Trang chủ Moneykey Ohio Subsec. (g). Pub. L. 100–647, § 1004(a)(4), substituted “indebtedness” for “indebtedness of solvent farmers” in going and amended text generally speaking. Ahead of amendment, text read the following:

Subsec. (g). Pub. L. 100–647, § 1004(a)(4), substituted “indebtedness” for “indebtedness of solvent farmers” in going and amended text generally speaking. Ahead of amendment, text read the following:

Subsec. (g). Pub. L. 100–647, § 1004(a)(4), substituted “indebtedness” for “indebtedness of solvent farmers” in going and amended text generally speaking. Ahead of amendment, text read the following:

“(1) as a whole. —For purposes of the part and area 1017, the release by a professional person of qualified farm indebtedness of a taxpayer who’s perhaps perhaps maybe not insolvent at the time of the release shall be treated when you look at the manner that is same in the event that release had happened once the taxpayer ended up being insolvent.

“(2) Qualified farm indebtedness. —For purposes of the subsection, indebtedness of the taxpayer will be addressed as qualified farm indebtedness if—

“(A) such indebtedness ended up being incurred straight associated with the procedure because of the taxpayer associated with the trade or business of agriculture, and

“(B) 50 per cent or even more for the typical yearly gross receipts regarding the taxpayer when it comes to 3 taxable years preceding the year that is taxable that the release of these indebtedness happens is owing to the trade or company of agriculture.

“(3) Qualified person. —For purposes with this subsection, the word ‘qualified person’ means an individual described in part 46(c)(8)(D)(iv). ”

1986—Subsec. (a)(1 C that is)(). Pub. L. 99–514, § 822(a), struck down subpar. (C) associated with exclusion from revenues in the event that indebtedness released is qualified company indebtedness.

Subsec. (a)(2). Pub. L. 99–514, § 822(b)(1), substituted “Subparagraph (B) of paragraph (1)” for “Subparagraphs (B) and (C) of paragraph (1)” in subpar. (A), struck down subpar. (A) designation and going, and struck down subpar. (B) providing that insolvency money key exclusion takes precedence over qualified company exclusion.

Subsec. (b)(2)(B). Pub. L. 99–514, § 231(d)(3)(D), substituted business that is“General” for “Research credit and basic business credit” in heading and amended text, because amended by this Act (Pub. L. 99–514, § 1171(b)(4) (see below)), generally speaking. Ahead of amendment, text read as follows: “Any carryover to or through the taxable 12 months of a release of a sum for purposes of determining the amount allowable as being a credit under—

“(i) area 30 (concerning credit for increasing research tasks), or

“(ii) part 38 (associated with basic business credit).

For purposes with this subparagraph, there shall never be taken into consideration any portion of a carryover that will be due to the worker stock ownership credit determined under part 41. ”

Pub. L. 99–514, § 1171(b)(4), hit away sentence that is last was in fact eradicated by the basic amendment of subpar. (B) by Pub. L. 99–514, § 231(d)(3)(D). See above.

Subsec. (b)(2)(E). Pub. L. 99–514, § 1847(b)(7), substituted “section 27” for “section 33”.

Subsec. (b)(3). Pub. L. 99–514, § 104(b)(2), substituted cents that are“33? for “50 cents”.

Subsec. (c). Pub. L. 99–514, § 822(b)(2), struck down subsec. (c) associated with taxation remedy for discharge of qualified company indebtedness.

Subsec. (d). Pub. L. 99–514, § 822(b)(3)(B), struck away mention of subsec. (c) in going.

Subsec. (d)(4). Pub. L. 99–514, § 822(b)(3)(A), struck down par. (4) concerning remedy for indebtedness as qualified company indebtedness.

Subsec. (d)(6), (7)(A). Pub. L. 99–514, § 822(b)(3)(B), struck down mention of the subsec. (c) in going and text.

Subsec. (d)(7)(B). Pub. L. 99–514, § 822(b)(3)(C), hit down “The preceding phrase shall perhaps not connect with any release to your level that subsection (a)(1)(C) relates to such release. ”

Subsec. (d)(9)(A). Pub. L. 99–514, § 822(b)(3)(D), struck down “under paragraph (4) with this or subsection after “An election”.

