US Code

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

26 U.S.C. § 642

Special rules for credits and deductions

(a)

Foreign tax credit allowed

An estate or trust shall be allowed the credit against tax for taxes imposed by foreign countries and possessions of the United States, to the extent allowed by section 901, only in respect of so much of the taxes described in such section as is not properly allocable under such section to the beneficiaries.

(b)

Deduction for personal exemption

(1)

Estates

An estate shall be allowed a deduction of $600.

(2)

Trusts

(A)

In general

Except as otherwise provided in this paragraph, a trust shall be allowed a deduction of $100.

(B)

Trusts distributing income currently

A trust which, under its governing instrument, is required to distribute all of its income currently shall be allowed a deduction of $300.

(C)

Disability trusts

(i)

In general

A qualified disability trust shall be allowed a deduction equal to the exemption amount under section 151(d), determined—
(I)
1
1 See References in Text note below.
by treating such trust as an individual described in section 68(b)(1)(C), and
(II)
by applying section 67(e) (without the reference to section 642(b)) for purposes of determining the adjusted gross income of the trust.
(ii)

Qualified disability trust

For purposes of clause (i), the term “qualified disability trust” means any trust if—
(I)
42 U.S.C. 1396p such trust is a disability trust described in subsection (c)(2)(B)(iv) of section 1917 of the Social Security Act (), and
(II)
42 U.S.C. 1382c(a)(3) all of the beneficiaries of the trust as of the close of the taxable year are determined by the Commissioner of Social Security to have been disabled (within the meaning of section 1614(a)(3) of the Social Security Act, ) for some portion of such year.
 A trust shall not fail to meet the requirements of subclause (II) merely because the corpus of the trust may revert to a person who is not so disabled after the trust ceases to have any beneficiary who is so disabled.
(iii)

Years when personal exemption amount is zero

(I)

In general

In the case of any taxable year in which the exemption amount under section 151(d) is zero, clause (i) shall be applied by substituting “$4,150” for “the exemption amount under section 151(d)”.

(II)

Inflation adjustment

In the case of any taxable year beginning in a calendar year after 2018, the $4,150 amount in subparagraph (A) shall be increased in the same manner as provided in section 6334(d)(4)(C).

(3)

Deductions in lieu of personal exemption

The deductions allowed by this subsection shall be in lieu of the deductions allowed under section 151 (relating to deduction for personal exemption).

(c)

Deduction for amounts paid or permanently set aside for a charitable purpose

(1)

General rule

In the case of an estate or trust (other than a trust meeting the specifications of subpart B), there shall be allowed as a deduction in computing its taxable income (in lieu of the deduction allowed by section 170(a), relating to deduction for charitable, etc., contributions and gifts) any amount of the gross income, without limitation, which pursuant to the terms of the governing instrument is, during the taxable year, paid for a purpose specified in section 170(c) (determined without regard to section 170(c)(2)(A)). If a charitable contribution is paid after the close of such taxable year and on or before the last day of the year following the close of such taxable year, then the trustee or administrator may elect to treat such contribution as paid during such taxable year. The election shall be made at such time and in such manner as the Secretary prescribes by regulations.

(2)

Amounts permanently set aside

In the case of an estate, and in the case of a trust (other than a trust meeting the specifications of subpart B) required by the terms of its governing instrument to set aside amounts which was—
(A)
created on or before , if—
(i)
an irrevocable remainder interest is transferred to or for the use of an organization described in section 170(c), or
(ii)
the grantor is at all times after , under a mental disability to change the terms of the trust; or
(B)
established by a will executed on or before , if—
(i)
the testator dies before , without having republished the will after , by codicil or otherwise,
(ii)
the testator at no time after , had the right to change the portions of the will which pertain to the trust, or
(iii)
the will is not republished by codicil or otherwise before , and the testator is on such date and at all times thereafter under a mental disability to republish the will by codicil or otherwise,
there shall also be allowed as a deduction in computing its taxable income any amount of the gross income, without limitation, which pursuant to the terms of the governing instrument is, during the taxable year, permanently set aside for a purpose specified in section 170(c), or is to be used exclusively for religious, charitable, scientific, literary, or educational purposes, or for the prevention of cruelty to children or animals, or for the establishment, acquisition, maintenance, or operation of a public cemetery not operated for profit. In the case of a trust, the preceding sentence shall apply only to gross income earned with respect to amounts transferred to the trust before , or transferred under a will to which subparagraph (B) applies.
(3)

