# Pub. L. 115-97: changes to the Internal Revenue Code 2017-12-22, 131 Stat. 2054. Source: . ## Legislative history - Bill: [H.R. 1](https://www.congress.gov/bill/115th-congress/house-bill/1) - House report: [H. Rept. 115-409](https://www.govinfo.gov/content/pkg/CRPT-115hrpt409/html/CRPT-115hrpt409.htm) - Conference report: [H. Rept. 115-466](https://www.govinfo.gov/content/pkg/CRPT-115hrpt466/html/CRPT-115hrpt466.htm) - Bluebook: [JCT general explanation (2018)](https://www.govinfo.gov/app/details/CPRT-115JPRT33137) - Bluebook: [JCT general explanation (2019)](https://www.govinfo.gov/app/details/CPRT-115JPRT36999) ## § 1: Tax imposed - § 1(f)(2)(A): Pub. L. 115–97, § 11002(c)(1), amended subpar. (A) generally. Prior to amendment, subpar. (A) read as follows: “except as provided in paragraph (8), by increasing the minimum and maximum dollar amounts for each rate bracket for which a tax is imposed under such table by the cost-of-living adjustment for such calendar year,”. - § 1(f)(3): Pub. L. 115–97, § 11002(a), added par. (3) and struck out former par. (3). Prior to amendment, text read as follows: “For purposes of paragraph (2), the cost-of-living adjustment for any calendar year is the percentage (if any) by which— - § 1(f)(6), § 1(f)(7): Pub. L. 115–97, § 11002(b), added par. (6), redesignated former par. (6) as (7), and struck out former par. (7). Prior to amendment, text of par. (7) read as follows: “In prescribing tables under paragraph (1) which apply to taxable years beginning in a calendar year after 1994, the cost-of-living adjustment used in making adjustments to the dollar amounts at which the 36 percent rate bracket begins or at which the 39.6 percent rate bracket begins shall be determined under paragraph (3) by substituting ‘1993’ for ‘1992’.” - § 1(h)(11)(C)(iii): Pub. L. 115–97, § 14223(a), substituted “shall not include—” for “shall not include”, inserted subcl. (I) designation before “any foreign corporation”, and added subcl. (II). - § 1(i)(1)(C)(i): Pub. L. 115–97, § 11002(c)(2)(A), substituted “for ‘2016’ in subparagraph (A)(ii)” for “for ‘1992’ in subparagraph (B)”. - § 1(i)(3)(C): Pub. L. 115–97, § 11002(c)(2)(B), substituted “subsection (f)(3)(A)(ii) shall be applied by substituting ‘2012’ for ‘2016’ ” for “subsection (f)(3)(B) shall be applied by substituting ‘2012’ for ‘1992’ ”. - § 1(j): Pub. L. 115–97, § 11001(a), added subsec. (j). ## § 11: Tax imposed - § 11(b): Pub. L. 115–97, § 13001(a), amended subsec. (b) generally. Prior to amendment, text read as follows: - § 11(d): Pub. L. 115–97, § 12001(b)(11), substituted “the tax imposed by subsection (a)” for “the taxes imposed by subsection (a) and section 55”. ## § 12: Cross references relating to tax on corporations - § 12(4), § 12(5), § 12: Pub. L. 115–97, § 13001(b)(2)(B), redesignated par. (5) as (4) and struck out former pars. (4) and (6) which read as follows: - § 12: Pub. L. 115–97, § 12001(b)(12), struck out par. (7) which read as follows: “For alternative minimum tax, see section 55.” ## § 23: Adoption expenses - § 23(h)(2): Pub. L. 115–97 substituted “for ‘calendar year 2016’ in subparagraph (A)(ii)” for “for ‘calendar year 1992’ in subparagraph (B)”. ## § 24: Child tax credit - § 24(h): Pub. L. 115–97 added subsec. (h). ## § 25A: American Opportunity and Lifetime Learning credits - § 25A(h): Pub. L. 115–97 substituted “for ‘calendar year 2016’ in subparagraph (A)(ii)” for “for ‘calendar year 1992’ in subparagraph (B)”. ## § 25B: Elective deferrals and IRA contributions by certain individuals - § 25B(b)(3)(B): Pub. L. 115–97, § 11002(d)(1)(C), substituted “for ‘calendar year 2016’ in subparagraph (A)(ii)” for “for ‘calendar year 1992’ in subparagraph (B)”. - § 25B(d)(1): Pub. L. 115–97, § 11024(b), added subpar. (D). ## § 26: Limitation based on tax liability; definition of tax liability - § 26(b)(2)(B): Pub. L. 115–97 added subpar. (B). ## § 32: Earned income - § 32(b)(2)(B), § 32(j)(1)(B)(i), § 32: Pub. L. 115–97 substituted “for ‘calendar year 2016’ in subparagraph (A)(ii)” for “for ‘calendar year 1992’ in subparagraph (B)”. ## § 36B: Refundable credit for coverage under a qualified health plan - § 36B(f)(2): Pub. L. 115–97 substituted “for ‘calendar year 2016’ in subparagraph (A)(ii)” for “for ‘calendar year 1992’ in subparagraph (B)”. ## § 38: General business credit - § 38(b)(35), § 38(b)(36), § 38(b)(37): Pub. L. 115–97, § 13403(b), struck out “plus” at end of par. (35), substituted “, plus” for period at end of par. (36), and added par. (37). - § 38(c)(4)(B)(ix), § 38(c)(4)(B)(x), § 38(c)(4)(B)(xi), § 38(c)(4)(B)(xii): Pub. L. 115–97, § 13403(c), added cl. (ix) and redesignated former cls. (ix) to (xi) as (x) to (xii), respectively. - § 38(c)(6)(E): Pub. L. 115–97, § 12001(b)(1), added subpar. (E). ## § 41: Credit for increasing research activities - § 41(d)(1)(A): Pub. L. 115–97, § 13206(d)(1), substituted “specified research or experimental expenditures under section 174” for “expenses under section 174”. - § 41(e)(5)(C)(i): Pub. L. 115–97, § 11002(d)(1)(F), substituted “for ‘calendar year 2016’ in subparagraph (A)(ii)” for “for ‘calendar year 1992’ in subparagraph (B)”. - § 41(e)(5)(C)(ii): Pub. L. 115–97, § 11002(d)(2), substituted “1(f)(3)(A)(ii)” for “1(f)(3)(B)” and “2016” for “1992”. ## § 42: Low-income housing credit - § 42(e)(3)(D)(ii), § 42(h)(3)(H)(i)(II): Pub. L. 115–97, § 11002(d)(1)(G), substituted “for ‘calendar year 2016’ in subparagraph (A)(ii)” for “for ‘calendar year 1992’ in subparagraph (B)”. - § 42(h)(6)(G)(i)(II): Pub. L. 115–97, § 11002(d)(3)(A), substituted “for ‘calendar year 2016’ in subparagraph (A)(ii) thereof” for “for ‘calendar year 1987’ ”. - § 42(h)(6)(G)(ii): Pub. L. 115–97, § 11002(d)(3)(B), substituted “if the C-CPI-U for any calendar year (as defined in section 1(f)(6)) exceeds the C-CPI-U for the preceding calendar year by more than 5 percent, the C-CPI-U for the base calendar year shall be increased such that such excess shall never be taken into account under clause (i). In the case of a base calendar year before 2017, the C-CPI-U for such year shall be determined by multiplying the CPI for such year by the amount determined under section 1(f)(3)(B).” for “if the CPI for any calendar year (as defined in section 1(f)(4)) exceeds the CPI for the preceding calendar year by more than 5 percent, the CPI for the base calendar year shall be increased such that such excess shall never be taken into account under clause (i).” ## § 45C: Clinical testing expenses for certain drugs for rare diseases or conditions - § 45C(a): Pub. L. 115–97 substituted “25 percent” for “50 percent”. ## § 45R: Employee health insurance expenses of small employers - § 45R(d)(3)(B)(ii): Pub. L. 115–97 substituted “for ‘calendar year 2016’ in subparagraph (A)(ii)” for “for ‘calendar year 1992’ in subparagraph (B)”. ## § 45S: Employer credit for paid family and medical leave - Enacted 26 U.S.C. § 45S. ## § 47: Rehabilitation credit - § 47(a): Pub. L. 115–97, § 13402(a), amended subsec. (a) generally. Prior to amendment, text read as follows: “For purposes of section 46, the rehabilitation credit for any taxable year is the sum of— - § 47(c)(1)(A)(iii): Pub. L. 115–97, § 13402(b)(1)(A)(i), amended cl. (iii) generally. Prior to amendment, cl. (iii) read as follows: “in the case of any building other than a certified historic structure, in the rehabilitation process— - § 47(c)(1)(B), § 47(c)(1)(C), § 47(c)(1): Pub. L. 115–97, § 13402(b)(1)(A)(ii), (iii), redesignated subpars. (C) and (D) as (B) and (C), respectively, and struck out former subpar. (B). Prior to amendment, text of subpar. (B) read as follows: “In the case of a building other than a certified historic structure, a building shall not be a qualified rehabilitated building unless the building was first placed in service before 1936.” - § 47(c)(2)(B)(iv): Pub. L. 115–97, § 13402(b)(1)(B), amended cl. (iv) generally. Prior to amendment, text read as follows: “Any expenditure attributable to the rehabilitation of a certified historic structure or a building in a registered historic district, unless the rehabilitation is a certified rehabilitation (within the meaning of subparagraph (C)). The preceding sentence shall not apply to a building in a registered historic district if— ## § 53: Credit for prior year minimum tax liability - § 53(d)(2): Pub. L. 115–97, § 12001(b)(2), inserted “, except that in the case of a corporation, the tentative minimum tax shall be treated as zero” before period at end. - § 53(d): Pub. L. 115–97, § 12002(b), added par. (3). - § 53(e): Pub. L. 115–97, § 12002(a), added subsec. (e). ## § 55: Alternative minimum tax imposed - § 55(a): Pub. L. 115–97, § 12001(a), substituted “In the case of a