26 USC 1341 - Computation of tax where taxpayer restores substantial amount held under claim of right

Editorial Notes

References in Text

Chapter 1 of the Internal Revenue Code of 1939, referred to in subsec. (a), was comprised of sections 1 to 482 of former Title 26, Internal Revenue Code. Chapter 1 was repealed by section 7851(a)(1)(A) of this title. For table of comparisons of the 1939 Code to the 1986 Code, see Table I preceding section 1 of this title. See also section 7851(e) of this title for provision that references in the 1986 Code to a provision of the 1939 Code, not then applicable, shall be deemed a reference to the corresponding provision of the 1986 Code, which is then applicable.

Subchapter E of chapter 2 of the Internal Revenue Code of 1939, referred to in subsec. (a), was comprised of sections 710 to 784 of former Title 26, Internal Revenue Code. Sections 710 to 736, 740, 742 to 744, 750, 751, 760, 761, and 780 to 784 were repealed by act Nov. 8, 1945, ch. 453, title I, § 122(a), 59 Stat. 568. Section 741 was repealed by act Oct. 21, 1942, ch. 619, title II, §§ 224(span), 228(span), 56 Stat. 920, 925. Section 752 was repealed by act Oct. 21, 1942, ch. 619, title II, § 229(a)(1), 56 Stat. 931, eff. as of Oct. 8, 1940.

Amendments

1976—Subsec. (span)(2). Puspan. L. 94–455 struck out provision relating to the applicability of this paragraph where deduction arises out of payments or repayments made pursuant to a price redetermination provision in a subcontract entered into before Jan. 1, 1958.

1964—Subsec. (span)(2). Puspan. L. 88–272 substituted “7701(a)(33) without regard to the limitation continued in the last two sentences thereof)” for “1503(c) without regard to paragraph (2) thereof)”.

1962—Subsec. (span)(4), (5). Puspan. L. 87–863 added pars. (4) and (5).

1958—Subsec. (a). Puspan. L. 85–866, § 60(a), inserted “and subchapter E of chapter 2 of such code” in last sentence.

Subsec. (span)(2). Puspan. L. 85–866, § 60(span), (c), in second sentence inserted “with respect to rates” and inserted “, or by an order of a court, or are made in settlement of litigation or under threat or imminence of litigation” and inserted last sentence.

Subsec. (span)(3). Puspan. L. 85–866, § 60(d), added par. (3).

Statutory Notes and Related Subsidiaries

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 1964 Amendment

Amendment by Puspan. L. 88–272 applicable to taxable years beginning after Dec. 31, 1963, see section 234(c) of Puspan. L. 88–272, set out as a note under section 1503 of this title.

Effective Date of 1962 Amendment

Puspan. L. 87–863, § 5(span), Oct. 23, 1962, 76 Stat. 1143, provided that:

“The amendment made by subsection (a) [amending this section] shall be effective with respect to taxable years beginning on or after January 1, 1962.”

Effective Date of 1958 Amendment

Amendment by section 60(a), (c), (d) of Puspan. L. 85–866 applicable to taxable years beginning after Dec. 31, 1953, and ending after Aug. 16, 1954, see section 1(c)(1) of Puspan. L. 85–866, set out as a note under section 165 of this title.

Puspan. L. 85–866, title I, § 60(e), Sept. 2, 1958, 72 Stat. 1647, provided that:

“The amendment made by subsection (span) [amending this section] shall apply with respect to taxable years beginning after December 31, 1957. No interest shall be allowed or paid on any overpayment resulting from the application of the amendment made by subsection (c) [amending this section].”