Pooled income funds

In the case of a pooled income fund (as defined in paragraph (5)), there shall also be allowed as a deduction in computing its taxable income any amount of the gross income attributable to gain from the sale of a capital asset held for more than 1 year, without limitation, which pursuant to the terms of the governing instrument is, during the taxable year, permanently set aside for a purpose specified in section 170(c).

(4)

Adjustments

To the extent that the amount otherwise allowable as a deduction under this subsection consists of gain described in section 1202(a), proper adjustment shall be made for any exclusion allowable to the estate or trust under section 1202. In the case of a trust, the deduction allowed by this subsection shall be subject to section 681 (relating to unrelated business income).

(5)

Definition of pooled income fund

For purposes of paragraph (3), a pooled income fund is a trust—
(A)
to which each donor transfers property, contributing an irrevocable remainder interest in such property to or for the use of an organization described in section 170(b)(1)(A) (other than in clauses (vii) or (viii)), and retaining an income interest for the life of one or more beneficiaries (living at the time of such transfer),
(B)
in which the property transferred by each donor is commingled with property transferred by other donors who have made or make similar transfers,
(C)
which cannot have investments in securities which are exempt from the taxes imposed by this subtitle,
(D)
which includes only amounts received from transfers which meet the requirements of this paragraph,
(E)
which is maintained by the organization to which the remainder interest is contributed and of which no donor or beneficiary of an income interest is a trustee, and
(F)
from which each beneficiary of an income interest receives income, for each year for which he is entitled to receive the income interest referred to in subparagraph (A), determined by the rate of return earned by the trust for such year.
For purposes of determining the amount of any charitable contribution allowable by reason of a transfer of property to a pooled fund, the value of the income interest shall be determined on the basis of the highest rate of return earned by the fund for any of the 3 taxable years immediately preceding the taxable year of the fund in which the transfer is made. In the case of funds in existence less than 3 taxable years preceding the taxable year of the fund in which a transfer is made the rate of return shall be deemed to be 6 percent per annum, except that the Secretary may prescribe a different rate of return.
(6)

Taxable private foundations

In the case of a private foundation which is not exempt from taxation under section 501(a) for the taxable year, the provisions of this subsection shall not apply and the provisions of section 170 shall apply.

(d)

Net operating loss deduction

The benefit of the deduction for net operating losses provided by section 172 shall be allowed to estates and trusts under regulations prescribed by the Secretary.

(e)

Deduction for depreciation and depletion

An estate or trust shall be allowed the deduction for depreciation and depletion only to the extent not allowable to beneficiaries under sections 167(d) and 611(b).

(f)

Amortization deductions

The benefit of the deductions for amortization provided by sections 169 and 197 shall be allowed to estates and trusts in the same manner as in the case of an individual. The allowable deduction shall be apportioned between the income beneficiaries and the fiduciary under regulations prescribed by the Secretary.

(g)

Disallowance of double deductions

Amounts allowable under section 2053 or 2054 as a deduction in computing the taxable estate of a decedent shall not be allowed as a deduction (or as an offset against the sales price of property in determining gain or loss) in computing the taxable income of the estate or of any other person, unless there is filed, within the time and in the manner and form prescribed by the Secretary, a statement that the amounts have not been allowed as deductions under section 2053 or 2054 and a waiver of the right to have such amounts allowed at any time as deductions under section 2053 or 2054. Rules similar to the rules of the preceding sentence shall apply to amounts which may be taken into account under section 2621(a)(2) or 2622(b). This subsection shall not apply with respect to deductions allowed under part II (relating to income in respect of decedents).

