# 26 U.S.C. § 273: Holders of life or terminable interest

Source: OLRC release point 119-134 <https://uscode.house.gov/us/usc/119-134/t26/s273>. Cite pinpoints as 26 U.S.C. § 273(a)(1).

Amounts paid under the laws of a State, the District of Columbia, a possession of the United States, or a foreign country as income to the holder of a life or terminable interest acquired by gift, bequest, or inheritance shall not be reduced or diminished by any deduction for shrinkage (by whatever name called) in the value of such interest due to the lapse of time.

## Regulations

- [Treas. Reg. § 1.273-1](/26/reg/1.273-1.md): Life or terminable interests. (interprets § 273)

## Final rules

- [82 FR 6235](https://www.federalregister.gov/documents/2017/01/19/2017-01365/application-of-modified-carryover-basis-to-general-basis-rules) (2017): Application of Modified Carryover Basis to General Basis Rules

## Leading cases

- [Early v. Commissioner, 445 F.2d 166 (5th Cir. 1971)](https://www.courtlistener.com/opinion/297695/allen-m-early-and-jeannette-b-early-v-commissioner-of-internal-revenue/)
- [Elrick v. Commissioner, 485 F.2d 1049 (D.C. Cir. 1973)](https://www.courtlistener.com/opinion/313998/marianne-crocker-elrick-v-commissioner-of-internal-revenue/)

## Connections

Cites: none

Cited by: § 167 Depreciation

Derived from: 1939 § 24(d)

## Amendments

- 1954-08-16: [Act Aug. 16, 1954, ch. 736](/26/act/1954-ch736.md), 68A Stat. 83
- 1976-10-04: [Pub. L. 94-455](/26/act/94-455.md), 90 Stat. 1803