taxpayer other than a corporation, there” for “There” in introductory provisions. - § 55(b)(1): Pub. L. 115–97, § 12001(b)(3)(A), amended par. (1) generally. Prior to amendment, par. (1) related to amount of tentative tax. - § 55(b)(3): Pub. L. 115–97, § 12001(b)(3)(B), substituted “paragraph (1)(A)” for “paragraph (1)(A)(i)” in introductory provisions. - § 55(c)(1): Pub. L. 115–97, § 12001(b)(4), struck out “, the section 936 credit allowable under section 27(b), and the Puerto Rico economic activity credit under section 30A” after “section 27(a)”. - § 55(d)(2): Pub. L. 115–97, § 12001(b)(5)(A), redesignated par. (3) as (2) and struck out former par. (2). Prior to amendment, text of par. (2) read as follows: “In the case of a corporation, the term ‘exemption amount’ means $40,000.” - § 55(d)(2): Pub. L. 115–97, § 12001(b)(5)(B), struck out subpar. (D) which read as follows: “$150,000 in the case of a taxpayer described in paragraph (2).” - § 55(d)(3): Pub. L. 115–97, § 12001(b)(5)(A), redesignated par. (4) as (3). Former par. (3) redesignated (2). - § 55(d)(3)(B)(i): Pub. L. 115–97, § 12001(b)(5)(C)(i), substituted “(b)(1)(A)” for “(b)(1)(A)(i)”. - § 55(d)(3)(B)(iii): Pub. L. 115–97, § 12001(b)(5)(C)(ii), substituted “paragraph (2)” for “paragraph (3)”. - § 55(d)(4): Pub. L. 115–97, § 12003(a), added par. (4). Former par. (4) redesignated (3). - § 55(d)(4)(A)(ii): Pub. L. 115–97, § 11002(d)(1)(I), substituted “for ‘calendar year 2016’ in subparagraph (A)(ii)” for “for ‘calendar year 1992’ in subparagraph (B)”. - § 55: Pub. L. 115–97, § 12001(b)(6), struck out subsec. (e) which related to exemption for small corporations. ## § 56: Adjustments in computing alternative minimum taxable income - § 56(b)(1)(B): Pub. L. 115–97, § 11027(b), inserted at end “This subparagraph shall not apply to taxable years beginning after December 31, 2016, and ending before January 1, 2019”. - § 56(b)(2)(C), § 56(b)(2): Pub. L. 115–97, § 12001(b)(7), redesignated subpar. (D) as (C) and struck out former subpar. (C). Prior to amendment, text of subpar. (C) read as follows: “In the case of circulation expenditures described in section 173, the adjustments provided in this paragraph shall apply also to a personal holding company (as defined in section 542).” - § 56(c): Pub. L. 115–97, § 12001(b)(8)(A), struck out subsec. (c) which related to adjustments applicable to corporations. - § 56: Pub. L. 115–97, § 12001(b)(8)(A), struck out subsec. (g) which related to adjustments based on adjusted current earnings. ## § 58: Denial of certain losses - § 58(a)(3), § 58(a): Pub. L. 115–97 redesignated par. (4) as (3) and struck out former par. (3). Prior to amendment, text of par. (3) read as follows: “For purposes of paragraph (1), a personal service corporation (within the meaning of section 469(j)(2)) shall be treated as a taxpayer other than a corporation.” ## § 59: Other definitions and special rules - § 59(a)(1)(C): Pub. L. 115–97, § 12001(b)(3)(C)(i), substituted “section 55(b)(1) in lieu of the highest rate of tax specified in section 1” for “subparagraph (A)(i) or (B)(i) of section 55(b)(1) (whichever applies) in lieu of the highest rate of tax specified in section 1 or 11 (whichever applies)”. - § 59(a)(2): Pub. L. 115–97, § 12001(b)(3)(C)(ii), substituted “means the amount determined under the first sentence of section 55(b)(1)(A).” for “means— - § 59(b): Pub. L. 115–97, § 12001(b)(10), struck out subsec. (b). Text read as follows: “In the case of any corporation for which a credit is allowable for the taxable year under section 30A or 936, alternative minimum taxable income shall not include any income with respect to which a credit is determined under section 30A or 936.” - § 59(f): Pub. L. 115–97, § 12001(b)(10), struck out subsec. (f). Text read as follows: “Except as otherwise provided in this part, section 291 (relating to cutback of corporate preferences) shall apply before the application of this part.” - § 59(j)(2)(B): Pub. L. 115–97, § 11002(d)(4), substituted “for ‘2016’ in subparagraph (A)(ii)” for “for ‘1992’ in subparagraph (B)”. ## § 59A: Tax on base erosion payments of taxpayers with substantial gross receipts - Enacted 26 U.S.C. § 59A. ## § 61: Gross income defined - § 61(a)(8), § 61(a)(9), § 61(a)(10), § 61(a)(11), § 61(a)(12), § 61(a)(13), § 61(a)(14), § 61(a): Pub. L. 115–97 redesignated pars. (9) to (15) as (8) to (14), respectively, and struck out former par. (8) which read as follows: “Alimony and separate maintenance payments;”. ## § 62: Adjusted gross income defined - § 62(a): Pub. L. 115–97, § 11011(b)(1), inserted at end of concluding provisions “The deduction allowed by section 199A shall not be treated as a deduction described in any of the preceding paragraphs of this subsection.” - § 62(a)(10): Pub. L. 115–97, § 11051(b)(2)(A), struck out par. (10). Text read as follows: “The deduction allowed by section 215.” - § 62(d)(3)(B): Pub. L. 115–97, § 11002(d)(1)(J), substituted “for ‘calendar year 2016’ in subparagraph (A)(ii)” for “for ‘calendar year 1992’ in subparagraph (B)”. ## § 63: Taxable income defined - § 63(b)(3): Pub. L. 115–97, § 11011(b)(2), added par. (3). - § 63(c)(4)(B): Pub. L. 115–97, § 11002(d)(1)(K), substituted “for ‘calendar year 2016’ in subparagraph (A)(ii)” for “for ‘calendar year 1992’ in subparagraph (B)” in introductory provisions. - § 63(c)(7): Pub. L. 115–97, § 11021(a), added par. (7). - § 63(d): Pub. L. 115–97, § 11011(b)(3), added par. (3). ## § 67: 2-percent floor on miscellaneous itemized deductions - § 67(g): Pub. L. 115–97 added subsec. (g). ## § 68: Overall limitation on itemized deductions - § 68(b): Pub. L. 115–97, § 11002(d)(2), substituted “1(f)(3)(A)(ii)” for “1(f)(3)(B)” and “2016” for “1992”. - § 68: Pub. L. 115–97, § 11046(a), added subsec. (f). ## § 74: Prizes and awards - § 74(d)(2)(B): Pub. L. 115–97 struck out “199,” after “137,”. ## § 78: Gross up for deemed paid foreign tax credit - § 78: Pub. L. 115–97 amended section generally. Prior to amendment, text read as follows: “If a domestic corporation chooses to have the benefits of subpart A of part III of subchapter N (relating to foreign tax credit) for any taxable year, an amount equal to the taxes deemed to be paid by such corporation under section 902(a) (relating to credit for corporate stockholder in foreign corporation) or under section 960(a)(1) (relating to taxes paid by foreign corporation) for such taxable year shall be treated for purposes of this title (other than section 245) as a dividend received by such domestic corporation from the foreign corporation.” ## § 83: Property transferred in connection with performance of services - § 83(i): Pub. L. 115–97 added subsec. (i). ## § 86: Social security and tier 1 railroad retirement benefits - § 86(b)(2)(A): Pub. L. 115–97 struck out “199,” before “221”. ## § 91: Certain foreign branch losses transferred to specified 10-percent owned foreign corporations - Enacted 26 U.S.C. § 91. ## § 101: Certain death benefits - § 101(a)(1): Pub. L. 115–97, § 13522(b), substituted “paragraphs (2) and (3)” for “paragraph (2)”. - § 101(a)(3): Pub. L. 115–97, § 13522(a), added par. (3). ## § 108: Income from discharge of indebtedness - § 108(f)(5): Pub. L. 115–97 added par. (5). ## § 118: Contributions to the capital of a corporation - § 118(b), § 118(c), § 118(d), § 118(e): Pub. L. 115–97 added subsecs. (b) and (c), redesignated subsec. (e) as (d), and struck out former subsecs. (b) to (d) which related to contributions in aid of construction, special rules for water and sewerage disposal utilities, and statute of limitations for assessment of deficiencies, respectively. ## § 121: Exclusion of gain from sale of principal residence - § 121(d)(3)(B): Pub. L. 115–97, § 11051(b)(3)(A)(i), struck out “(as defined in section 71(b)(2))” after “divorce or separation instrument”. - § 121(d)(3)(C): Pub. L. 115–97, § 11051(b)(3)(A)(ii), added subpar. (C). ## § 125: Cafeteria plans - § 125(i)(2)(B): Pub. L. 115–97 substituted “for ‘calendar year 2016’ in subparagraph (A)(ii)” for “for ‘calendar year 1992’ in subparagraph (B)”. ## § 132: Certain fringe benefits - § 132(f)(6)(A)(ii): Pub. L. 115–97, § 11002(d)(5), substituted “for ‘calendar year 2016’ in subparagraph (A)(ii) thereof” for “for ‘calendar year 1992’ ”. - § 132(f): Pub. L. 115–97, § 11047(a), added par. (8). - § 132(g): Pub. L. 115–97, § 11048(a), substituted “For purposes of this section—” for “For purposes of this section,”, designated remainder of existing provisions as par. (1) and inserted heading, substituted “The term” for “the term”, and added par. (2). ## § 135: Income from United States savings bonds used to pay higher education tuition and fees - § 135(b)(2)(B)(ii): Pub. L. 115–97, § 