(h)

Unused loss carryovers and excess deductions on termination available to beneficiaries

If on the termination of an estate or trust, the estate or trust has—
(1)
a net operating loss carryover under section 172 or a capital loss carryover under section 1212, or
(2)
for the last taxable year of the estate or trust deductions (other than the deductions allowed under subsections (b) or (c)) in excess of gross income for such year,
then such carryover or such excess shall be allowed as a deduction, in accordance with regulations prescribed by the Secretary, to the beneficiaries succeeding to the property of the estate or trust.
(i)

Certain distributions by cemetery perpetual care funds

In the case of a cemetery perpetual care fund which—
(1)
was created pursuant to local law by a taxable cemetery corporation for the care and maintenance of cemetery property, and
(2)
is treated for the taxable year as a trust for purposes of this subchapter,
any amount distributed by such fund for the care and maintenance of gravesites which have been purchased from the cemetery corporation before the beginning of the taxable year of the trust and with respect to which there is an obligation to furnish care and maintenance shall be considered to be a distribution solely for purposes of sections 651 and 661, but only to the extent that the aggregate amount so distributed during the taxable year does not exceed $5 multiplied by the aggregate number of such gravesites.

Aug. 16, 1954, ch. 73668A Stat. 215Pub. L. 87–834, § 13(c)(2)(A)76 Stat. 1034Pub. L. 88–272, title II, § 201(d)(6)(A)78 Stat. 32Pub. L. 89–621, § 2(a)80 Stat. 872Pub. L. 91–172, title II, § 201(b)83 Stat. 558Pub. L. 92–178, title III, § 303(c)(4)85 Stat. 522Pub. L. 94–455, title XIV, § 1402(b)(1)(J)90 Stat. 1732Pub. L. 94–528, § 1(a)90 Stat. 2483Pub. L. 95–30, title I, § 101(d)(9)91 Stat. 134Pub. L. 95–600, title I, § 113(a)(2)(B)92 Stat. 2778Pub. L. 97–34, title II, § 212(d)(2)(D)95 Stat. 239Pub. L. 98–369, div. A, title IV, § 474(r)(17)98 Stat. 843Pub. L. 99–514, title I, § 112(b)(2)100 Stat. 2108Pub. L. 101–239, title VII, § 7811(j)(3)103 Stat. 2411Pub. L. 101–508, title XI104 Stat. 1388–524Pub. L. 103–66, title XIII107 Stat. 429Pub. L. 104–188, title I, § 1704(t)(8)110 Stat. 1887Pub. L. 107–134, title I, § 116(a)115 Stat. 2439Pub. L. 113–295, div. A, title II, § 202(a)128 Stat. 4024Pub. L. 115–97, title I, § 11041(b)131 Stat. 2082Pub. L. 115–141, div. U, title IV, § 401(a)(137)132 Stat. 1190(, ; , , ; , (B), , ; , , ; , title VII, § 704(b)(2), , , 669; , title VII, §§ 701(b), 702(b), , , 561, 562; , (2), title XIX, §§ 1901(b)(1)(H)(i), 1906(b)(13)(A), 1951(c)(2)(B), title XX, § 2009(d), title XXI, § 2124(a)(3)(B), , , 1791, 1834, 1840, 1896, 1917; , , ; , , ; , , ; , , ; , title X, § 1001(b)(8), (e), , , 1011, 1012; , title III, § 301(b)(6), title VI, § 612(b)(3), , , 2217, 2250; , , ; , §§ 11801(c)(6)(B), 11812(b)(9), , , 1388–535; , §§ 13113(d)(2), 13261(f)(2), , , 539; , , ; , , ; , , ; , , ; , , .)

Inflation Adjusted Items for Certain Years

section 1 of this titleFor inflation adjustment of certain items in this section, see Revenue Procedures listed in a table under .

Editorial Notes

References in Text

section 68 of this titlePub. L. 119–21, title VII, § 70111(a)139 Stat. 164section 68 of this titleSection 68(b)(1)(C), referred to in subsec. (b)(2)(C)(i)(I), which defined applicable amount for an individual who is not married and who is not a surviving spouse or head of household, was omitted in the general amendment of by , , . The new subsec. (b) of does not contain any paragraphs and does not define applicable amount.

Amendments

Pub. L. 115–1412018—Subsec. (c)(1). substituted “other than” for “other then”.

Pub. L. 115–972017—Subsec. (b)(2)(C)(iii). added cl. (iii).

