Amended 1959, 1984, 2017
- 2017 Pub. L. 115-97 Pub. L. 115–97, § 13511(b)(3), struck out subsec. (d). Text read as follows: “For application of this part to operations loss carrybacks and carryovers of life insurance companies, see section 810.”
- 1984 Pub. L. 98-369 Pub. L. 98–369, § 211(b)(4), substituted “section 810” for “section 812(f)”.
- 1959 Pub. L. 86-69 Pub. L. 86–69, § 3(c)(2), added subsec. (d).
Cases: Estate of Stauffer v. Commissioner, 403 F.2d 611 (9th Cir. 1968); Reef Corp. v. Commissioner, 368 F.2d 125 (5th Cir. 1966)
Final rules 15
(a) General rule In the case of the acquisition of assets of a corporation by another corporation—
Amended 1980
- 1980 Pub. L. 96-589 Pub. L. 96–589, § 4(g)(2), inserted provisions that a reorganization shall be treated as meeting the requirements of subparagraph (D) or (G) of section 368(a)(1) only if the requirements of subparagraphs (A) and (B) of section 354(b)(1) are met.
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(1) in a distribution to such other corporation to which section 332 (relating to liquidations of subsidiaries) applies; or
Amended 1982
- 1982 Pub. L. 97-248 Pub. L. 97–248 struck out “, except in a case in which the basis of the assets distributed is determined under section 334(b)(2)” after “applies”.
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(2) in a transfer to which section 361 (relating to nonrecognition of gain or loss to corporations) applies, but only if the transfer is in connection with a reorganization described in subparagraph (A), (C), (D), (F), or (G) of section 368(a)(1),
Amended 1980
- 1980 Pub. L. 96-589 Pub. L. 96–589, § 4(g)(1), substituted “subparagraph (A), (C), (D), (F), or (G) of section 368(a)(1)” for “subparagraph (A), (C), (D) (but only if the requirements of subparagraphs (A) and (B) of section 354(b)(1) are met), or (F) of section 368(a)(1)”.
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the acquiring corporation shall succeed to and take into account, as of the close of the day of distribution or transfer, the items described in subsection (c) of the distributor or transferor corporation, subject to the conditions and limitations specified in subsections (b) and (c). For purposes of the preceding sentence, a reorganization shall be treated as meeting the requirements of subparagraph (D) or (G) of section 368(a)(1) only if the requirements of subparagraphs (A) and (B) of section 354(b)(1) are met.
(b) Operating rules Except in the case of an acquisition in connection with a reorganization described in subparagraph (F) of section 368(a)(1)—
(1) The taxable year of the distributor or transferor corporation shall end on the date of distribution or transfer.
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(2) For purposes of this section, the date of distribution or transfer shall be the day on which the distribution or transfer is completed; except that, under regulations prescribed by the Secretary, the date when substantially all of the property has been distributed or transferred may be used if the distributor or transferor corporation ceases all operations, other than liquidating activities, after such date.
Amended 1976
- 1976 Pub. L. 94-455 Pub. L. 94–455, § 1906(b)(13)(A), struck out “or his delegate” after “Secretary”.
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(3) The corporation acquiring property in a distribution or transfer described in subsection (a) shall not be entitled to carry back a net operating loss or a net capital loss for a taxable year ending after the date of distribution or transfer to a taxable year of the distributor or transferor corporation.
Amended 1969
- 1969 Pub. L. 91-172 Pub. L. 91–172, § 512(c), substituted “a net operating loss or a net capital loss” for “a net operating loss”.
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(c) Items of the distributor or transferor corporation The items referred to in subsection (a) are:
Amended 1980, 1981, 1983, 1984, 1986, 1989, 1996
- 1996 Pub. L. 104-188 Pub. L. 104–188 amended directory language of Pub. L. 101–239. See 1989 Amendment note below.
- 1989 Pub. L. 101-239 Pub. L. 101–239, as amended by Pub. L. 104–188, redesignated par. (27) as (26).