11002(d)(1)(M), substituted “for ‘calendar year 2016’ in subparagraph (A)(ii)” for “for ‘calendar year 1992’ in subparagraph (B)”. - § 135(c)(4)(A): Pub. L. 115–97, § 13305(b)(1), struck out “199,” before “221”. ## § 137: Adoption assistance programs - § 137(b)(3)(A): Pub. L. 115–97, § 13305(b)(1), struck out “199,” before “221”. - § 137(f)(2): Pub. L. 115–97, § 11002(d)(1)(N), substituted “for ‘calendar year 2016’ in subparagraph (A)(ii)” for “for ‘calendar year 1992’ in subparagraph (B)”. ## § 139G: Assignments to Alaska Native Settlement Trusts - Enacted 26 U.S.C. § 139G. ## § 145: Qualified 501(c)(3) bond - § 145(d)(4): Pub. L. 115–97 substituted “of section 47(c)(1)(B)” for “of section 47(c)(1)(C)” in subpars. (A) and (B) and “section 47(c)(1)(B)(i)” for “section 47(c)(1)(C)(i)” in subpar. (B). ## § 146: Volume cap - § 146(d)(2)(B): Pub. L. 115–97 substituted “for ‘calendar year 2016’ in subparagraph (A)(ii)” for “for ‘calendar year 1992’ in subparagraph (B)”. ## § 147: Other requirements applicable to certain private activity bonds - § 147(c)(2)(H)(ii): Pub. L. 115–97 substituted “for ‘calendar year 2016’ in subparagraph (A)(ii)” for “for ‘calendar year 1992’ in subparagraph (B)”. ## § 148: Arbitrage - § 148(f)(4)(C)(xiv), § 148(f)(4)(C)(xv), § 148(f)(4)(C)(xvi), § 148(f)(4)(C): Pub. L. 115–97 redesignated cls. (xv) to (xvii) as (xiv) to (xvi), respectively, and struck out former cl. (xiv). Prior to amendment, text of cl. (xiv) read as follows: “For purposes of this subpargraph, the end of the initial temporary period shall be determined without regard to section 149(d)(3)(A)(iv).” ## § 149: Bonds must be registered to be tax exempt; other requirements - § 149(d)(1): Pub. L. 115–97, § 13532(a), substituted “to advance refund another bond.” for “as part of an issue described in paragraph (2), (3), or (4).” - § 149(d)(2), § 149(d)(3), § 149(d): Pub. L. 115–97, § 13532(b)(1), redesignated pars. (5) and (7) as (2) and (3), respectively, and struck out former pars. (2), (3), (4), and (6) which described issuing of certain private activity bonds, other refunding bonds, and bonds involved in abusive transactions and provided special rules for refunding occurring and for bonds issued before 1986. ## § 151: Allowance of deductions for personal exemptions - § 151(d)(4): Pub. L. 115–97, § 11041(a)(1), substituted “Except as provided in paragraph (5), in the case of” for “In the case of” in introductory provisions. - § 151(d)(4)(B): Pub. L. 115–97, § 11002(d)(1)(Q), substituted “for ‘calendar year 2016’ in subparagraph (A)(ii)” for “for ‘calendar year 1992’ in subparagraph (B)”. - § 151(d)(5): Pub. L. 115–97, § 11041(a)(2), added par. (5). ## § 152: Dependent defined - § 152(d)(5): Pub. L. 115–97 amended par. (5) generally. Prior to amendment, text read as follows: “For purposes of this subsection— ## § 162: Trade or business expenses - § 162(a): Pub. L. 115–97, § 13311(a), struck out “in excess of $3,000” after “income tax purposes” in concluding provisions. - § 162(e)(2), § 162(e)(3), § 162(e)(4), § 162(e)(5), § 162(e)(6), § 162(e): Pub. L. 115–97, § 13308(a), redesignated pars. (3) to (6) and (8) as (2) to (6), respectively, and struck out former par. (2) relating to exception for local legislation and par. (7) relating to special rule for Indian tribal governments. - § 162(f): Pub. L. 115–97, § 13306(a)(1), amended subsec. (f) generally. Prior to amendment, text read as follows: “No deduction shall be allowed under subsection (a) for any fine or similar penalty paid to a government for the violation of any law.” - § 162(m)(2): Pub. L. 115–97, § 13601(c)(1), amended par. (2) generally. Prior to amendment, text read as follows: “For purposes of this subsection, the term ‘publicly held corporation’ means any corporation issuing any class of common equity securities required to be registered under section 12 of the Securities Exchange Act of 1934.” - § 162(m)(3): Pub. L. 115–97, § 13601(c)(2), inserted concluding provisions. - § 162(m)(3)(A): Pub. L. 115–97, § 13601(b)(1), substituted “such employee is the principal executive officer or principal financial officer of the taxpayer at any time during the taxable year, or was” for “as of the close of the taxable year, such employee is the chief executive officer of the taxpayer or is”. - § 162(m)(3)(B): Pub. L. 115–97, § 13601(b)(2), substituted “3” for “4” and “(other than any individual described in subparagraph (A))” for “(other than the chief executive officer)”. - § 162(m)(3)(C): Pub. L. 115–97, § 13601(b)(3), added subpar. (C). - § 162(m)(4)(B), § 162(m)(4)(C), § 162(m)(4)(D), § 162(m)(4)(E): Pub. L. 115–97, § 13601(a)(1), redesignated subpars. (D) to (G) as (B) to (E), respectively, and struck out former subpar. (B) relating to an exemption to the term “applicable employee remuneration” and former subpar. (C) relating to the term “applicable employee remuneration”. - § 162(m)(4)(F): Pub. L. 115–97, § 13601(a)(1), (d), added subpar. (F) and redesignated former subpar. (F) as (D). - § 162(m)(4): Pub. L. 115–97, § 13601(a)(1), redesignated subpar. (G) as (E). - § 162(m)(5)(E): Pub. L. 115–97, § 13601(a)(2)(A), substituted “subparagraph (B)” for “subparagraphs (B), (C), and (D)”. - § 162(m)(5)(G): Pub. L. 115–97, § 13601(a)(2)(B), substituted “(D) and (E)” for “(F) and (G)”. - § 162(m)(6)(D): Pub. L. 115–97, § 13601(a)(2)(A), substituted “subparagraph (B)” for “subparagraphs (B), (C), and (D)”. - § 162(m)(6)(G): Pub. L. 115–97, § 13601(a)(2)(B), substituted “(D) and (E)” for “(F) and (G)”. - § 162(o)(3): Pub. L. 115–97, § 11002(d)(6), substituted “adjusted by increasing any such amount under the 1991 agreement by an amount equal to—” and subpars. (A) and (B) for “adjusted for changes in the Consumer Price Index (as defined in section 1(f)(5)) since 1991.” - § 162(q): Pub. L. 115–97, § 13307(a), added subsec. (q). Former subsec. (q) redesignated (r), then (s). - § 162(r): Pub. L. 115–97, § 13531(a), added subsec. (r). - § 162(s): Pub. L. 115–97, §§ 13307(a), 13531(a), redesignated subsec. (q) as (r), then (s). ## § 163: Interest - § 163(h)(3)(F): Pub. L. 115–97, § 11043(a), added subpar. (F). - § 163(j): Pub. L. 115–97, § 13301(a), amended subsec. (j) generally. Prior to amendment, subsec. (j) related to a limitation on deduction for interest on certain indebtedness of a corporation. ## § 164: Taxes - § 164(b)(6): Pub. L. 115–97 added par. (6). ## § 165: Losses - § 165(d): Pub. L. 115–97, § 11050(a), inserted at end “For purposes of the preceding sentence, in the case of taxable years beginning after December 31, 2017, and before January 1, 2026, the term ‘losses from wagering transactions’ includes any deduction otherwise allowable under this chapter incurred in carrying on any wagering transaction.” - § 165(h)(5): Pub. L. 115–97, § 11044(a), added par. (5). ## § 168: Accelerated cost recovery system - § 168(b)(2)(B), § 168(b)(2)(C), § 168(b)(2): Pub. L. 115–97, § 13203(b), redesignated subpars. (C) and (D) as (B) and (C), respectively, and struck out former subpar. (B) which read as follows: “any property used in a farming business (within the meaning of section 263A(e)(4)),”. - § 168(b)(3)(G), § 168(b)(3): Pub. L. 115–97, § 13204(a)(2), added subpar. (G) and struck out former subpars. (G) to (I) which read as follows: - § 168(e)(3)(B)(vii): Pub. L. 115–97, § 13203(a), substituted “after December 31, 2017” for “after December 31, 2008, and which is placed in service before January 1, 2010”. - § 168(e)(3)(E)(iv), § 168(e)(3)(E)(v), § 168(e)(3)(E)(vi), § 168(e)(3)(E)(vii), § 168(e)(3)(E): Pub. L. 115–97, § 13204(a)(1)(A), redesignated cls. (vi) to (viii) as (iv) to (vi), respectively, and struck out former cls. (iv), (v), and (ix) which read as follows: - § 168(e)(6): Pub. L. 115–97, § 13204(a)(1)(B), (4)(B)(i), added par. (6) and struck out former par. (6) which defined “qualified leasehold improvement property”. - § 168(e): Pub. L. 115–97, § 13204(a)(1)(B), struck out pars. (7) and (8) which defined “qualified restaurant property” and “qualified retail improvement property”, respectively. - § 168(g)(1)(F): Pub. L. 115–97, § 13204(a)(3)(A)(i), added subpar. (F). - § 168(g)(1)(G): Pub. L. 115–97, § 13205(a), added subpar. (G). - § 168(g)(2)(C): Pub. L. 115–97, § 13204(a)(3)(C), added items (iii) to (v) in table and struck out former items (iii) and (iv) which related to nonresidential real and residential rental property and any railroad grading or tunnel bore or water utility property, respectively. - § 168(g)(3)(B): Pub. L. 115–97, § 13204(a)(3)(B), inserted table items relating to subpars. (D)(v) and (E)(iv) to (vi) and struck out table items relating to subpar. (E)(iv) to (ix). - § 168(g)(8): Pub. L. 115–97, § 13204(a)(3)(A)(ii), added