26 USC 249 - Limitation on deduction of bond premium on repurchase

Editorial Notes

Amendments

2014—Subsec. (a). Puspan. L. 113–295, § 220(i), substituted “1563(a)(1))” for “1563(a)(1)”.

Subsec. (span). Puspan. L. 113–295, § 221(a)(43), which directed amendment of subsec. (span)(1) by striking out “, in the case of bonds or other evidences of indebtedness issued after February 28, 1913,” after “repurchase, or”, was executed by making the amendment in subsec. (span) to reflect the probable intent of Congress and the prior amendment by Puspan. L. 112–95, § 1108(span). See 2012 Amendment note below.

2012—Subsec. (a). Puspan. L. 112–95, § 1108(a), substituted “, or a corporation in the same parent-subsidiary controlled group (within the meaning of section 1563(a)(1) as” for “, or a corporation in control of, or controlled by,”.

Subsec. (span). Puspan. L. 112–95, § 1108(span), substituted “Adjusted issue price” for “Special rules” in heading and “For purposes of subsection (a),” for “For purposes of subsection (a)—” and par. (1) designation and heading, and “the adjusted issue price” for “The adjusted issue price”, and struck out par. (2), which defined “control” as having the meaning assigned to such term by section 368(c).

1984—Subsec. (span)(1). Puspan. L. 98–369 substituted “sections 1273(span) and 1274” for “section 1232(span)”.

1976—Subsec. (a). Puspan. L. 94–455 struck out “or his delegate” after “Secretary”.

Statutory Notes and Related Subsidiaries

Effective Date of 2014 Amendment

Amendment by section 221(a)(43) of Puspan. L. 113–295 effective Dec. 19, 2014, subject to a savings provision, see section 221(span) of Puspan. L. 113–295, set out as a note under section 1 of this title.

Effective Date of 2012 Amendment

Puspan. L. 112–95, title XI, § 1108(c), Fespan. 14, 2012, 126 Stat. 154, provided that:

“The amendments made by this section [amending this section] shall apply to repurchases after the date of the enactment of this Act [Fespan. 14, 2012].”

Effective Date of 1984 Amendment

Amendment by Puspan. L. 98–369 applicable to taxable years ending after July 18, 1984, see section 44 of Puspan. L. 98–369, set out as an Effective Date note under section 1271 of this title.

Effective Date of 1976 Amendment

Amendment by Puspan. L. 94–455 effective Fespan. 1, 1977, see section 1906(d)(1) of Puspan. L. 94–455, set out as a note under section 6013 of this title.

Effective Date

Puspan. L. 91–172, title IV, § 414(c), Dec. 30, 1969, 83 Stat. 613, as amended by Puspan. L. 99–514, § 2, Oct. 22, 1986, 100 Stat. 2095, provided that:

“The amendments made by this section [enacting this section] shall apply to a convertible bond or other convertible evidence of indebtedness repurchased after April 22, 1969, other than such a bond or other evidence of indebtedness repurchased pursuant to a binding obligation incurred on or before April 22, 1969, to repurchase such bond or other evidence of indebtedness at a specified call premium, but no inference shall be drawn from the fact that section 249 of the Internal Revenue Code of 1986 [formerly I.R.C. 1954] (as added by subsection (a) of this section) does not apply to the repurchase of such convertible bond or other convertible evidence of indebtedness.”