- 1986 Pub. L. 99-514 Pub. L. 99–514, § 701(e)(1), added par. (27).
- 1984 Pub. L. 98-369 Pub. L. 98–369, § 474(r)(11)(A), struck out par. (27) relating to credit under section 44E for alcohol used as fuel.
- 1984 Pub. L. 98-369 Pub. L. 98–369, § 474(r)(11)(B), redesignated pars. (28) and (29) as (24) and (25), respectively.
- 1984 Pub. L. 98-369 Pub. L. 98–369, § 474(r)(11)(A), struck out par. (30) relating to credit under section 44G.
- 1983 Pub. L. 97-448 Pub. L. 97–448, § 102(h)(3), redesignated par. (28), relating to credit under section 44F, as (29). Former par. (29) redesignated (30).
- 1983 Pub. L. 97-448 Pub. L. 97–448, § 103(g)(2)(F), redesignated former par. (29), relating to credit under section 44G, as (30).
- 1981 Pub. L. 97-34 Pub. L. 97–34, § 208, added par. (28) relating to recovery allowance for recovery property.
- 1981 Pub. L. 97-34 Pub. L. 97–34, § 221(b)(1)(B), added par. (28) relating to credit under section 44F.
- 1981 Pub. L. 97-34 Pub. L. 97–34, § 331(d)(1)(B), added par. (29).
- 1980 Pub. L. 96-223 Pub. L. 96–223 added par. (27).
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(1) Net operating loss carryovers The net operating loss carryovers determined under section 172, subject to the following conditions and limitations:
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(A) The taxable year of the acquiring corporation to which the net operating loss carryovers of the distributor or transferor corporation are first carried shall be the first taxable year ending after the date of distribution or transfer.
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(B) In determining the net operating loss deduction, the portion of such deduction attributable to the net operating loss carryovers of the distributor or transferor corporation to the first taxable year of the acquiring corporation ending after the date of distribution or transfer shall be limited to an amount which bears the same ratio to the taxable income (determined without regard to a net operating loss deduction) of the acquiring corporation in such taxable year as the number of days in the taxable year after the date of distribution or transfer bears to the total number of days in the taxable year.
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(C) For the purpose of determining the amount of the net operating loss carryovers under section 172(b)(2), a net operating loss for a taxable year (hereinafter in this subparagraph referred to as the “loss year”) of a distributor or transferor corporation which ends on or before the end of a loss year of the acquiring corporation shall be considered to be a net operating loss for a year prior to such loss year of the acquiring corporation. For the same purpose, the taxable income for a “prior taxable year” (as the term is used in section 172(b)(2)) shall be computed as provided in such section; except that, if the date of distribution or transfer is on a day other than the last day of a taxable year of the acquiring corporation—
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(i) such taxable year shall (for the purpose of this subparagraph only) be considered to be 2 taxable years (hereinafter in this subparagraph referred to as the “pre-acquisition part year” and the “post-acquisition part year”);
(ii) the pre-acquisition part year shall begin on the same day as such taxable year begins and shall end on the date of distribution or transfer;
(iii) the post-acquisition part year shall begin on the day following the date of distribution or transfer and shall end on the same day as the end of such taxable year;
(iv) the taxable income for such taxable year (computed with the modifications specified in section 172(b)(2)(A) but without a net operating loss deduction) shall be divided between the pre-acquisition part year and the post-acquisition part year in proportion to the number of days in each;
(v) the net operating loss deduction for the pre-acquisition part year shall be determined as provided in section 172(b)(2)(B), [OLRC note: See References in Text note below.] but without regard to a net operating loss year of the distributor or transferor corporation; and
(vi) the net operating loss deduction for the post-acquisition part year shall be determined as provided in section 172(b)(2)(B).1
(2) Earnings and profits In the case of a distribution or transfer described in subsection (a)—
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(A) the earnings and profits or deficit in earnings and profits, as the case may be, of the distributor or transferor corporation shall, subject to subparagraph (B), be deemed to have been received or incurred by the acquiring corporation as of the close of the date of the distribution or transfer; and
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(B) a deficit in earnings and profits of the distributor, transferor, or acquiring corporation shall be used only to offset earnings and profits accumulated after the date of transfer. For this purpose, the earnings and profits for the taxable year of the acquiring corporation in which the distribution or transfer occurs shall be deemed to have been accumulated after such distribution or transfer in an amount which bears the same ratio to the undistributed earnings and profits of the acquiring corporation for such taxable year (computed without regard to any earnings and profits received from the distributor or transferor corporation, as described in subparagraph (A) of this paragraph) as the number of days in the taxable year after the date of distribution or transfer bears to the total number of days in the taxable year.