par. (8). - § 168(i)(7)(B): Pub. L. 115–97, § 13504(b)(1), struck out concluding provisions which read as follows: “Subparagraph (A) shall not apply in the case of a termination of a partnership under section 708(b)(1)(B).” - § 168(k): Pub. L. 115–97, § 13201(b)(2)(B), struck out “acquired after December 31, 2007, and before January 1, 2020” after “property” in heading. - § 168(k)(1)(A): Pub. L. 115–97, § 13201(a)(1)(A), substituted “the applicable percentage” for “50 percent”. - § 168(k)(2)(A)(i)(IV): Pub. L. 115–97, § 13201(g)(1), added subcl. (IV). Subcl. (IV) was added to cl. (i) after former subcl. (IV) was struck out by Pub. L. 115–97, § 13204(a)(4)(A), in view of directory language amending cl. (i) “as amended by section 13204”. See below. - § 168(k)(2)(A)(i)(IV): Pub. L. 115–97, § 13204(a)(4)(A), struck out subcl. (IV) which read as follows: “which is qualified improvement property,”. - § 168(k)(2)(A)(i)(V): Pub. L. 115–97, § 13201(g)(1), added subcl. (V). - § 168(k)(2)(A)(ii): Pub. L. 115–97, § 13201(c)(1), amended cl. (ii) generally. Prior to amendment, cl. (ii) read as follows: “the original use of which commences with the taxpayer, and”. - § 168(k)(2)(A): Pub. L. 115–97, § 13201(b)(1)(A)(i), substituted “January 1, 2027” for “January 1, 2020”. - § 168(k)(2)(B)(i)(II): Pub. L. 115–97, § 13201(b)(1)(A)(ii)(I), substituted “January 1, 2028” for “January 1, 2021”. - § 168(k)(2)(B)(i)(III): Pub. L. 115–97, § 13201(b)(1)(A)(i), substituted “January 1, 2027” for “January 1, 2020”. - § 168(k)(2)(B)(ii): Pub. L. 115–97, § 13201(b)(1)(A)(ii)(II), substituted “pre-January 1, 2027” for “pre-January 1, 2020” in heading. - § 168(k)(2)(B)(ii): Pub. L. 115–97, § 13201(b)(1)(A)(i), substituted “January 1, 2027” for “January 1, 2020”. - § 168(k)(2)(E)(i): Pub. L. 115–97, § 13201(b)(1)(A)(i), substituted “January 1, 2027” for “January 1, 2020”. - § 168(k)(2)(E)(ii): Pub. L. 115–97, § 13201(c)(2), amended cl. (ii) generally. Prior to amendment, text read as follows: “For purposes of clause (iii) and subparagraph (A)(ii), if property is— - § 168(k)(2)(E): Pub. L. 115–97, § 13201(c)(3), amended subcl. (I) generally. Prior to amendment subcl. (I) read as follows: “property is originally placed in service by the lessor of such property,”. - § 168(k)(2)(F)(iii): Pub. L. 115–97, § 13201(f), substituted “acquired by the taxpayer before September 28, 2017, and placed in service by the taxpayer after September 27, 2017” for “placed in service by the taxpayer after December 31, 2017” in introductory provisions. - § 168(k)(2)(H): Pub. L. 115–97, § 13201(g)(2), added subpar. (H). - § 168(k)(3): Pub. L. 115–97, § 13204(a)(4)(B)(ii), struck out par. (3) which defined “qualified improvement property”. - § 168(k)(4): Pub. L. 115–97, § 12001(b)(13), struck out par. (4) which related to election to accelerate AMT credits in lieu of bonus depreciation. - § 168(k)(5)(A): Pub. L. 115–97, § 13201(b)(1)(B), substituted “January 1, 2027” for “January 1, 2020” in introductory provisions. - § 168(k)(5)(A)(i): Pub. L. 115–97, § 13201(a)(1)(B), substituted “the applicable percentage” for “50 percent”. - § 168(k)(5): Pub. L. 115–97, § 13201(a)(3)(A), struck out subpar. (F). Text read as follows: “In the case of a specified plant which is planted after December 31, 2017 (or is grafted to a plant that has already been planted before such date), subparagraph (A)(i) shall be applied by substituting for ‘50 percent’— - § 168(k)(6): Pub. L. 115–97, § 13201(a)(2), amended par. (6) generally. Prior to amendment, text read as follows: “In the case of qualified property placed in service by the taxpayer after December 31, 2017, paragraph (1)(A) shall be applied by substituting for ‘50 percent’— - § 168(k)(8): Pub. L. 115–97, § 13201(a)(3)(B), added par. (8). - § 168(k)(9): Pub. L. 115–97, § 13201(d), added par. (9). - § 168(k)(10): Pub. L. 115–97, § 13201(e), added par. (10). ## § 170: Charitable, etc., contributions and gifts - § 170(b)(1)(G), § 170(b)(1)(H): Pub. L. 115–97, § 11023(a), added subpar. (G) and redesignated former subpar. (G) as (H). - § 170(b)(2)(D)(iv), § 170(b)(2)(D)(v): Pub. L. 115–97, § 13305(b)(2), redesignated cls. (v) and (vi) as (iv) and (v), respectively, and struck out former cl. (iv) which read as follows: “section 199,”. - § 170(b)(2)(D): Pub. L. 115–97, § 13305(b)(2), redesignated cl. (vi) as (v). - § 170(b)(2)(D): Pub. L. 115–97, § 11011(d)(5), added cl. (vi). - § 170(f)(8)(D), § 170(f)(8): Pub. L. 115–97, § 13705(a), redesignated subpar. (E) as (D) and struck out former subpar. (D). Prior to amendment, text of subpar. (D) read as follows: “Subparagraph (A) shall not apply to a contribution if the donee organization files a return, on such form and in accordance with such regulations as the Secretary may prescribe, which includes the information described in subparagraph (B) with respect to the contribution.” - § 170(l)(1): Pub. L. 115–97, § 13704(a)(1), added par. (1) and struck out former par. (1). Prior to amendment, text read as follows: “For purposes of this section, 80 percent of any amount described in paragraph (2) shall be treated as a charitable contribution.” - § 170(l)(2)(B): Pub. L. 115–97, § 13704(a)(2), struck out “such amount would be allowable as a deduction under this section but for the fact that” before “the taxpayer”. ## § 172: Net operating loss deduction - § 172(a): Pub. L. 115–97, § 13302(a)(1), amended subsec. (a) generally. Prior to amendment, text read as follows: “There shall be allowed as a deduction for the taxable year an amount equal to the aggregate of (1) the net operating loss carryovers to such year, plus (2) the net operating loss carrybacks to such year. For purposes of this subtitle, the term ‘net operating loss deduction’ means the deduction allowed by this subsection.” - § 172(b)(1)(A)(i): Pub. L. 115–97, § 13302(b)(1)(A), substituted “except as otherwise provided in this paragraph, shall not be a net operating loss carryback to any taxable year” for “shall be a net operating loss carryback to each of the 2 taxable years”. - § 172(b)(1)(A)(ii): Pub. L. 115–97, § 13302(b)(1)(B), substituted “to each taxable year” for “to each of the 20 taxable years”. - § 172(b)(1)(B): Pub. L. 115–97, § 13302(b)(2), (c)(1), added subpar. (B) and struck out former subpar. (B). Prior to amendment, text read as follows: - § 172(b)(1)(C): Pub. L. 115–97, § 13302(b)(2), (d)(1), added subpar. (C) and struck out former subpar. (C). Prior to amendment, text read as follows: “In the case of a taxpayer which has a specified liability loss (as defined in subsection (f)) for a taxable year, such specified liability loss shall be a net operating loss carryback to each of the 10 taxable years preceding the taxable year of such loss.” - § 172(b)(1)(D), § 172(b)(1): Pub. L. 115–97, § 13302(b)(2), struck out subpars. (D) to (F) which related to corporate equity reduction interest loss, retention of 3-year carryback in certain cases, and farming losses, respectively. - § 172(b)(2): Pub. L. 115–97, § 13302(a)(2), substituted “shall—” and subpars. (A) to (C) for “shall be computed— - § 172(d)(6)(C): Pub. L. 115–97, § 13302(a)(3), added subpar. (C). - § 172(d)(7): Pub. L. 115–97, § 13305(b)(3), struck out par. (7). Text read as follows: “The deduction under section 199 shall not be allowed.” - § 172(d)(8): Pub. L. 115–97, § 11011(d)(1), added par. (8). - § 172(d)(9): Pub. L. 115–97, § 14202(b)(1), added par. (9). - § 172(f), § 172(g): Pub. L. 115–97, § 13302(d)(2), added subsec. (f) and redesignated former subsec. (f) as (g). - § 172(f), § 172(g): Pub. L. 115–97, § 13302(c)(2)(A), redesignated subsec. (i) as (f) and struck out former subsecs. (f) and (g) which related to rules relating to specified liability loss and corporate equity reduction interest losses, respectively. - § 172: Pub. L. 115–97, § 13302(c)(2)(A), struck out subsec. (h) relating to farming loss rules and redesignated subsec. (i) as (f). ## § 174: Amortization of research and experimental expenditures - § 174: Pub. L. 115–97 amended section generally. Prior to amendment, section consisted of subsecs. (a) to (f) relating to treatment of research and experimental expenditures as expenses, amortization of certain research and experimental expenditures, expenditure for the acquisition or improvement of land or property, ore and mineral deposit exploration expenditures, limitation to reasonable research expenditures eligible, and cross references, respectively. ## § 179: Election to expense certain depreciable business assets - § 179(b)(1): Pub. L. 115–97, § 13101(a)(1), substituted “$1,000,000” for “$500,000”. - § 179(b)(2): Pub. L. 115–97, § 13101(a)(2), substituted “$2,500,000” for “$2,000,000”. - § 179(b)(6)(A): Pub. L. 