Notes on 26 U.S.C. § 67 : US Code - Notes

Search Notes on 26 U.S.C. § 67 : US Code - Notes

(Added Pub. L. 99-514, title I, Sec. 132(a), Oct. 22, 1986, 100
Stat. 2113; amended Pub. L. 100-647, title I, Sec. 1001(f), title
IV, Sec. 4011(a), Nov. 10, 1988, 102 Stat. 3351, 3655; Pub. L. 101-
239, title VII, Sec. 7814(f), Dec. 19, 1989, 103 Stat. 2414; Pub.
L. 103-66, title XIII, Sec. 13213(c)(2), Aug. 10, 1993, 107 Stat.
474; Pub. L. 105-277, div. J, title IV, Sec. 4004(b)(1), Oct. 21,
1998, 112 Stat. 2681-910; Pub. L. 106-554, Sec. 1(a)(7) [title III,
Sec. 319(2)], Dec. 21, 2000, 114 Stat. 2763, 2763A-646.)
REFERENCES IN TEXT
Section 4 of the Securities Act of 1933, referred to in subsec.
(c)(2)(B)(i)(I), is classified to section 77d of Title 15, Commerce
and Trade.
AMENDMENTS
2000 - Subsec. (f). Pub. L. 106-554 substituted "the second
sentence" for "the last sentence".
1998 - Subsec. (b)(3). Pub. L. 105-277 substituted "for casualty
or theft losses described in paragraph (2) or (3) of section 165(c)
or for losses described in section 165(d)" for "for losses
described in subsection (c)(3) or (d) of section 165".
1993 - Subsec. (b)(6) to (13). Pub. L. 103-66 redesignated pars.
(7) to (13) as (6) to (12), respectively, and struck out former
par. (6) which read as follows: "the deduction under section 217
(relating to moving expenses),".
1989 - Subsec. (c)(4). Pub. L. 101-239 struck out par. (4) which
read as follows: "Termination. - This subsection shall not apply to
any taxable year beginning after December 31, 1989."
1988 - Subsec. (b)(4). Pub. L. 100-647, Sec. 1001(f)(2),
substituted "deductions" for "deduction" and inserted before comma
at end "and section 642(c) (relating to deduction for amounts paid
or permanently set aside for a charitable purpose)".
Subsec. (c). Pub. L. 100-647, Sec. 4011(a), amended subsec. (c)
generally. Prior to amendment subsec. (c) read as follows: "The
Secretary shall prescribe regulations which prohibit the indirect
deduction through pass-thru entities of amounts which are not
allowable as a deduction if paid or incurred directly by an
individual and which contain such reporting requirements as may be
necessary to carry out the purposes of this subsection. The
preceding sentence shall not apply -
"(1) with respect to cooperatives and real estate investment
trusts, and
"(2) except as provided in regulations, with respect to estates
and trusts."
Pub. L. 100-647, Sec. 1001(f)(4), amended last sentence
generally. Prior to amendment, last sentence read as follows: "The
preceding sentence shall not apply with respect to estates, trusts,
cooperatives, and real estate investment trusts."
Subsec. (e). Pub. L. 100-647, Sec. 1001(f)(3), amended subsec.
(e) generally. Prior to amendment, subsec. (e) read as follows:
"For purposes of this section, the adjusted gross income of an
estate or trust shall be computed in the same manner as in the case
of an individual, except that the deductions for costs which are
paid or incurred in connection with the administration of the
estate or trust and would not have been incurred if the property
were not held in such trust or estate shall be treated as allowable
in arriving at adjusted gross income."
Subsec. (f). Pub. L. 100-647, Sec. 1001(f)(1), added subsec. (f).
EFFECTIVE DATE OF 1998 AMENDMENT
Pub. L. 105-277, div. J, title IV, Sec. 4004(c)(2), Oct. 21,
1998, 112 Stat. 2681-911, provided that: "The amendment made by
subsection (b)(1) [amending this section] shall apply to taxable
years beginning after December 31, 1986."
EFFECTIVE DATE OF 1993 AMENDMENT
Amendment by Pub. L. 103-66 applicable to expenses incurred after
Dec. 31, 1993, see section 13213(e) of Pub. L. 103-66 set out as a
note under section 62 of this title.
EFFECTIVE DATE OF 1989 AMENDMENT
Amendment by Pub. L. 101-239 effective, except as otherwise
provided, as if included in the provision of the Technical and
Miscellaneous Revenue Act of 1988, Pub. L. 100-647, to which such
amendment relates, see section 7817 of Pub. L. 101-239, set out as
a note under section 1 of this title.
EFFECTIVE DATE OF 1988 AMENDMENT
Amendment by section 1001(f) of Pub. L. 100-647 effective, except
as otherwise provided, as if included in the provision of the Tax
Reform Act of 1986, Pub. L. 99-514, to which such amendment
relates, see section 1019(a) of Pub. L. 100-647, set out as a note
under section 1 of this title.
Section 4011(b) of Pub. L. 100-647 provided that: "The amendment
made by subsection (a) [amending this section] shall apply to
taxable years beginning after December 31, 1987."
EFFECTIVE DATE
Section applicable to taxable years beginning after Dec. 31,
1986, see section 151(a) of Pub. L. 99-514, set out as an Effective
Date of 1986 Amendment note under section 1 of this title.
1-YEAR DELAY IN TREATMENT OF PUBLICLY OFFERED REGULATED INVESTMENT
COMPANIES UNDER 2-PERCENT FLOOR
Pub. L. 100-203, title X, Sec. 10104(a), Dec. 22, 1987, 101 Stat.
1330-386, provided that:
"(1) General rule. - Section 67(c) of the Internal Revenue Code
of 1986 to the extent it relates to indirect deductions through a
publicly offered regulated investment company shall apply only to
taxable years beginning after December 31, 1987.
"(2) Publicly offered regulated investment company defined. - For
purposes of this subsection -
"(A) In general. - The term 'publicly offered regulated
investment company' means a regulated investment company the
shares of which are -
"(i) continuously offered pursuant to a public offering
(within the meaning of section 4 of the Securities Act of 1933,
as amended (15 U.S.C. 77a to 77aa) [15 U.S.C. 77d]),
"(ii) regularly traded on an established securities market,
or
"(iii) held by or for no fewer than 500 persons at all times
during the taxable year.
"(B) Secretary may reduce 500 person requirement. - The
Secretary of the Treasury or his delegate may by regulation
decrease the minimum shareholder requirement of subparagraph
(A)(iii) in the case of regulated investment companies which
experience a loss of shareholders through net redemptions of
their shares."