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(3) Capital loss carryover The capital loss carryover determined under section 1212, subject to the following conditions and limitations:
Amended 1976
- 1976 Pub. L. 94-455 Pub. L. 94–455, § 1901(b)(33)(N), substituted in subpars. (B) and (C) “capital gain net income” for “net capital gain”.
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(A) The taxable year of the acquiring corporation to which the capital loss carryover of the distributor or transferor corporation is first carried shall be the first taxable year ending after the date of distribution or transfer.
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(B) The capital loss carryover shall be a short-term capital loss in the taxable year determined under subparagraph (A) but shall be limited to an amount which bears the same ratio to the capital gain net income (determined without regard to a short-term capital loss attributable to capital loss carryover), if any, of the acquiring corporation in such taxable year as the number of days in the taxable year after the date of distribution or transfer bears to the total number of days in the taxable year.
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(C) For purposes of determining the amount of such capital loss carryover to taxable years following the taxable year determined under subparagraph (A), the capital gain net income in the taxable year determined under subparagraph (A) shall be considered to be an amount equal to the amount determined under subparagraph (B).
(4) Method of accounting The acquiring corporation shall use the method of accounting used by the distributor or transferor corporation on the date of distribution or transfer unless different methods were used by several distributor or transferor corporations or by a distributor or transferor corporation and the acquiring corporation. If different methods were used, the acquiring corporation shall use the method or combination of methods of computing taxable income adopted pursuant to regulations prescribed by the Secretary.
Amended 1976
- 1976 Pub. L. 94-455 Pub. L. 94–455, § 1906(b)(13)(A), struck out “or his delegate” after “Secretary”.
Cases: RCA Corp. v. United States, 664 F.2d 881 (2d Cir. 1981)
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(5) Inventories In any case in which inventories are received by the acquiring corporation, such inventories shall be taken by such corporation (in determining its income) on the same basis on which such inventories were taken by the distributor or transferor corporation, unless different methods were used by several distributor or transferor corporations or by a distributor or transferor corporation and the acquiring corporation. If different methods were used, the acquiring corporation shall use the method or combination of methods of taking inventory adopted pursuant to regulations prescribed by the Secretary.
Amended 1976
- 1976 Pub. L. 94-455 Pub. L. 94–455, § 1906(b)(13)(A), struck out “or his delegate” after “Secretary”.
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(6) Method of computing depreciation allowance The acquiring corporation shall be treated as the distributor or transferor corporation for purposes of computing the depreciation allowance under sections 167 and 168 on property acquired in a distribution or transfer with respect to so much of the basis in the hands of the acquiring corporation as does not exceed the adjusted basis in the hands of the distributor or transferor corporation.
Amended 1969, 1990
- 1990 Pub. L. 101-508 Pub. L. 101–508, § 11812(b)(6)(A), substituted “sections 167 and 168” for “subsections (b), (j), and (k) of section 167”.
- 1969 Pub. L. 91-172 Pub. L. 91–172, § 521(f), substituted “subsections (b), (j) and (k) of section 167” for “paragraphs (2), (3) and (4) of section 167(b)” and inserted reference to adjusted basis in the hand of the distributor or transferor corporation.