115–97, § 13101(a)(3)(B)(i), substituted “paragraphs (1), (2), and (5)(A)” for “paragraphs (1) and (2)” in introductory provisions. - § 179(b)(6)(A): Pub. L. 115–97, § 13101(a)(3)(A)(i), substituted “2018” for “2015” in introductory provisions. - § 179(b)(6)(A)(ii): Pub. L. 115–97, § 13101(a)(3)(A)(ii), substituted “calendar year 2017” for “calendar year 2014”. - § 179(b)(6)(A)(ii): Pub. L. 115–97, § 11002(d)(1)(R), substituted “for ‘calendar year 2016’ in subparagraph (A)(ii)” for “for ‘calendar year 1992’ in subparagraph (B)”. - § 179(b)(6)(B): Pub. L. 115–97, § 13101(a)(3)(B)(ii), inserted “($100 in the case of any increase in the amount under paragraph (5)(A))” after “$10,000”. - § 179(d)(1): Pub. L. 115–97, § 13101(c), inserted “(other than paragraph (2) thereof)” after “section 50(b)” in concluding provisions. - § 179(d)(1)(B): Pub. L. 115–97, § 13101(b)(1), amended subpar. (B) generally. Prior to amendment, subpar. (B) read as follows: “which is section 1245 property (as defined in section 1245(a)(3)), and”. - § 179: Pub. L. 115–97, § 13101(b)(2), amended subsec. (f) generally. Prior to amendment, subsec. (f) consisted of pars. (1) and (2) defining “section 179 property” and “qualified real property”, respectively. ## § 199A: Qualified business income - Enacted 26 U.S.C. § 199A. ## § 213: Medical, dental, etc., expenses - § 213(d)(10)(B)(ii): Pub. L. 115–97, § 11002(d)(7), reenacted heading and introductory provisions without change and amended subcls. (I) and (II) generally. Prior to amendment, subcls. (I) and (II) read as follows: - § 213: Pub. L. 115–97, § 11027(a), amended subsec. (f) generally. Prior to amendment, text read as follows: “In the case of any taxable year beginning after December 31, 2012, and ending before January 1, 2017, subsection (a) shall be applied with respect to a taxpayer by substituting ‘7.5 percent’ for ‘10 percent’ if such taxpayer or such taxpayer’s spouse has attained age 65 before the close of such taxable year.” ## § 217: Moving expenses - § 217(k): Pub. L. 115–97 added subsec. (k). ## § 219: Retirement savings - § 219(b)(5)(C)(i)(II): Pub. L. 115–97, § 11002(d)(1)(S), substituted “for ‘calendar year 2016’ in subparagraph (A)(ii)” for “for ‘calendar year 1992’ in subparagraph (B)”. - § 219(f)(1): Pub. L. 115–97, § 11051(b)(3)(C), struck out “The term ‘compensation’ shall include any amount includible in the individual’s gross income under section 71 with respect to a divorce or separation instrument described in subparagraph (A) of section 71(b)(2).” after “deferred compensation.” - § 219(g)(3)(A)(ii): Pub. L. 115–97, § 13305(b)(1), struck out “199,” after “137,”. - § 219(g)(8)(B): Pub. L. 115–97, § 11002(d)(1)(S), substituted “for ‘calendar year 2016’ in subparagraph (A)(ii)” for “for ‘calendar year 1992’ in subparagraph (B)”. ## § 220: Archer MSAs - § 220(f)(7): Pub. L. 115–97, § 11051(b)(3)(D), substituted “clause (i) of section 121(d)(3)(C)” for “subparagraph (A) of section 71(b)(2)”. - § 220(g)(2): Pub. L. 115–97, § 11002(d)(1)(T), substituted “for ‘calendar year 2016’ in subparagraph (A)(ii)” for “for ‘calendar year 1992’ in subparagraph (B)”. ## § 221: Interest on education loans - § 221(b)(2)(C)(i): Pub. L. 115–97, § 13305(b)(1), struck out “199,” after “and sections”. - § 221(f)(1)(B): Pub. L. 115–97, § 11002(d)(1)(U), substituted “for ‘calendar year 2016’ in subparagraph (A)(ii)” for “for ‘calendar year 1992’ in subparagraph (B)”. ## § 223: Health savings accounts - § 223(f)(7): Pub. L. 115–97, § 11051(b)(3)(E), substituted “clause (i) of section 121(d)(3)(C)” for “subparagraph (A) of section 71(b)(2)”. - § 223(g)(1)(B): Pub. L. 115–97, § 11002(d)(1)(V), substituted “for ‘calendar year 2016’ in subparagraph (A)(ii)” for “for ‘calendar year 1992’ in subparagraph (B)” in introductory provisions. ## § 243: Dividends received by corporations - § 243(a)(1): Pub. L. 115–97, § 13002(a)(1), substituted “50 percent” for “70 percent”. - § 243(c): Pub. L. 115–97, § 13002(a)(3), which directed amendment of subsec. (c) heading by substituting “Increased percentage” for “Retention of 80-percent dividend received deduction”, was executed by making the substitution for “Retention of 80-percent dividends received deduction”, to reflect the probable intent of Congress. - § 243(c)(1): Pub. L. 115–97, § 13002(a)(2), substituted “65 percent” for “80 percent” and “50 percent” for “70 percent”. ## § 245: Dividends received from certain foreign corporations - § 245(a)(4): Pub. L. 115–97, § 14301(c)(2), amended par. (4) generally. Prior to amendment, text read as follows: “For purposes of this subsection, the term ‘post-1986 undistributed earnings’ has the meaning given to such term by section 902(c)(1).” - § 245(a)(10): Pub. L. 115–97, § 14301(c)(3), which directed amendment of subsec. (a)(10)(C) by substituting “907 and 960” for “902, 907, and 960”, was executed by making the substitution in concluding provisions of subsec. (a)(10) to reflect the probable intent of Congress. - § 245(c)(1)(B): Pub. L. 115–97, § 13002(b), substituted “50 percent” for “70 percent” and “65 percent” for “80 percent”. ## § 245A: Deduction for foreign source-portion of dividends received by domestic corporations from specified 10-percent owned foreign corporations - Enacted 26 U.S.C. § 245A. ## § 246: Rules applying to deductions for dividends received - § 246(a)(1): Pub. L. 115–97, § 14101(c)(1), substituted “245, and 245A” for “and 245”. - § 246(b)(1): Pub. L. 115–97, § 14202(b)(2)(B), which directed amendment of par. (1) by substituting “subsection (a) and (b) of section 245, and 250” for “and subsection (a) and (b) of section 245” the second place appearing, was executed by making the substitution for “and subsection (a) or (b) of section 245”, to reflect the probable intent of Congress. - § 246(b)(1): Pub. L. 115–97, § 14202(b)(2)(A), which directed amendment of par. (1) by substituting “, subsection (a) and (b) of section 245, and section 250” for “and subsection (a) and (b) of section 245” the first place appearing, was executed by making the substitution for “and subsection (a) or (b) of section 245”, to reflect the probable intent of Congress. - § 246(b)(1): Pub. L. 115–97, § 13305(b)(1), struck out “199,” after “sections 172,”. - § 246(b)(1): Pub. L. 115–97, § 11011(d)(2), which directed insertion of “199A,” before “243(a)(1)”, was executed by making the insertion before “243(a)(1)” the second place appearing, to reflect the probable intent of Congress. - § 246(b)(3)(A): Pub. L. 115–97, § 13002(c)(1), substituted “65 percent” for “80 percent”. - § 246(b)(3)(B): Pub. L. 115–97, § 13002(c)(2), substituted “50 percent” for “70 percent”. - § 246(c)(1): Pub. L. 115–97, § 14101(b)(1), substituted “245, or 245A” for “or 245” in introductory provisions. - § 246(c)(5): Pub. L. 115–97, § 14101(b)(2), added par. (5). ## § 246A: Dividends received deduction reduced where portfolio stock is debt financed - § 246A(a)(1): Pub. L. 115–97 substituted “50 percent” for “70 percent” and “65 percent” for “80 percent”. ## § 247: Contributions to Alaska Native Settlement Trusts - Enacted 26 U.S.C. § 247. ## § 250: Foreign-derived deduction eligible income and net CFC tested income - Enacted 26 U.S.C. § 250. ## § 263A: Capitalization and inclusion in inventory costs of certain expenses - § 263A(b)(2): Pub. L. 115–97, § 13102(b)(2), amended par. (2) generally. Prior to amendment, par. (2) related to property acquired for resale. - § 263A(d)(2)(C): Pub. L. 115–97, § 13207(a), added subpar. (C). - § 263A(f)(4), § 263A(f)(5): Pub. L. 115–97, § 13801(a), added par. (4) and redesignated former par. (4) as (5). - § 263A(f)(5)(B)(ii): Pub. L. 115–97, § 13801(b), inserted “except as provided in paragraph (4),” before “ending on the date”. - § 263A(i), § 263A(j): Pub. L. 115–97, § 13102(b)(1), added subsec. (i) and redesignated former subsec. (i) as (j). ## § 267A: Certain related party amounts paid or accrued in hybrid transactions or with hybrid entities - Enacted 26 U.S.C. § 267A. ## § 274: Disallowance of certain entertainment, etc., expenses - § 274(a): Pub. L. 115–97, § 13304(c)(1)(A), substituted “recreation, or qualified transportation fringes” for “or recreation” in heading. - § 274(a)(1): Pub. L. 115–97, § 13304(a)(1)(B), struck out concluding provisions which read as follows: “In the case of an item described in subparagraph (A), the deduction shall in no event exceed the portion of such item which meets the requirements of subparagraph (A).” - § 274(a)(1)(A): Pub. L. 115–97, § 13304(a)(1)(A), struck out “unless the taxpayer establishes that the item was directly related to, or, in the case of an item directly preceding or following a substantial and bona fide business discussion (including business meetings at a convention or otherwise), that such item was associated with, the active conduct of the taxpayer’s trade or business,” after “or recreation,”. - § 274(a)(2): Pub. L. 115–97, § 13304(a)(1)(C), struck out subpar. (C) which read as follows: “In the case of a club, paragraph (1)(B) shall apply unless the taxpayer establishes that the facility was used primarily for the furtherance of the taxpayer’s trade or business and that the item was directly related to the active conduct of such trade or business.” - § 274(a)(4): Pub. L. 115–97, § 13304(c)(1)(B), added par. (4). - § 274(d): Pub. L. 115–97, § 13304(a)(2)(A)(ii), in concluding provisions, struck out “, entertainment, amusement, recreation, or use of the facility or property,” after “travel” and substituted “(D) the business relationship to the taxpayer of the person receiving the benefit” for “(D) the business relationship to the taxpayer of persons entertained, using the facility or property, or receiving the gift”. - § 274(d)(2), § 274(d)(3), § 274(d): Pub. L. 115–97, § 13304(a)(2)(A)(i), redesignated pars. (3) and (4) as (2) and (3), respectively, and struck out former par. (2) which read as follows: “for any item with respect to an activity which is of a type generally considered to constitute entertainment, amusement, or recreation, or with respect to a facility used in connection with such an activity,”. - § 274(j)(3)(A): Pub. L. 115–97, § 13310(a), designated text of subpar. (A) as cl. (i) and inserted heading, redesignated former cls. (i) to (iii) as subcls. (I) to (III), respectively, of cl. (i), and added cl. (ii). - § 274(l): Pub. L. 115–97, § 13304(a)(2)(B), (c)(2), added subsec. (l) and struck out former subsec. (l) which related to additional limitations on entertainment tickets. - § 274(n): Pub. L. 115–97, § 13304(a)(2)(C), struck out “and entertainment” after “meal” in heading. - § 274(n)(1): Pub. L. 115–97, § 13304(a)(2)(D), amended par. (1) generally. Prior to amendment, par. (1) related to amount allowable as a deduction for meal and entertainment expenses. - § 274(n)(2): Pub. L. 115–97, § 13304(a)(2)(E)(iv), (b)(4), successively amended last sentence of concluding provisions, resulting in substitution of “in subparagraph (B)” for “in subparagraph (D)”. - § 274(n)(2): Pub. L. 115–97, § 13304(a)(2)(E)(iii), (b)(3), which directed amendment of the “last sentence” of par. (2) by first substituting “of subparagraph (D)” for “of subparagraph (E)” and then “of subparagraph (C)” for “of subparagraph (D)”, were executed by making both substitutions in the first sentence of the concluding provisions, to reflect the probable intent of Congress. - § 274(n)(2)(B): Pub. L. 115–97, § 13304(b)(1), (2), redesignated subpar. (C) as (B) and struck out former subpar. (B) which read as follows: “such expense is excludable from the gross income of the recipient under section 132 by reason of subsection (e) thereof (relating to de minimis fringes),”. - § 274(n)(2)(B): Pub. L. 115–97, § 13304(a)(2)(E)(i), struck out “in the case of an expense for food or beverages,” before “such expense”. - § 274(n)(2)(C): Pub. L. 115–97, § 13304(b)(2), redesignated subpar. (D) as (C). Former subpar. (C) redesignated (B). - § 274(n)(2)(C): Pub. L. 115–97, § 13304(a)(2)(E)(ii), redesignated subpar. (D) as (C) and struck out former subpar. (C) which read as follows: “such expense is covered by a package involving a ticket described in subsection (l)(1)(B),”. - § 274(n)(2)(D), § 274(n)(2): Pub. L. 115–97, § 13304(a)(2)(E)(ii), redesignated subpar. (E) as (D). Former subpar. (D) redesignated (C). - § 274(o), § 274(p): Pub. L. 115–97, § 13304(d), added subsec. (o) and redesignated former subsec. (o) as (p). ## § 280C: Certain expenses for which credits are allowable - § 280C(a): Pub. L. 115–97, § 13403(d)(1), inserted “45S(a),” after “45P(a),”. - § 280C(b)(3), § 280C(b)(4): Pub. L. 115–97, § 13401(b), added par. (3) and redesignated former par. (3) as (4). - § 280C(c)(1): Pub. L. 115–97, § 13206(d)(2)(A), added par. (1) and struck out former par. (1). Prior to amendment, text read as follows: “No deduction shall be allowed for that portion of the qualified research expenses (as defined in section 41(b)) or basic research expenses (as defined in section 41(e)(2)) otherwise allowable as a deduction for the taxable year which is equal to the amount of the credit determined for such taxable year under section 41(a).” - § 280C(c)(2): Pub. L. 115–97, § 13206(d)(2)(B)–(D), redesignated par. (3) as (2), substituted “paragraph (1)” for “paragraphs (1) and (2)” in subpar. (A)(i), and struck out former par. (2) which related to rule where taxpayer capitalizes rather than deducts expenses. - § 280C(c)(3): Pub. L. 115–97, § 13206(d)(2)(C), redesignated par. (4) as (3). Former par. (3) redesignated (2). - § 280C(c)(3): Pub. L. 115–97, § 13001(b)(1)(A), substituted “section 11(b)” for “section 11(b)(1)”. - § 280C(c): Pub. L. 115–97, § 13206(d)(2)(C), redesignated par. (4) as (3). ## § 280F: Limitation on depreciation for luxury automobiles; limitation where certain property used for personal purposes - § 280F(a)(1)(A)(i): Pub. L. 115–97, § 13202(a)(1)(A), substituted “$10,000” for “$2,560”. - § 280F(a)(1)(A)(ii): Pub. L. 115–97, § 13202(a)(1)(B), substituted “$16,000” for “$4,100”. - § 280F(a)(1)(A)(iii): Pub. L. 115–97, § 13202(a)(1)(C), substituted “$9,600” for “$2,450”. - § 280F(a)(1)(A)(iv): Pub. L. 115–97, § 13202(a)(1)(D), substituted “$5,760” for “$1,475”. - § 280F(a)(1)(B)(ii): Pub. L. 115–97, § 13202(a)(2)(A), substituted “$5,760” for “$1,475” in heading and text. - § 280F(d)(4)(A)(iv), § 280F(d)(4)(A): Pub. L. 115–97, § 13202(b)(1), redesignated cl. (v) as (iv) and struck out former cl. (iv) which read as follows: “any computer or peripheral equipment (as defined in section 168(i)(2)(B)), ‘and’ ”. - § 280F(d)(4)(B), § 280F(d)(4): Pub. L. 115–97, § 13202(b)(2), redesignated subpar. (C) as (B) and struck out former subpar. (B). Prior to amendment, text of subpar. (B) read as follows: “The term ‘listed property’ shall not include any computer or peripheral equipment (as so defined) used exclusively at a regular business establishment and owned or leased by the person operating such establishment. For purposes of the preceding sentence, any portion of a dwelling unit shall be treated as a regular business establishment if (and only if) the requirements of section 280A(c)(1) are met with respect to such portion.” - § 280F(d)(7)(A): Pub. L. 115–97, § 13202(a)(2)(B)(i), substituted “2018” for “1988”. - § 280F(d)(7)(B): Pub. L. 115–97, § 11002(d)(8), amended subpar. (B) generally. Prior to amendment, subpar. (B) related to automobile price inflation adjustment. - § 280F(d)(7)(B)(i)(II): Pub. L. 115–97, § 13202(a)(2)(B)(ii), substituted “2017” for “1987”. ## § 367: Foreign corporations - § 367(a)(3): Pub. L. 115–97, § 14102(e)(1), redesignated par. (4) as (3) and struck out former par. (3) which related to exception for transfers of certain property used in the active conduct of a trade or business. - § 367(a)(4): Pub. L. 115–97, § 14102(e)(1), (2), redesignated par. (5) as (4) and substituted “Paragraph (2)” for “Paragraphs (2) and (3)” in heading and text. Former par. (4) redesignated (3). - § 367(a)(5), § 367(a): Pub. L. 115–97, § 14102(e)(1), redesignated pars. (5) and (6) as (4) and (5), respectively. - § 367(d)(2)(D): Pub. L. 115–97, § 14221(b)(1), added subpar. (D). ## § 381: Carryovers in certain corporate acquisitions - § 381(c)(20): Pub. L. 115–97, § 13301(b)(1), added par. (20). - § 381: 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.” ## § 382: Limitation on net operating loss carryforwards and certain built-in losses following ownership change - § 382(d)(3): Pub. L. 115–97, § 13301(b)(2), added par. (3). - § 382(k)(1): Pub. L. 115–97, § 13301(b)(3), inserted after first sentence “Such term shall include any corporation entitled to use a carryforward of disallowed interest described in section 381(c)(20).” - § 382(l)(3)(B)(iii): Pub. L. 115–97, § 11051(b)(3)(F), substituted “section 121(d)(3)(C)” for “section 71(b)(2)”. ## § 402: Taxability of beneficiary of employees’ trust - § 402(c)(3): Pub. L. 115–97, § 13613(b)(1), substituted “Time limit on transfers” for “Transfer must be made within 60 days of receipt” in heading. - § 402(c)(3)(A): Pub. L. 115–97, § 13613(b)(2), substituted “subparagraphs (B) and (C)” for “subparagraph (B)”. - § 402(c)(3)(C): Pub. L. 115–97, § 13613(a), added subpar. (C). ## § 408: Individual retirement accounts - § 408(d)(6): Pub. L. 115–97 substituted “clause (i) of section 121(d)(3)(C)” for “subparagraph (A) of section 71(b)(2)”. ## § 408A: Roth IRAs - § 408A(c)(3)(D)(ii): Pub. L. 115–97, § 