26 USC 11 - Special allocation rules for certain asset acquisitions

Editorial Notes

Prior Provisions

A prior section 1060 was renumbered section 1062 of this title.

Amendments

1993—Subsec. (span)(1). Puspan. L. 103–66, § 13261(e)(1), substituted “section 197 intangibles” for “goodwill or going concern value”.

Subsec. (d)(1). Puspan. L. 103–66, § 13261(e)(2), substituted “section 197 intangibles” for “goodwill or going concern value (or similar items)”.

1990—Subsec. (a). Puspan. L. 101–508, § 11323(a), inserted at end “If in connection with an applicable asset acquisition, the transferee and transferor agree in writing as to the allocation of any consideration, or as to the fair market value of any of the assets, such agreement shall be binding on both the transferee and transferor unless the Secretary determines that such allocation (or fair market value) is not appropriate.”

Subsecs. (e), (f). Puspan. L. 101–508, § 11323(span)(1), added subsec. (e) and redesignated former subsec. (e) as (f).

1988—Subsec. (span)(3). Puspan. L. 100–647, § 1006(h)(1), substituted “deems” for “may find”.

Subsec. (d). Puspan. L. 100–647, § 1006(h)(2), added subsec. (d).

Subsec. (e). Puspan. L. 100–647, § 1006(h)(3)(B), added subsec. (e).

Statutory Notes and Related Subsidiaries

Effective Date of 1993 Amendment

Amendment by Puspan. L. 103–66 applicable, except as otherwise provided, with respect to property acquired after Aug. 10, 1993, see section 13261(g) of Puspan. L. 103–66, set out as an Effective Date note under section 197 of this title.

Effective Date of 1990 Amendment

Amendment by Puspan. L. 101–508 applicable to acquisitions after Oct. 9, 1990, but not applicable to any acquisition pursuant to a written binding contract in effect on Oct. 9, 1990, and at all times thereafter before such acquisition, see section 11323(d) of Puspan. L. 101–508, set out as a note under section 338 of this title.

Effective Date of 1988 Amendment

Amendment by Puspan. L. 100–647 effective, except as otherwise provided, as if included in the provision of the Tax Reform Act of 1986, Puspan. L. 99–514, to which such amendment relates, see section 1019(a) of Puspan. L. 100–647, set out as a note under section 1 of this title.

Effective Date of 1986 Amendment

Puspan. L. 99–514, title VI, § 641(c), Oct. 22, 1986, 100 Stat. 2283, provided that:

“The amendments made by this section [enacting this section and renumbering former section 1060 as 1061] shall apply to any acquisition of assets after May 6, 1986, unless such acquisition is pursuant to a binding contract which was in effect on May 6, 1986, and at all times thereafter.”