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[(7) Repealed. June 15, 1955, ch. 143, § 2(1), 69 Stat. 134]
Amended 1955
- 1955 Act June 15, 1955, repealed par. (7) which related to carryover of prepaid income.
(8) Installment method If the acquiring corporation acquires installment obligations (the income from which the distributor or transferor corporation reports on the installment basis under section 453) the acquiring corporation shall, for purposes of section 453, be treated as if it were the distributor or transferor corporation.
Amended 1980, 1987
- 1987 Pub. L. 100-203 Pub. L. 100–203 struck out “or 453A” after “section 453” in two places.
- 1980 Pub. L. 96-471 Pub. L. 96–471 substituted “reports on the installment basis under section 453 or 453A” for “has elected, under section 453, to report on the installment basis” and “for purposes of section 453 or 453A” for “for purposes of section 453.”
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(9) Amortization of bond discount or premium If the acquiring corporation assumes liability for bonds of the distributor or transferor corporation issued at a discount or premium, the acquiring corporation shall be treated as the distributor or transferor corporation after the date of distribution or transfer for purposes of determining the amount of amortization allowable or includible with respect to such discount or premium.
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(10) Treatment of certain mining development and exploration expenses of distributor or transferor corporation The acquiring corporation shall be entitled to deduct, as if it were the distributor or transferor corporation, expenses deferred under section 616 (relating to certain development expenditures) if the distributor or transferor corporation has so elected.
Amended 1969, 1976, 1986
- 1986 Pub. L. 99-514 Pub. L. 99–514, § 411(b)(2)(C)(iii), struck out last sentence which read: “For the purpose of applying the limitation provided in section 617(h), if, for any taxable year, the distributor or transferor corporation was allowed a deduction under section 617(a), the acquiring corporation shall be deemed to have been allowed such deduction.”
- 1976 Pub. L. 94-455 Pub. L. 94–455, § 1901(b)(21(B), among other changes, substituted reference to section 616 (relating to certain development expenditures) if the distributor or transferor corporation has so elected for reference to sections 615 and 616 (relating to pre-1970 exploration expenditures and development expenditures, respectively) if the distributor or transferor corporation has so elected and struck out provisions that if, for any taxable year, the distributor of transferor corporation was allowed or made the election of the deduction under section 615 of this title, the acquiring corporation shall be deemed to have been allowed or to have made such election of the deduction under section 615 of this title.
- 1969 Pub. L. 91-172 Pub. L. 91–172, § 504(c)(2), substituted “Treatment of certain mining exploration and development expenses of distributor or transferor corporation” for “Treatment of certain expenses deferred by the election of distributor or transferor corporation” in heading, limited deduction of expenses deferred under sections 615 and 616 of this title by the acquiring corporation as if it were the distributor or transferor corporation to pre-1970 exploration and development expenditures, and inserted provision that if distributor or transferor corporation, for any taxable year, was allowed the deduction in sections 615(a) or 617(a) of this title or made the election provided in section 615(b) of this title, acquiring corporation shall be deemed to have been allowed such deduction or deductions or to have made such election, as the case may be, for the purpose of applying the limitation provided in section 617 of this title.
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(11) Contributions to pension plans, employees’ annuity plans, and stock bonus and profit-sharing plans The acquiring corporation shall be considered to be the distributor or transferor corporation after the date of distribution or transfer for the purpose of determining the amounts deductible under section 404 with respect to pension plans, employees’ annuity plans, and stock bonus and profit-sharing plans.
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(12) Recovery of tax benefit items If the acquiring corporation is entitled to the recovery of any amounts previously deducted by (or allowable as credits to) the distributor or transferor corporation, the acquiring corporation shall succeed to the treatment under section 111 which would apply to such amounts in the hands of the distributor or transferor corporation.