11002(d)(1)(W), substituted “for ‘calendar year 2016’ in subparagraph (A)(ii)” for “for ‘calendar year 1992’ in subparagraph (B)”. - § 408A(d)(6)(B)(iii): Pub. L. 115–97, § 13611(a), added cl. (iii). ## § 409A: Inclusion in gross income of deferred compensation under nonqualified deferred compensation plans - § 409A(d)(7): Pub. L. 115–97 added par. (7). ## § 422: Incentive stock options - § 422(b): Pub. L. 115–97 inserted at end of concluding provisions “Such term shall not include any option if an election is made under section 83(i) with respect to the stock received in connection with the exercise of such option.” ## § 423: Employee stock purchase plans - § 423(b)(5): Pub. L. 115–97, § 13603(c)(1)(B)(i), struck out “and” before “the plan may provide” and inserted “, and the rules of section 83(i) shall apply in determining which employees have a right to make an election under such section” before semicolon at end. - § 423(d): Pub. L. 115–97, § 13603(c)(1)(B)(ii), added subsec. (d). ## § 430: Minimum funding standards for single-employer defined benefit pension plans - § 430(c)(7)(D)(vii)(II): Pub. L. 115–97 substituted “for ‘calendar year 2016’ in subparagraph (A)(ii)” for “for ‘calendar year 1992’ in subparagraph (B)”. ## § 447: Method of accounting for corporations engaged in farming - § 447(c): Pub. L. 115–97, § 13102(a)(5)(A)(i), in introductory provisions, inserted “for any taxable year” after “not being a corporation”. - § 447(c)(2): Pub. L. 115–97, § 13102(a)(5)(A)(ii), amended par. (2) generally. Prior to amendment, par. (2) read as follows: “a corporation the gross receipts of which meet the requirements of subsection (d).” - § 447(d): Pub. L. 115–97, § 13102(a)(5)(C), redesignated subsec. (f) as (d) and struck out former subsec. (d) which related to gross receipts requirements. - § 447(e): Pub. L. 115–97, § 13102(a)(5)(C), redesignated subsec. (g) as (e) and struck out former subsec. (e) which related to members of the same family. - § 447: Pub. L. 115–97, § 13102(a)(5)(C)(ii), redesignated subsec. (f) as (d). - § 447: Pub. L. 115–97, § 13102(a)(5)(B), amended subsec. (f) generally. Prior to amendment, subsec. (f) related to coordination with section 481. - § 447: Pub. L. 115–97, § 13102(a)(5)(C)(ii), redesignated subsec. (g) as (e). - § 447: Pub. L. 115–97, § 13102(a)(5)(C)(i), struck out subsecs. (h) and (i) which related to exception for certain closely held corporations and suspense account for family corporations, respectively. ## § 448: Limitation on use of cash method of accounting - § 448(b)(3): Pub. L. 115–97, § 13102(a)(2), amended par. (3) generally. Prior to amendment, text read as follows: “Paragraphs (1) and (2) of subsection (a) shall not apply to any corporation or partnership for any taxable year if, for all prior taxable years beginning after December 31, 1985, such entity (or any predecessor) met the $5,000,000 gross receipts test of subsection (c).” - § 448(c): Pub. L. 115–97, § 13102(a)(1), substituted “Gross receipts test” for “$5,000,000 gross receipts test” in heading and amended introductory provisions and par. (1) generally. Prior to amendment, text read as follows: “For purposes of this section— - § 448(c)(4): Pub. L. 115–97, § 13102(a)(3), added par. (4). - § 448(d)(7): Pub. L. 115–97, § 13102(a)(4), amended par. (7) generally. Prior to amendment, par. (7) related to coordination with section 481. ## § 451: General rule for taxable year of inclusion - § 451(b), § 451(c), § 451(d), § 451(e), § 451(f), § 451(g), § 451(h), § 451(i), § 451(j), § 451(k): Pub. L. 115–97 first added subsec. (b) and then added subsec. (c) and correspondingly redesignated former subsecs. (b) to (i) first as (c) to (j) and then as (d) to (k), respectively. ## § 453A: Special rules for nondealers - § 453A(c)(3): Pub. L. 115–97 struck out “or 1201 (whichever is appropriate)” after “1(h)” in concluding provisions. ## § 453B: Gain or loss on disposition of installment obligations - § 453B(e)(2)(B): Pub. L. 115–97, § 13512(b)(1)(A), struck out “(as defined in section 806(b)(3))” before period at end. - § 453B(e)(3): Pub. L. 115–97, § 13512(b)(1)(B), added par. (3). ## § 457: Deferred compensation plans of State and local governments and tax-exempt organizations - § 457(e)(11)(B)(ii): Pub. L. 115–97, § 13612(a), substituted “$6,000” for “$3,000”. - § 457(e)(11)(B)(iii): Pub. L. 115–97, § 13612(b), added cl. (iii). - § 457(e)(11)(B)(iv): Pub. L. 115–97, § 13612(c), added cl. (iv). ## § 460: Special rules for long-term contracts - § 460(c)(6)(B): Pub. L. 115–97, § 13201(b)(2)(A), substituted “January 1, 2027 (January 1, 2028” for “January 1, 2020 (January 1, 2021”. - § 460(e)(1)(B): Pub. L. 115–97, § 13102(d)(1)(A), in introductory provisions, inserted “(other than a tax shelter prohibited from using the cash receipts and disbursements method of accounting under section 448(a)(3))” after “taxpayer”. - § 460(e)(1)(B)(ii): Pub. L. 115–97, § 13102(d)(1)(B), amended cl. (ii) generally. Prior to amendment, cl. (ii) read as follows: “whose average annual gross receipts for the 3 taxable years preceding the taxable year in which such contract is entered into do not exceed $10,000,000.” - § 460(e)(2): Pub. L. 115–97, § 13102(d)(2), added par. (2) and struck out former par. (2) which related to determination of taxpayer’s gross receipts. - § 460(e)(3), § 460(e)(4), § 460(e): Pub. L. 115–97, § 13102(d)(2), redesignated pars. (4) to (6) as (3) to (5), respectively, and struck out former par. (3) which related to controlled group of corporations. ## § 461: General rule for taxable year of deduction - § 461(l): Pub. L. 115–97 added subsec. (l). ## § 465: Deductions limited to amount at risk - § 465(c)(7)(D)(v)(II): Pub. L. 115–97 substituted “section 453B(e)(3)” for “section 806(b)(3)”. ## § 469: Passive activity losses and credits limited - § 469(i)(3): Pub. L. 115–97, § 14202(b)(3), substituted “222, and 250” for “and 222”. - § 469(i)(3): Pub. L. 115–97, § 13305(b)(1), struck out “199,” after “sections”. ## § 471: General rule for inventories - § 471(c), § 471(d): Pub. L. 115–97 added subsec. (c) and redesignated former subsec. (c) as (d). ## § 481: Adjustments required by changes in method of accounting - § 481(d): Pub. L. 115–97 added subsec. (d). ## § 482: Allocation of income and deductions among taxpayers - § 482: Pub. L. 115–97 inserted at end “For purposes of this section, the Secretary shall require the valuation of transfers of intangible property (including intangible property transferred with other property or services) on an aggregate basis or the valuation of such a transfer on the basis of the realistic alternatives to such a transfer, if the Secretary determines that such basis is the most reliable means of valuation of such transfers.” ## § 512: Unrelated business taxable income - § 512(a)(6): Pub. L. 115–97, § 13702(a), added par. (6). - § 512(a): Pub. L. 115–97, § 13703(a), added par. (7). - § 512(d)(2)(B): Pub. L. 115–97, § 11002(d)(1)(Y), substituted “for ‘calendar year 2016’ in subparagraph (A)(ii)” for “for ‘calendar year 1992’ in subparagraph (B)”. ## § 513: Unrelated trade or business - § 513(h)(2)(C)(ii): Pub. L. 115–97 substituted “for ‘calendar year 2016’ in subparagraph (A)(ii)” for “for ‘calendar year 1992’ in subparagraph (B)”. ## § 527: Political organizations - § 527(b): Pub. L. 115–97 struck out par. (1) designation and heading and struck out par. (2) which related to alternative tax in case of capital gains. ## § 529: Qualified tuition programs - § 529(c)(3)(C)(i): Pub. L. 115–97, § 11025(a), added subcl. (III) and inserted concluding provisions. - § 529(c)(7): Pub. L. 115–97, § 11032(a)(1), added par. (7). - § 529(e)(3)(A): Pub. L. 115–97, § 11032(a)(2), inserted at end of concluding provisions “The amount of cash distributions from all qualified tuition programs described in subsection (b)(1)(A)(ii) with respect to a beneficiary during any taxable year shall, in the aggregate, include not more than $10,000 in expenses described in subsection (c)(7) incurred during the taxable year.” ## § 529A: Qualified ABLE programs - § 529A(b)(2): Pub. L. 115–97, § 11024(a)(2), inserted at end of concluding provisions “A designated beneficiary (or a person acting on behalf of such beneficiary) shall maintain adequate records for purposes of ensuring, and shall be responsible for ensuring, that the requirements of subparagraph (B)(ii) are met.” - § 529A(b)(2)(B): Pub. L. 115–97, § 11024(a)(1), amended subpar. (B) generally. Prior to amendment, subpar. (B) read as follows: “except in the case of contributions under subsection (c)(1)(C), if such contribution to an ABLE account would result in aggregate contributions from all contributors to the ABLE account for