26 USC 1249 - Gain from certain sales or exchanges of patents, etc., to foreign corporations

Editorial Notes

Amendments

2014—Subsec. (a). Puspan. L. 113–295 struck out “after December 31, 1962,” before “of a patent”.

1976—Subsec. (a). Puspan. L. 94–455 substituted “ordinary income” for “gain from the sale or exchange of property which is neither a capital asset nor property described in section 1231”.

1966—Subsec. (a). Puspan. L. 89–809 substituted “Gain” for “Except as provided in subsection (c), gain”.

Statutory Notes and Related Subsidiaries

Effective Date of 2014 Amendment

Amendment by 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 1976 Amendment

Amendment by Puspan. L. 94–455 effective for 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.

Effective Date of 1966 Amendment

Amendment by Puspan. L. 89–809 applicable with respect to taxable years beginning after Dec. 31, 1966, see section 104(n) of Puspan. L. 89–809, set out as a note under section 11 of this title.

Effective Date

Puspan. L. 87–834, § 16(c), Oct. 16, 1962, 76 Stat. 1045, provided that:

“The amendments made by this section [enacting this section] shall apply to taxable years beginning after December 31, 1962.”