Amended 1986
- 1986 Pub. L. 99-514 Pub. L. 99–514, § 1812(a)(3), amended par. (12) generally. Prior to amendment, par. (12), recovery of bad debts, prior taxes, or delinquency amounts, read as follows: “If the acquiring corporation is entitled to the recovery of bad debts, prior taxes, or delinquency amounts previously deducted or credited by the distributor or transferor corporation, the acquiring corporation shall include in its income such amounts as would have been includible by the distributor or transferor corporation in accordance with section 111 (relating to the recovery of bad debts, prior taxes, and delinquency amounts).”
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(13) Involuntary conversions under section 1033 The acquiring corporation shall be treated as the distributor or transferor corporation after the date of distribution or transfer for purposes of applying section 1033.
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(14) Dividend carryover to personal holding company The dividend carryover (described in section 564) to taxable years ending after the date of distribution or transfer.
[(15) Repealed. Pub. L. 101–508, title XI, § 11801(c)(10)(A), Nov. 5, 1990, 104 Stat. 1388–526]
Amended 1964, 1976, 1990
- 1990 Pub. L. 101-508 Pub. L. 101–508, § 11801(c)(10)(A), struck out par. (15) “Indebtedness of certain personal holding companies” which read as follows: “The acquiring corporation shall be considered to be the distributor or transferor corporation for the purpose of determining the applicability of subsection (c) of section 545, relating to deduction with respect to payment of certain indebtedness.”
- 1976 Pub. L. 94-455 Pub. L. 94–455, § 1901(b)(17), substituted “subsection (c)” for “subsections (b)(7) and (c)”.
- 1964 Pub. L. 88-272 Pub. L. 88–272, § 225(i)(3), substituted “subsections (b)(7) and (c) of section 545, relating to deductions with respect to payment of certain indebtedness” for “section 545(b)(7), relating to a deduction for payment of certain indebtedness incurred before Jan. 1, 1934”.
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(16) Certain obligations of distributor or transferor corporation If the acquiring corporation—
Amended 2018
- 2018 Pub. L. 115-141 Pub. L. 115–141, in concluding provisions, struck out “A corporation which would have been an acquiring corporation under this section if the date of distribution or transfer had occurred on or after the effective date of the provisions of this subchapter applicable to a liquidation or reorganization, as the case may be, shall be entitled, even though the date of distribution or transfer occurred before such effective date, to apply this paragraph with respect to amounts paid or accrued in taxable years beginning after December 31, 1953, on account of such obligations of the distributor or transferor corporation.” before “This paragraph”.
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(A) assumes an obligation of the distributor or transferor corporation which, after the date of the distribution or transfer, gives rise to a liability, and
(B) such liability, if paid or accrued by the distributor or transferor corporation, would have been deductible in computing its taxable income,
the acquiring corporation shall be entitled to deduct such items when paid or accrued, as the case may be, as if such corporation were the distributor or transferor corporation. This paragraph shall not apply if such obligations are reflected in the amount of stock, securities, or property transferred by the acquiring corporation to the transferor corporation for the property of the transferor corporation.
(17) Deficiency dividend of personal holding company If the acquiring corporation pays a deficiency dividend (as defined in section 547(d)) with respect to the distributor or transferor corporation, such distributor or transferor corporation shall, with respect to such payments, be entitled to the deficiency dividend deduction provided in section 547.
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(18) Percentage depletion on extraction of ores or minerals from the waste or residue of prior mining The acquiring corporation shall be considered to be the distributor or transferor corporation for the purpose of determining the applicability of section 613(c)(3) (relating to extraction of ores or minerals from the ground).
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(19) Charitable contributions in excess of prior years’ limitations Contributions made in the taxable year ending on the date of distribution or transfer and the 4 prior taxable years by the distributor or transferor corporation in excess of the amount deductible under section 170(b)(2) for such taxable years shall be deductible by the acquiring corporation for its taxable years which begin after the date of distribution or transfer, subject to the limitations imposed in section 170(b)(2). In applying the preceding sentence, each taxable year of the distributor or transferor corporation beginning on or before the date of distribution or transfer shall be treated as a prior taxable year with reference to the acquiring corporation’s taxable years beginning after such date.
