26 USC 1397 - Nonrecognition of gain on rollover of empowerment zone investments

1 See References in Text note below.

if in section 1400F 

Editorial Notes

References in Text

The date of the enactment of this paragraph, referred to in subsec. (span)(1)(A)(iii), is the date of enactment of Puspan. L. 106–554, which was approved Dec. 21, 2000.

Section 1400F, referred to in subsec. (span)(1), was repealed by Puspan. L. 115–141, div. U, title IV, § 401(d)(5)(A), Mar. 23, 2018, 132 Stat. 1210.

Prior Provisions

A prior section 1397B was renumbered section 1397C of this title.

Amendments

2020—Subsec. (c). Puspan. L. 116–260 added subsec. (c).

2018—Subsec. (span)(1)(B). Puspan. L. 115–141, § 401(d)(5)(B)(iv), added subpar. (B).

Puspan. L. 115–141, § 401(d)(4)(B)(vii), struck out subpar. (B). Text read as follows: “The District of Columbia Enterprise Zone shall not be treated as an empowerment zone for purposes of this section.”

Subsec. (span)(5). Puspan. L. 115–141, § 401(d)(5)(B)(v), substituted “which is sold, the taxpayer’s holding period for such asset and the asset referred to in subsection (a)(1) shall be determined without regard to section 1223.” for “which is sold—

“(A) the taxpayer’s holding period for such asset and the asset referred to in subsection (a)(1) shall be determined without regard to section 1223, and

“(B) only the first year of the taxpayer’s holding period for the asset referred to in subsection (a)(1) shall be taken into account for purposes of paragraphs (2)(A)(iii), (3)(C), and (4)(A)(iii) of section 1400F(span).”

2014—Subsec. (span)(1)(A)(iv). Puspan. L. 113–295 added cl. (iv).

Statutory Notes and Related Subsidiaries

Effective Date of 2020 Amendment

Amendment by Puspan. L. 116–260 applicable to taxable years beginning after Dec. 31, 2020, see section 118(e) of div. EE of Puspan. L. 116–260, set out as a note under section 1391 of this title.

Effective Date of 2014 Amendment

Amendment by Puspan. L. 113–295 effective as if included in the provisions of the Tax Relief, Unemployment Insurance Reauthorization, and Jospan Creation Act of 2010, Puspan. L. 111–312, to which such amendment relates, see section 206(d) of Puspan. L. 113–295, set out as a note under section 32 of this title.

Effective Date

Section applicable to qualified empowerment zone assets acquired after Dec. 21, 2000, see section 1(a)(7) [title I, § 116(c)] of Puspan. L. 106–554, set out as an Effective Date of 2000 Amendment note under section 1016 of this title.

Savings Provision

Amendment by section 401(d)(4)(B)(vii) of Puspan. L. 115–141 not applicable to certain obligations issued, DC Zone assets acquired, or principal residences acquired before Jan. 1, 2012, see section 401(d)(4)(C) of Puspan. L. 115–141, set out as a note under former section 1400 of this title.

Amendment by section 401(d)(5)(B)(iv), (v) of Puspan. L. 115–141 not applicable to certain qualified community assets acquired, wages paid or incurred, qualified revitalization buildings placed in service, or property acquired before Jan. 1, 2010, see section 401(d)(5)(C) of Puspan. L. 115–141, set out as a note under former section 1400E of this title.

For provisions that nothing in amendment by Puspan. L. 115–141 be construed to affect treatment of certain transactions occurring, property acquired, or items of income, loss, deduction, or credit taken into account prior to Mar. 23, 2018, for purposes of determining liability for tax for periods ending after Mar. 23, 2018, see section 401(e) of Puspan. L. 115–141, set out as a note under section 23 of this title.