Pub. L. 113–2952014—Subsec. (b)(2)(C)(i)(I). substituted “section 68(b)(1)(C)” for “section 151(d)(3)(C)(iii)”.

Pub. L. 107–1342002—Subsec. (b). reenacted heading without change and amended text of subsec. (b) generally. Prior to amendment, text read as follows: “An estate shall be allowed a deduction of $600. A trust which, under its governing instrument, is required to distribute all of its income currently shall be allowed a deduction of $300. All other trusts shall be allowed a deduction of $100. The deductions allowed by this subsection shall be in lieu of the deductions allowed under section 151 (relating to deduction for personal exemption).”

Pub. L. 104–1881996—Subsec. (g). substituted “under section 2621(a)(2)” for “under 2621(a)(2)”.

Pub. L. 103–66, § 13113(d)(2)1993—Subsec. (c)(4). , amended heading and text of par. (4) generally. Prior to amendment, text read as follows: “In the case of a trust, the deduction allowed by this subsection shall be subject to section 681 (relating to unrelated business income).”

Pub. L. 103–66, § 13261(f)(2)Subsec. (f). , substituted “sections 169 and 197” for “section 169”.

Pub. L. 101–508, § 11812(b)(9)1990—Subsec. (e). , substituted “167(d)” for “167(h)”.

Pub. L. 101–508, § 11801(c)(6)(B)Subsec. (f). , substituted “section 169” for “sections 169, 184, 187, and 188”.

Pub. L. 101–2391989—Subsec. (g). inserted after first sentence “Rules similar to the rules of the preceding sentence shall apply to amounts which may be taken into account under 2621(a)(2) or 2622(b).”

Pub. L. 99–514, § 112(b)(2)1986—Subsec. (a). , amended subsec. (a) generally, substituting “Foreign tax credit allowed” for “Credits against tax” in heading, striking out designation and heading for par. (1), and striking out par. (2) which read as follows: “An estate or trust shall not be allowed the credit against tax for political contributions provided by section 24.”

Pub. L. 99–514, § 301(b)(6)Subsec. (c)(4). , in heading, substituted “Coordination with section 681” for “Adjustments”, and in text struck out first sentence which read as follows: “To the extent that the amount otherwise allowable as a deduction under this subsection consists of gain from the sale or exchange of capital assets held for more than 6 months, proper adjustment shall be made for any deduction allowable to the estate or trust under section 1202 (relating to deduction for excess of capital gains over capital losses).”

Pub. L. 99–514, § 612(b)(3)Subsec. (j). , struck out subsec. (j) which provided a cross reference to section 116(c)(3).

Pub. L. 98–369, § 474(r)(17)1984—Subsec. (a)(2). , substituted “section 24” for “section 41”.

Pub. L. 98–369, § 1001(b)(8)Subsec. (c)(3), (4). , (e), substituted “6 months” for “1 year”, applicable to property acquired after , and before . See Effective Date of 1984 Amendment note below.

Pub. L. 97–341981—Subsec. (f). substituted “and 188” for “188, and 191”.

Pub. L. 95–6001978—Subsecs. (i) to (k). redesignated subsecs. (j) and (k) as (i) and (j), respectively. Former subsec. (i), which did not allow estates or trusts the deduction for contributions to candidates for public office provided by section 218, was struck out.

Pub. L. 95–301977—Subsec. (k). struck out par. (1) which made a cross reference to section 142(b)(4) for disallowance of the standard deduction in the case of estates and trusts and struck out “(2)” at beginning of single remaining cross reference.

Pub. L. 94–455, § 1901(b)(1)(H)(i)1976—Subsec. (a). , redesignated former pars. (2) and (3) as (1) and (2), respectively. Former par. (1), relating to the credit against tax for partially tax-exempt interest, was struck out.

Pub. L. 94–455, § 1906(b)(13)(A)Subsec. (c)(1). , struck out “or his delegate” after “Secretary”.

Pub. L. 94–455, § 1402(b)(2)Subsec. (c)(3), (4). , provided that “9 months” would be changed to “1 year”.

Pub. L. 94–455, § 1402(b)(1)(J)Subsec. (c)(3), (4). , provided that “6 months” would be changed to “9 months” for taxable years beginning in 1977.

