Notes on 26 U.S.C. § 528 : US Code - Notes

Search Notes on 26 U.S.C. § 528 : US Code - Notes

(Added Pub. L. 94-455, title XXI, Sec. 2101(a), Oct. 4, 1976, 90
Stat. 1897; amended Pub. L. 95-600, title III, Sec. 301(b)(7),
title IV, Sec. 403(c)(2), title VII, Sec. 701(n)(1), Nov. 6, 1978,
92 Stat. 2821, 2868, 2907; Pub. L. 96-605, title I, Sec. 105(a),
Dec. 28, 1980, 94 Stat. 3523; Pub. L. 105-34, title IX, Sec. 966(a)-
(d), Aug. 5, 1997, 111 Stat. 894, 895.)
AMENDMENTS
1997 - Subsec. (b). Pub. L. 105-34, Sec. 966(d), which directed
amendment of subsec. (b) by inserting before the period "(32
percent of such income in the case of a timeshare association)",
was executed by making the insertion before the period at end to
reflect the probable intent of Congress.
Subsec. (c)(1). Pub. L. 105-34, Sec. 966(a)(1)(A), substituted ",
a residential real estate management association, or a timeshare
association" for "or a residential real estate management
association" in introductory provisions.
Subsec. (c)(1)(B)(iii). Pub. L. 105-34, Sec. 966(a)(1)(B), added
cl. (iii).
Subsec. (c)(1)(C). Pub. L. 105-34, Sec. 966(a)(1)(C), inserted
before comma at end "and, in the case of a timeshare association,
for activities provided to or on behalf of members of the
association".
Subsec. (c)(4). Pub. L. 105-34, Sec. 966(a)(2), added par. (4).
Former par. (4) redesignated (5).
Subsec. (c)(5). Pub. L. 105-34, Sec. 966(c), inserted concluding
provisions "In the case of a timeshare association, such term
includes property in which the timeshare association, or members of
the association, have rights arising out of recorded easements,
covenants, or other recorded instruments to use property related to
the timeshare project."
Pub. L. 105-34, Sec. 966(a)(2), redesignated par. (4) as (5).
Subsec. (d)(3)(C). Pub. L. 105-34, Sec. 966(b), added subpar.
(C).
1980 - Subsec. (b). Pub. L. 96-605 substituted provision that all
income of a homeowners association be taxed at a rate of 30 per
cent for provision that all income of a homeowners association be
taxed a sum computed by multiplying the homeowners association
taxable income by the highest rate of tax specified in section
11(b) of this title and struck out provision providing for
alternative tax in case of capital gains.
1978 - Subsec. (b)(1). Pub. L. 95-600, Sec. 301(b)(7),
substituted "Such tax shall be computed by multiplying the
homeowners association taxable income by the highest rate of tax
specified in section 11(b)" for "Such tax shall consist of a normal
tax and a surtax computed as provided in section 11 as though the
homeowners association were a corporation and as though the
homeowners association taxable income were the taxable income
referred to in section 11" and struck out provision that for
purposes of this subsection, the surtax exemption provided by
section 11(d) not be allowed.
Subsec. (b)(2)(B). Pub. L. 95-600, Sec. 403(c)(2), substituted
provision related to amount being determined according to section
1201(a) for provision requiring an amount of 30 percent.
Subsec. (c)(2). Pub. L. 95-600, Sec. 701(n)(1), substituted "by
individuals for residences" for "as residences".
EFFECTIVE DATE OF 1997 AMENDMENT
Section 966(e) of Pub. L. 105-34 provided that: "The amendments
made by this section [amending this section] shall apply to taxable
years beginning after December 31, 1996."
EFFECTIVE DATE OF 1980 AMENDMENT
Section 105(b) of Pub. L. 96-605 provided that: "The amendment
made by subsection (a) [amending this section] shall apply to
taxable years beginning after December 31, 1980."
EFFECTIVE DATE OF 1978 AMENDMENT
Amendment by section 301(b)(7) of Pub. L. 95-600 applicable to
taxable years beginning after Dec. 31, 1978, see section 301(c) of
Pub. L. 95-600, set out as a note under section 11 of this title.
Section 403(d)(3) of Pub. L. 95-600 provided that: "The
amendments made by paragraphs (2), (3), and (4) of subsection (c)
[amending this section and sections 857 and 904 of this title]
shall take effect on the date of the enactment of this Act [Nov. 6,
1978]."
Section 701(n)(2) of Pub. L. 95-600 provided that: "The amendment
made by paragraph (1) [amending this section] shall apply to
taxable years beginning after December 31, 1973."
EFFECTIVE DATE
Section 2101(e) of Pub. L. 94-455 provided that: "Except as
provided in subsection (f)(2) [set out as a note under section 216
of this title], the amendments made by this section [enacting this
section and amending sections 216 and 6012 of this title] shall
apply to taxable years beginning after December 31, 1973."