to properties placed in service after , see , set out as an Effective Date note under .

section 1331(b)(2) of Pub. L. 109–58section 1331(d) of Pub. L. 109–58section 179D of this titleAmendment by applicable to property placed in service after , see , set out as an Effective Date note under .

Pub. L. 109–58, title XIII, § 1363(b)119 Stat. 1060

“The amendment made by this section [amending this section] shall apply to dispositions of property after the date of the enactment of this Act [].”
, , , provided that:

Effective Date of 2004 Amendment

section 338(b)(5) of Pub. L. 108–357section 338(c) of Pub. L. 108–357section 179B of this titleAmendment by applicable to expenses paid or incurred after , in taxable years ending after such date, see , set out as an Effective Date note under .

section 886(b)(2) of Pub. L. 108–357section 886(c)(2) of Pub. L. 108–357section 197 of this titleAmendment by applicable to franchises acquired after , see , set out as a note under .

Effective Date of 1997 Amendment

Pub. L. 105–34Pub. L. 102–486section 1604(a)(4) of Pub. L. 105–34section 263 of this titleAmendment by effective as if included in the amendments made by section 1913 of the Energy Policy Act of 1992, , see , set out as a note under .

Effective Date of 1996 Amendment

Pub. L. 104–188Pub. L. 103–66oPub. L. 104–188section 39 of this titleAmendment by effective as if included in the provision of the Revenue Reconciliation Act of 1993, , §§ 13001–13444, to which such amendment relates, see section 1703() of , set out as a note under .

Effective Date of 1995 Amendment

Pub. L. 104–7section 2(d) of Pub. L. 104–7section 1071 of this titleAmendment by applicable to sales and exchanges on or after , and to sales and exchanges before such date if FCC tax certificate with respect to such sale or exchange was issued on or after such date, but not applicable with respect to certain binding contracts, see , set out as an Effective Date of Repeal note under .

Effective Date of 1993 Amendment

Pub. L. 103–66section 13261(g) of Pub. L. 103–66section 197 of this titleAmendment by applicable, except as otherwise provided, with respect to property acquired after , see , set out as an Effective Date note under .

Effective Date of 1990 Amendment

section 11813(b)(21) of Pub. L. 101–508section 49(e) of this titlesection 46(d) of this titlesection 46(b)(2)(C) of this titlesection 11813(c) of Pub. L. 101–508section 45K of this titleAmendment by applicable to property placed in service after , but not applicable to any transition property (as defined in ), any property with respect to which qualified progress expenditures were previously taken into account under , and any property described in , as such sections were in effect on , see , set out as a note under .

Effective Date of 1989 Amendment

Pub. L. 101–239Pub. L. 101–239section 167 of this titleAmendment by applicable to transfers after , but not applicable to any transfer pursuant to a written binding contract in effect on , and at all times thereafter before the transfer, see section 7622(c)[(e)] of , set out as a note under .

Effective Date of 1988 Amendment

Pub. L. 100–647Pub. L. 99–514section 1019(a) of Pub. L. 100–647section 1 of this titleAmendment by effective, except as otherwise provided, as if included in the provision of the Tax Reform Act of 1986, , to which such amendment relates, see , set out as a note under .

Effective Date of 1986 Amendment

Pub. L. 99–514Pub. L. 99–514section 168 of this titleAmendment by applicable to property placed in service after , in taxable years ending after such date, with exceptions, see sections 203 and 204 of , set out as a note under .

Pub. L. 99–514Pub. L. 99–514section 46 of this titleAmendment by not applicable to any property placed in service before , if such property placed in service as part of specified rehabilitations, and not applicable to certain additional rehabilitations, see section 251(d)(2), (3) of , set out as a note under .

Effective Date of 1985 Amendment

Pub. L. 99–121section 105(b) of Pub. L. 99–121section 168 of this titleAmendment by applicable with respect to property placed in service by the taxpayer after , with specified exceptions, see , set out as a note under .

Effective Date of 1984 Amendment

Pub. L. 98–369section 111(g) of Pub. L. 98–369section 168 of this titleAmendment by applicable with respect to property placed in service by the taxpayer after , subject to certain exceptions, see , set out as a note under .

Effective Date of 1983 Amendment

Pub. L. 97–448Pub. L. 97–34section 109 of Pub. L. 97–448section 1 of this titleAmendment by effective, except as otherwise provided, as if it had been included in the provision of the Economic Recovery Tax Act of 1981, , to which such amendment relates, see , set out as a note under .