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

Pub. L. 94–455Subsec. (f). , §§ 1906(b)(13)(A), 1951(c)(2)(B), 2124(a)(3)(B), substituted “sections 169, 184, 187, 188, and 191” for “sections 168, 169, 184, 187, and 188”, and struck out “or his delegate” after “Secretary”.

Pub. L. 94–455Subsec. (g). , §§ 1906(b)(13)(A), 2009(d), inserted “(or as an offset against the sales price of property in determining gain or loss)” after “shall not be allowed as a deduction”, and struck out “or his delegate” after “Secretary”.

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

Pub. L. 94–528Subsecs. (j), (k). added subsec. (j) and redesignated former subsec. (j) as (k).

Pub. L. 92–178, § 701(b)1971—Subsec. (a)(3). , added par. (3).

Pub. L. 92–178, § 303(c)(4)Subsec. (f). , inserted reference to section 188.

Pub. L. 92–178, § 702(b)Subsecs. (i), (j). , added subsec. (i) and redesignated former subsec. (i) as (j).

Pub. L. 91–172, § 201(b)1969—Subsec. (c). , designated existing provisions, with minor changes, as par. (1) and added pars. (2) to (6).

Pub. L. 91–172, § 704(b)(2)Subsec. (f). , struck out reference to emergency or grain storage facilities both in heading and in text, and inserted reference to sections 184 and 187 in text.

Pub. L. 89–6211966—Subsec. (g). inserted “or of any other person” after “shall not be allowed as a deduction in computing the taxable income of the estate”.

Pub. L. 88–272, § 201(d)(6)(A)1964—Subsec. (a)(3). , struck out par. (3) which related to dividends received by individuals.

Pub. L. 88–272, § 201(d)(6)(B)Subsec. (i). , designated existing provisions as par. (1) and added par. (2).

Pub. L. 87–8341962—Subsec. (e). substituted a reference to section 167(h) for a reference to section 167(g).

Statutory Notes and Related Subsidiaries

Effective Date of 2017 Amendment

Pub. L. 115–97section 11041(f)(1) of Pub. L. 115–97section 151 of this titleAmendment by applicable to taxable years beginning after , see , set out as a note under .

Effective Date of 2014 Amendment

Pub. L. 113–295Pub. L. 112–240section 202(f) of Pub. L. 113–295section 55 of this titleAmendment by effective as if included in the provision of the American Taxpayer Relief Act of 2012, , to which such amendment relates, see , set out as a note under .

Effective Date of 2002 Amendment

Pub. L. 107–134, title I, § 116(b)115 Stat. 2440

“The amendment made by this section [amending this section] shall apply to taxable years ending on or after .”
, , , provided that:

Effective Date of 1993 Amendment

section 13113(d)(2) of Pub. L. 103–66section 13113(e) of Pub. L. 103–66section 53 of this titleAmendment by applicable to stock issued after , see , set out as a note under .

section 13261(f)(2) of 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 11812(b)(9) of Pub. L. 101–508section 168 of this titlesection 252(f)(5) of Pub. L. 99–514section 11812(c) of Pub. L. 101–508section 42 of this titleAmendment by applicable to property placed in service after , but not applicable to any property to which does not apply by reason of subsec. (f)(5) of section 168, and not applicable to rehabilitation expenditures described in , see , set out as a note under .

Effective Date of 1989 Amendment

Pub. L. 101–239Pub. L. 100–647section 7817 of Pub. L. 101–239section 1 of this titleAmendment by effective, except as otherwise provided, as if included in the provision of the Technical and Miscellaneous Revenue Act of 1988, , to which such amendment relates, see , set out as a note under .

Effective Date of 1986 Amendment

section 112(b)(2) of Pub. L. 99–514section 151(a) of Pub. L. 99–514section 1 of this titleAmendment by applicable to taxable years beginning after , see , set out as a note under .

section 301(b)(6) of Pub. L. 99–514section 301(c) of Pub. L. 99–514section 62 of this titleAmendment by applicable to taxable years beginning after , see , set out as a note under .

section 612(b)(3) of Pub. L. 99–514section 612(c) of Pub. L. 99–514section 301 of this titleAmendment by applicable to taxable years beginning after , see , set out as a note under .