Amended 1964
- 1964 Pub. L. 88-272 Pub. L. 88–272, § 209(d)(2), permitted deductions for contributions made in the taxable year and in 4 prior taxable years, instead of one prior taxable year, and provided that each taxable year beginning on or before the distribution or transfer date shall be treated as a prior taxable year with reference to the acquiring corporation’s taxable years beginning after such date.
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(20) Carryforward of disallowed business interest The carryover of disallowed business interest described in section 163(j)(2) to taxable years ending after the date of distribution or transfer.
Amended 1956, 1976, 2017
- 2017 Pub. L. 115-97 Pub. L. 115–97, § 13301(b)(1), added par. (20).
- 1976 Pub. L. 94-455 Pub. L. 94–455, § 1901(a)(54), struck out par. (20) which related to carry-over of unused pension trust deductions in certain cases.
- 1956 Act Jan. 28, 1956 added par. (20).
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[(21) Repealed. Pub. L. 94–455, title XIX, § 1901(b)(16), Oct. 4, 1976, 90 Stat. 1796]
Amended 1958, 1976
- 1976 Pub. L. 94-455 Pub. L. 94–455, § 1901(b)(16), struck out par. (21) which related to pre-1954 adjustments resulting from change in method of accounting.
- 1958 Pub. L. 85-866 Pub. L. 85–866 added par. (21).
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(22) Successor insurance company If the acquiring corporation is an insurance company taxable under subchapter L, there shall be taken into account (to the extent proper to carry out the purposes of this section and of subchapter L, and under such regulations as may be prescribed by the Secretary) the items required to be taken into account for purposes of subchapter L in respect of the distributor or transferor corporation.
Amended 1959, 1968, 1976
- 1976 Pub. L. 94-455 Pub. L. 94–455, § 1906(b)(13)(A), struck out “or his delegate” after “Secretary”.
- 1968 Pub. L. 90-240 Pub. L. 90–240 substituted successor insurance companies for successor life insurance companies as the business enterprise covered, substituted reference to insurance companies taxable under subchapter L for reference to life insurance companies as defined in section 801(a), and substituted reference to the purposes of this section and of subchapter L for reference to the purposes of this section and part I of subchapter L.
- 1959 Pub. L. 86-69 Pub. L. 86–69, § 3(c)(1), added par. (22).
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(23) Deficiency dividend of regulated investment company or real estate investment trust If the acquiring corporation pays a deficiency dividend (as defined in section 860(f)) with respect to the distributor or transferor corporation, such distributor or transferor corporation shall, with respect to such payments, be entitled to the deficiency dividend deduction provided in section 860.
Amended 1962, 1976, 1984
- 1984 Pub. L. 98-369 Pub. L. 98–369, § 474(r)(11)(B), redesignated par. (25) as (23). Former par. (23), relating to credit under section 38 for investment in certain depreciable property, was struck out.
- 1976 Pub. L. 94-455 Pub. L. 94–455, § 1906(b)(13)(A), struck out “or his delegate” after “Secretary”.
- 1962 Pub. L. 87-834 Pub. L. 87–834 added par. (23).
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(24) Credit under section 38 The acquiring corporation shall take into account (to the extent proper to carry out the purposes of this section and section 38, and under such regulations as may be prescribed by the Secretary) the items required to be taken into account for purposes of section 38 in respect of the distributor or transferor corporation.
Amended 1971, 1976, 1984, 1988, 1990
- 1990 Pub. L. 101-508 Pub. L. 101–508, § 11812(b)(6)(B), redesignated pars. (25) and (26) as (24) and (25), respectively, and struck out former par. (24) “Method of computing depreciation deduction” which read as follows: “The acquiring corporation shall be treated as the distributor or transferor corporation for purposes of computing the deduction allowable under section 168(a) on property acquired in a distribution or transfer with respect to so much of the basis in the hands of the acquiring corporation as does not exceed the adjusted basis in the hands of the distributor or transferor corporation.”