Effective Date of 1981 Amendment

Pub. L. 97–34section 209(a) of Pub. L. 97–34section 168 of this titleAmendment by sections 201(b), 202(b), and 204(a)–(d) of applicable to property placed in service after , in taxable years ending after that date, see , set out as an Effective Date note under .

section 212(d)(2)(F) of Pub. L. 97–34section 212(e) of Pub. L. 97–34section 46 of this titleAmendment by applicable to expenditures incurred after , in taxable years ending after such date, see , set out as a note under .

Effective Date of 1980 Amendment

Pub. L. 96–451section 301(d) of Pub. L. 96–451section 194 of this titleAmendment by applicable with respect to additions to capital account made after , see , set out as an Effective Date note under .

Pub. L. 96–223section 251(b) of Pub. L. 96–223section 193 of this titleAmendment by applicable to taxable years beginning after , see , set out as an Effective Date note under .

Effective Date of 1978 Amendment

Pub. L. 95–600section 2124 of Pub. L. 94–455section 701(f)(8) of Pub. L. 95–600section 167 of this titleAmendment by section 701(f)(3)(A), (B) of effective as if included within the amendment of subsec. (a)(2), (3)(D) by , see , set out as an Effective and Termination Dates of 1978 Amendments note under .

Pub. L. 95–600, title VII, § 701(w)(3)92 Stat. 2920

“The amendments made by this subsection [amending this section] shall apply to transfers of player contracts in connection with any sale or exchange of a franchise after .”
, , , provided that:

Effective Date of 1976 Amendment

Pub. L. 94–455, title II, § 212(b)(2)90 Stat. 1547

“The amendment made by this subsection [amending this section] applies to transfers of player contracts in connection with any sale or exchange of a franchise after .”
, , , provided that:

Pub. L. 94–455section 1901(d) of Pub. L. 94–455section 2 of this titleAmendment by section 1901(a)(140), (b)(3)(K), (11)(D) of effective for taxable years beginning after , see , set out as a note under .

section 1951(c)(2)(C) of Pub. L. 94–455section 1951(d) of Pub. L. 94–455section 72 of this titleAmendment by applicable to taxable years beginning after , see , set out as a note under .

section 2122(b)(3) of Pub. L. 94–455section 2122(c) of Pub. L. 94–455section 190 of this titleAmendment by applicable to taxable years beginning after , see , as amended, set out as an Effective Date note under .

section 2124(a)(2) of Pub. L. 94–455section 2124(a)(4) of Pub. L. 94–455section 642 of this titleAmendment by applicable with respect to additions to capital account made after and before , see , set out as an Effective Date note under .

Effective Date of 1975 Amendment

Pub. L. 94–81section 2(c) of Pub. L. 94–81section 1250 of this titleAmendment by applicable to dispositions after , in taxable years ending after such date, with special provision for an election in the case of dispositions occurring before , see , set out as a note under .

Effective Date of 1971 Amendment

section 104(a)(2) of Pub. L. 92–178section 50 of this titlesection 104(h) of Pub. L. 92–178section 48 of this titleAmendment by applicable to property described in relating to restoration of credit, see , set out as a note under .

Pub. L. 92–178section 303(d) of Pub. L. 92–178section 642 of this titleAmendment by section 303(c)(1), (2) of applicable to taxable years ending after , see , set out as a note under .

Effective Date of 1969 Amendment

Pub. L. 91–172, title II, § 212(a)(3)83 Stat. 571

“The amendments made by paragraphs (1) and (2) [amending this section] shall apply with respect to taxable years beginning after .”
, , , provided that:

section 704(b)(4) of Pub. L. 91–172section 704(c) of Pub. L. 91–172section 169 of this titleAmendment by applicable to taxable years ending after , see , set out as a note under .

Effective Date of 1964 Amendment

Pub. L. 88–272section 203(f)(3) of Pub. L. 88–272section 48 of this titleAmendment by applicable with respect to dispositions after , in taxable years ending after such date, see , set out as a note under .

Effective Date

Pub. L. 87–834, § 13(g)76 Stat. 1035

“The amendments made by this section [enacting this section and amending sections 167, 170, 301, 312, 341, 453, 613, and 751 of this title] (other than the amendments made by subsection (c) [amending sections 167, 179, and 642 of this title]) shall apply to taxable years beginning after . The amendments made by subsection (c) shall apply to taxable years beginning after , and ending after the date of the enactment of this Act [].”
, , , provided that:

Savings Provision

Pub. L. 115–141section 401(e) of Pub. L. 115–141section 23 of this titleFor provisions that nothing in amendment by 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 , set out as a note under .

Pub. L. 101–508section 11821(b) of Pub. L. 101–508section 45K of this titleFor provisions that nothing in amendment by sections 11801 and 11813 of 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 , set out as a note under .