Effective Date of 1984 Amendment

section 474(r)(17) of Pub. L. 98–369section 475(a) of Pub. L. 98–369section 21 of this titleAmendment by applicable to taxable years beginning after , and to carrybacks from such years, see , set out as a note under .

section 1001(b)(8) of Pub. L. 98–369section 1001(e) of Pub. L. 98–369section 166 of this titleAmendment by applicable to property acquired after , and before , see , set out as a note under .

Effective Date of 1981 Amendment

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 1978 Amendment

Pub. L. 95–600, title I, § 113(d)92 Stat. 2778

section 24 of this titlesection 218 of this title“The amendments made by this section [amending this section and and repealing ] shall apply with respect to contributions the payment of which is made after , in taxable years beginning after such date.”
, , , provided that:

Effective Date of 1977 Amendment

Pub. L. 95–30section 106(a) of Pub. L. 95–30section 1 of this titleAmendment by applicable to taxable years beginning after , see , set out as a note under .

Effective Date of 1976 Amendment

Pub. L. 94–455, title XIV, § 1402(b)(1)90 Stat. 1731, , , provided that the 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 .

section 1901(b)(1)(H)(i) of Pub. L. 94–455section 1901(d) of Pub. L. 94–455section 2 of this titleAmendment by effective for taxable years beginning after , see , set out as a note under .

section 1951(c)(2)(B) of Pub. L. 94–455section 1952(d) of Pub. L. 94–455section 72 of this titleAmendment by effective for taxable years beginning after , see , set out as a note under .

Pub. L. 94–455, title XX, § 2009(e)(4)90 Stat. 1896

“The amendment made by subsection (d) [amending this section] shall apply to taxable years ending after the date of the enactment of this Act [].”
, , , provided that:

Pub. L. 94–455, title XXI, § 2124(a)(4)90 Stat. 1918

section 191 of this title“The amendments made by this subsection [enacting and amending this section and sections 1082, 1245, and 1250 of this title] shall apply with respect to additions to capital account made after and before .”
, , , provided that:

Pub. L. 94–528, § 1(b)90 Stat. 2483

“The amendments made by subsection (a) [amending this section] shall take effect on , and shall apply to amounts distributed during taxable years ending after .”
, , , provided that:

Effective Date of 1971 Amendment

Pub. L. 92–178, title III, § 303(d)85 Stat. 522

section 188 of this title“The amendments made by this section [enacting and amending this section and sections 57, 1082, 1245, and 1250 of this title] shall apply to taxable years ending after .”
, , , provided that:

Pub. L. 92–178, title VII, § 70385 Stat. 562

“The amendments made by this title [enacting sections 24 and 218 of this title and amending this section] shall apply to taxable years ending after , but only with respect to political contributions, payment of which is made after such date.”
, , , provided that:

Effective Date of 1969 Amendment

section 201(b) of Pub. L. 91–172section 201(g) of Pub. L. 91–172section 170 of this titleAmendment by applicable with respect to amounts paid, permanently set aside, or to be used for a charitable purpose in taxable years beginning after , except that subsec. (c)(5) applicable to transfers in trust made after , see , set out as a note under .

section 704(b)(2) 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 an Effective Date note under .

Effective Date of 1966 Amendment

Pub. L. 89–621, § 2(b)80 Stat. 873

“The amendment made by subsection (a) [amending this section] shall apply to taxable years ending after the date of the enactment of this Act [], but only with respect to amounts paid or incurred, and losses sustained, after such date.”
, , , provided that:

Effective Date of 1964 Amendment

Pub. L. 88–272section 201(e) of Pub. L. 88–272section 22 of this titleAmendment by applicable to dividends received after , in taxable years ending after such date, see , set out as a note under .

Effective Date of 1962 Amendment

Pub. L. 87–834section 13(g) of Pub. L. 87–834section 1245 of this titleAmendment by applicable to taxable years beginning after , and ending after , see , set out as an Effective Date note under .

Savings Provision

Pub. L. 101–508section 11821(b) of Pub. L. 101–508section 45K 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 .