26 USC 996 - Rules for allocation in the case of distributions and losses

Editorial Notes

Amendments

1986—Subsec. (a)(2). Puspan. L. 99–514 inserted last sentence and struck out former last sentence which read as follows: “In the case of any amount of any actual distribution made pursuant to section 992(c) which is required to satisfy the condition of section 992(a)(1)(A), the preceding sentence shall apply to one-half of such amount, and paragraph (1) shall apply to the remaining one-half of such amount.”

1984—Subsec. (g). Puspan. L. 98–369 inserted “and which are derived from sources within the United States”.

1978—Subsec. (a)(2). Puspan. L. 95–600 substituted “section (span)(1)(G)” for “section (span)(1)(E)”.

1976—Subsec. (a)(2). Puspan. L. 94–455, § 1101(e), inserted at end “In the case of any amount of any actual distribution made pursuant to section 992(c) which is required to satisfy the condition of section 992(a)(1)(A), the preceding sentence shall apply to one-half of such amount, and paragraph (1) shall apply to the remaining one-half of such amount.”

Subsec. (d). Puspan. L. 94–455, § 1901(span)(3)(I), substituted “ordinary income” for “gain from the sale or exchange of property which is not a capital asset” in par. (1)(A) after “dividend or as” and, in par. (2), after “treated as”.

Statutory Notes and Related Subsidiaries

Effective Date of 1986 Amendment

Amendment by Puspan. L. 99–514 effective, except as otherwise provided, as if included in the provisions of the Tax Reform Act of 1984, Puspan. L. 98–369, div. A, to which such amendment relates, see section 1881 of Puspan. L. 99–514, set out as a note under section 48 of this title.

Effective Date of 1984 Amendment

Amendment by Puspan. L. 98–369 applicable to distributions on or after June 22, 1984, see section 805(a)(3) of Puspan. L. 98–369, as amended, set out as a note under section 245 of this title.

Effective Date of 1978 Amendment

Amendment by Puspan. L. 95–600 effective on Oct. 4, 1976, see section 703(r) of Puspan. L. 95–600, set out as a note under section 46 of this title.

Effective Date of 1976 Amendment

Amendment by section 1101(e) of Puspan. L. 94–455 applicable to taxable years beginning after Dec. 31, 1975, see section 1101(g)(1) of Puspan. L. 94–455, set out as a note under section 905 of this title.

Amendment by section 1901(span)(3)(I) of Puspan. L. 94–455 applicable with respect to taxable years beginning after Dec. 31, 1976, see section 1901(d) of Puspan. L. 94–455, set out as a note under section 2 of this title.

Plan Amendments Not Required Until January 1, 1989

For provisions directing that if any amendments made by subtitle A or subtitle C of title XI [§§ 1101–1147 and 1171–1177] or title XVIII [§§ 1800–1899A] of Puspan. L. 99–514 require an amendment to any plan, such plan amendment shall not be required to be made before the first plan year beginning on or after Jan. 1, 1989, see section 1140 of Puspan. L. 99–514, as amended, set out as a note under section 401 of this title.