- 1988 Pub. L. 100-647 Pub. L. 100–647 substituted “depreciation deduction” for “recovery allowance for recovery property” in heading.
- 1984 Pub. L. 98-369 Pub. L. 98–369, § 474(r)(11)(B), redesignated par. (28) as (24). Former par. (24), relating to credit under section 40 for work incentive program expenses, was struck out.
- 1976 Pub. L. 94-455 Pub. L. 94–455, § 1906(b)(13)(A), struck out “or his delegate” after “Secretary”.
- 1971 Pub. L. 92-178 Pub. L. 92–178 added par. (24).
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(25) Credit under section 53 The acquiring corporation shall take into account (to the extent proper to carry out the purposes of this section and section 53, and under such regulations as may be prescribed by the Secretary) the items required to be taken into account for purposes of section 53 in respect of the distributor or transferor corporation.
Amended 1976, 1978, 1984, 1986, 1990
- 1990 Pub. L. 101-508 Pub. L. 101–508, § 11812(b)(6)(B), redesignated pars. (25) and (26) as (24) and (25), respectively, and struck out former par. (24) “Method of computing depreciation deduction” which read as follows: “The acquiring corporation shall be treated as the distributor or transferor corporation for purposes of computing the deduction allowable under section 168(a) on property acquired in a distribution or transfer with respect to so much of the basis in the hands of the acquiring corporation as does not exceed the adjusted basis in the hands of the distributor or transferor corporation.”
- 1986 Pub. L. 99-514 Pub. L. 99–514, § 231(d)(3)(F), redesignated par. (26) as (25). Former par. (25), relating to credit under section 30, was struck out.
- 1984 Pub. L. 98-369 Pub. L. 98–369, § 474(r)(11)(B), (C), redesignated par. (29) as (25), and substituted “30” for “44F” wherever appearing in heading and text. Former par. (25) redesignated (23).
- 1978 Pub. L. 95-600 Pub. L. 95–600 substituted “regulated investment company or real estate investment trust” for “real estate investment trust” in heading, and in text “section 860(f)” for “section 859(d)” and “section 860” for “section 859”.
- 1976 Pub. L. 94-455 Pub. L. 94–455, § 1601(e), added par. (25).
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(26) Enterprise zone provisions The acquiring corporation shall take into account (to the extent proper to carry out the purposes of this section and subchapter U, and under such regulations as may be prescribed by the Secretary) the items required to be taken into account for purposes of subchapter U in respect of the distributor or transferor corporation.
Amended 1977, 1984, 1986, 1989, 1990, 1993, 1996
- 1996 Pub. L. 104-188 Pub. L. 104–188 amended directory language of Pub. L. 101–239. See 1989 Amendment note below.
- 1993 Pub. L. 103-66 Pub. L. 103–66 added par. (26).
- 1990 Pub. L. 101-508 Pub. L. 101–508, § 11812(b)(6)(B), redesignated pars. (25) and (26) as (24) and (25), respectively, and struck out former par. (24) “Method of computing depreciation deduction” which read as follows: “The acquiring corporation shall be treated as the distributor or transferor corporation for purposes of computing the deduction allowable under section 168(a) on property acquired in a distribution or transfer with respect to so much of the basis in the hands of the acquiring corporation as does not exceed the adjusted basis in the hands of the distributor or transferor corporation.”
- 1989 Pub. L. 101-239 Pub. L. 101–239, as amended by Pub. L. 104–188, redesignated par. (27) as (26).
- 1986 Pub. L. 99-514 Pub. L. 99–514, § 231(d)(3)(F), redesignated par. (26) as (25). Former par. (25), relating to credit under section 30, was struck out.
- 1984 Pub. L. 98-369 Pub. L. 98–369, § 474(r)(11)(D), added par. (26). Former par. (26), relating to credit under section 44B for employment of certain new employees, was struck out.
- 1977 Pub. L. 95-30 Pub. L. 95–30 added par. (26).