26 U.S.C. § 2622 — Taxable amount in case of taxable termination
submitted 50 years ago by Pub. L. 94-455 to r/title-26-INTERNAL-REVENUE-CODE · 89 words · no verdicts yet
This section states how to determine the taxable amount in a taxable termination. It applies the calculation rules stated in the section.
(a) In general for this chapter, the taxable amount in the case of a taxable termination* must be— (1) the value of all property for which the taxable termination has occurred, reduced by (2) any deduction allowed under subsection (b).
(b) Deduction for certain expenses for subsection (a), there must be allowed a deduction similar to the deduction allowed by section 2053 (relating to expenses, indebtedness, and taxes) for amounts attributable to the property for which the taxable termination has occurred.
For purposes of this chapter, the taxable amount in the case of a taxable termination* shall be—
the value of all property with respect to which the taxable termination has occurred, reduced by
any deduction allowed under subsection (b).
For purposes of subsection (a), there shall be allowed a deduction similar to the deduction allowed by section 2053 (relating to expenses, indebtedness, and taxes) for amounts attributable to the property with respect to which the taxable termination has occurred.
Source credit: (Added Pub. L. 94–455, title XX, § 2006(a), Oct. 4, 1976, 90 Stat. 1888; amended Pub. L. 99–514, title XIV, § 1431(a), Oct. 22, 1986, 100 Stat. 2720.)
- 1976Enacted · Pub. L. 94-455 · 90 Stat. 1888
- 1986Amended · Pub. L. 99-514 · 100 Stat. 2720
A history note hasn’t been published yet. The record shows enactment by Pub. L. 94-455 on 1976-10-04.
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