Subsec. ( ag ag ag e)(7)(A)(ii)(we). Pub. L. 99–514, § 805(c)(2), substituted “subsection (a) or (b) of area 166” for “subsection (a), (b), or (c) of part 166”.

Subsec. ( ag e)(7)(B) to (D). Pub. L. 99–514, § 805(c)(3), redesignated subpars. (C) to (E) as (B) to (D), respectively, and struck away previous subpar. (B) which pertaining to taxpayers on book technique.

Subsec. ( ag e)(7)(E), (F). Pub. L. 99–514, § 805(c)(3), (4), redesignated subpar. (F) as ( E) and substituted “the foregoing subparagraphs” for “subparagraphs (A), (B), (C), (D), and (E)”. Previous subpar. (E) redesignated (D).

Subsec. ( ag ag e)(10 C that is)(). Pub. L. 99–514, § 621(e), repealed the amendment by Pub. L. 98–369, § 59(b)(1), which had added subpar. (C) producing an exclusion for transfers in a few exercises of this satisfaction of indebtedness by corporation’s stock. See 1984 Amendment note below.

1984—Subsec. (b)(2)(B). Pub. L. 98–369, § 474(r)(5), substituted conditions associated with research credits and basic company credits covering carryovers to or through the taxable 12 months of the discharge of a quantity for purposes of determining the amount allowable as being a credit under area 30 (associated with credit for increasing research tasks), or area 38 (associated with basic company credit), and directing that there shall never be taken into consideration any portion of a carryover that is due to the worker stock ownership credit determined under area 41 for previous conditions addressing carryovers to or through the taxable 12 months of this release of a quantity for purposes of determining the actual quantity of a credit allowable under part 38 (associated with investment in a few depreciable home), part 40 (associated with costs of work motivation programs), area 44B (associated with credit for work of particular brand new workers), area 44E (associated with liquor utilized as a gas), or area 44F (relating to credit for increasing research tasks), and directing that, for purposes of clause (i), there might never be taken into consideration any part of a carryover that has been owing to the worker plan credit (inside the meaning of area 48(o)(3)).

Subsec. (d)(6). Pub. L. 98–369, § 721(b)(2), hit down “or S corporation shareholder level” in going and sentence that is second supplied that “In the truth of an S business, subsections (a), (b), and (c) shall use in the shareholder level.”. See par. (7)(A).

Subsec. (d)(7) to (10). Pub. L. 98–369, § 721(b)(2), included par. (7) and redesignated pars that are former. (7) to (9) as (8) to (10), correspondingly.

Subsec. ( e)(10)(C). Pub. L. 98–369, § 59(b)(1), which included subpar. (C), effective just as if contained in the amendments produced by part 806(e) and (f) of Pub. L. 94–455, had been repealed by Pub. L. 99–514, § 621(e), (f)(2), eff. Jan. 1, 1986, with specific exceptions, see Effective Date of 1986 note that is amendment.

1982—Subsec. (d)(6). Pub. L. 97–354 inserted “or S corporation shareholder level” in going and inserted “in the event of a S organization, subsections (a), (b), and (c) will be used in the shareholder degree. ”

1980—Pub. L. 96–589 entirely revised and expanded conditions by indicating the sorts of indebtedness and also by aiming priorities on the list of exclusions, to mirror the modification of Title 11, Bankruptcy, in 1978.

1976—Pub. L. 94–455, § 1951(b)(2)(A), hit out “(a) Special guideline of exclusion. —” after “Income from release of indebtedness” and struck down subsec. (b) which linked to discharge, termination, or modification of indebtedness of particular railroad corporations.

1960—Subsec. (b). Pub. L. 86–496 prov Jan. 1, 1960, then no quantity will be incorporated into revenues with regards to it, and struck away conditions which made subsection inapplicable to discharges occurring in a taxable year starting after Dec. 31, 1957.

1956—Subsec. (b). Act June 29, 1956, replaced “ December 31, 1957 ” for “ December 31, 1955 ”.

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