26 U.S.C. § 1019 — Property on which lessee has made improvements

submitted 72 years ago by ch. 736 to r/title-26-INTERNAL-REVENUE-CODE · 56 words · no verdicts yet

in plain englishAI-generated · not legal advice

This section says that a lessor’s basis and adjusted basis in real property are not changed by income from lessee-made improvements when section 109 excludes that income from gross income.

For a lessor’s real property, neither the basis nor the adjusted basis of any part of the property is increased or decreased because of income the lessor receives from the property that is excluded from gross income under section 109, concerning improvements made by a lessee on the lessor’s property.

the actual law source: uscode.house.gov ↗public domain

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).

Source credit: (Aug. 16, 1954, ch. 736, 68A Stat. 301; Pub. L. 113–295, div. A, title II, § 221(a)(76), Dec. 19, 2014, 128 Stat. 4049.)

history & why it existsrecord from the source credit

1954Enacted · Act of Aug. 16, 1954, ch. 736
2014Amended · Pub. L. 113-295 · 128 Stat. 4049

A history note hasn’t been published yet. The record shows enactment by ch. 736 on 1954-08-16.

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