the taxable year exceeding the amount in effect under section 2503(b) for the calendar year in which the taxable year begins.” - § 529A(b)(7): Pub. L. 115–97, § 11024(a)(3), added par. (7). ## § 535: Accumulated taxable income - § 535(b)(1): Pub. L. 115–97, § 14301(c)(4), substituted “section 960” for “section 902(a) or 960(a)(1)”. - § 535(c)(5): Pub. L. 115–97, § 13001(b)(5)(B), amended par. (5) generally. Prior to amendment, text read as follows: “For denial of credit provided in paragraph (2) or (3) where multiple corporations are formed to avoid tax, see section 1551, and for limitation on such credit in the case of certain controlled corporations, see section 1561.” ## § 537: Reasonable needs of the business - § 537(b)(4): Pub. L. 115–97 inserted “(as in effect before the date of enactment of the Tax Cuts and Jobs Act)” after “as defined in section 172(f)”. ## § 545: Undistributed personal holding company income - § 545(b)(1): Pub. L. 115–97 substituted “section 960” for “section 902(a) or 960(a)(1)”. ## § 594: Alternative tax for mutual savings banks conducting life insurance business - § 594(a): Pub. L. 115–97 substituted “tax imposed by section 11” for “taxes imposed by section 11 or section 1201(a)” in introductory provisions. ## § 613: Percentage depletion - § 613(a): Pub. L. 115–97, § 13305(b)(4), struck out “and without the deduction under section 199” after “without allowance for depletion”. - § 613(a): Pub. L. 115–97, § 11011(d)(3), inserted “and without the deduction under section 199A” after “without the deduction under section 199”. ## § 613A: Limitations on percentage depletion in case of oil and gas wells - § 613A(d)(1): Pub. L. 115–97, § 13305(b)(5), redesignated subpars. (C) to (F) as (B) to (E), respectively, and struck out former subpar. (B) which read as follows: “any deduction allowable under section 199,”. - § 613A(d)(1): Pub. L. 115–97, § 11011(d)(4), added subpar. (C) and redesignated former subpars. (C) to (E) as (D) to (F), respectively. ## § 641: Imposition of tax - § 641(c)(2)(E): Pub. L. 115–97 added subpar. (E). ## § 642: Special rules for credits and deductions - § 642(b)(2)(C)(iii): Pub. L. 115–97 added cl. (iii). ## § 691: Recipients of income in respect of decedents - § 691(c)(4): Pub. L. 115–97 struck out “1201,” after “1(h),”. ## § 704: Partner’s distributive share - § 704(d): Pub. L. 115–97 designated first and second sentences of existing provisions as pars. (1) and (2), respectively, inserted headings, and added par. (3). ## § 708: Continuation of partnership - § 708(b)(1): Pub. L. 115–97 struck out dash after “only if” and subpar. (A) designation before “no part” and struck out subpar. (B) which read as follows: “within a 12-month period there is a sale or exchange of 50 percent or more of the total interest in partnership capital and profits”. ## § 743: Special rules where section 754 election or substantial built-in loss - § 743(d)(1): Pub. L. 115–97, § 13502(a), amended par. (1) generally. Prior to amendment, text read as follows: “For purposes of this section, a partnership has a substantial built-in loss with respect to a transfer of an interest in a partnership if the partnership’s adjusted basis in the partnership property exceeds by more than $250,000 the fair market value of such property.” - § 743(e)(4), § 743(e)(5), § 743(e)(6), § 743(e): Pub. L. 115–97, § 13504(b)(2), redesignated pars. (5) to (7) as (4) to (6), respectively, and struck out former par. (4). Prior to amendment, text of par. (4) read as follows: “This subsection shall be applied without regard to any termination of a partnership under section 708(b)(1)(B).” ## § 801: Tax imposed - § 801(a): Pub. L. 115–97, § 13001(b)(2)(G), struck out par. (1) designation and heading “In general” and struck out par. (2) which related to alternative tax in case of capital gains. - § 801(a): Pub. L. 115–97, § 13512(b)(3), which directed striking out subpar. (C) of par. (2), could not be executed because of the prior amendment by section 13001(b)(2)(G) of Pub. L. 115–97, which struck out par. (2). See above. - § 801: Pub. L. 115–97, § 13514(b), struck out subsec. (c) which referred to section 815 of this title for taxation of distributions from pre-1984 policyholders surplus account. ## § 804: Life insurance deductions - § 804: Pub. L. 115–97 substituted “means the general deductions provided in section 805.” for “means— ## § 805: General deductions - § 805(a)(4)(B)(i): Pub. L. 115–97, § 13512(b)(5), redesignated cl. (ii) as (i) and struck out former cl. (i) which read as follows: “the small life insurance company deduction,”. - § 805(a)(4)(B)(ii): Pub. L. 115–97, § 13512(b)(5), redesignated cl. (iii) as (ii). Former cl. (ii) redesignated (i). - § 805(a)(4)(B)(ii): Pub. L. 115–97, § 13511(b)(4), amended cl. (ii) generally. Prior to amendment, cl. (ii) read as follows: “the operations loss deduction provided by section 810,”. - § 805(a)(4)(B)(iii), § 805(a)(4)(B): Pub. L. 115–97, § 13512(b)(5), redesignated cls. (iii) and (iv) as (ii) and (iii), respectively. - § 805(a)(5): Pub. L. 115–97, § 13511(b)(5), struck out par. (5) which provided for the operations loss deduction determined under section 810. - § 805(b)(2)(A)(iii): Pub. L. 115–97, § 13512(b)(6), redesignated cl. (iv) as (iii) and struck out former cl. (iii) which read as follows: “the small life insurance company deduction,”. - § 805(b)(2)(A)(iv): Pub. L. 115–97, § 13512(b)(6), redesignated cl. (v) as (iv). Former cl. (iv) redesignated (iii). - § 805(b)(2)(A)(iv): Pub. L. 115–97, § 13511(b)(6), amended cl. (iv) generally. Prior to amendment, cl. (iv) read as follows: “any operations loss carryback to the taxable year under section 810, and”. - § 805(b)(2)(A): Pub. L. 115–97, § 13512(b)(6), redesignated cl. (v) as (iv). - § 805(b)(4), § 805(b): Pub. L. 115–97, § 13511(a), redesignated par. (5) as (4) and struck out former par. (4) which did not allow the net operating loss deduction provided in section 172, except as provided by section 844. ## § 807: Rules for certain reserves - § 807(c): Pub. L. 115–97, § 13517(a)(1), directed the general amendment of the second sentence of subsec. (c), which was executed by substituting “For purposes of paragraph (3), the appropriate rate of interest is the highest rate or rates permitted to be used to discount the obligations by the National Association of Insurance Commissioners as of the date the reserve is determined.” for “For purposes of paragraph (3), the appropriate rate of interest for any obligation is whichever of the following rates is the highest as of the time such obligation first did not involve life, accident, or health contingencies: the applicable Federal interest rate under subsection (d)(2)(B)(i), the prevailing State assumed interest rate under subsection (d)(2)(B)(ii), or the rate of interest assumed by the company in determining the guaranteed benefit.” in concluding provisions. - § 807(d)(1), § 807(d)(2): Pub. L. 115–97, § 13517(a)(2)(A), (C), added pars. (1) and (2) and struck out former pars. (1) and (2) which read as follows: - § 807(d)(3)(A)(iii): Pub. L. 115–97, § 13517(a)(2)(D), substituted “, the reserve method prescribed by the National Association of Insurance Commissioners which covers such contract as of the date the reserve is determined” for “(other than a qualified long-term care insurance contract, as defined in section 7702B(b)), a 2-year full preliminary term method”. - § 807(d)(3)(A)(iv)(I): Pub. L. 115–97, § 13517(a)(2)(E), substituted “(as of the date the reserve is determined)” for “(as of the date of issuance)”. - § 807(d)(3)(A)(iv)(II): Pub. L. 115–97, § 13517(a)(2)(F), substituted “as of the date the reserve is determined for” for “as of the date of the issuance of”. - § 807(d)(3)(B): Pub. L. 115–97, § 13517(a)(2)(G), (H), substituted “applicable to the contract and in effect as of the date the reserve is determined” for “in effect on the date of the issuance of the contract” in cls. (i) and (ii). - § 807(d)(4), § 807(d): Pub. L. 115–97, § 13517(a)(2)(A), (B), redesignated par. (6) as (4) and struck out former pars. (4) and (5) which related to applicable Federal and prevailing State assumed interest rates and prevailing commissioners’ standard tables, respectively. - § 807(e)(2): Pub. L. 115–97, § 13517(a)(3)(C), amended par. (2) generally. Prior to amendment, par. (2) related to supplemental benefits. - § 807(e)(2): Pub. L. 115–97, § 13517(a)(3)(A), (B), redesignated par. (3) as (2) and struck out former par. (2) which related to issuance date in case of group contracts. - § 807(e)(3), § 807(e)(4): Pub. L. 115–97, § 13517(a)(3)(B), redesignated pars. (4) and (6) as (3) and (4), respectively. Former par. (3) redesignated (2). - § 807(e)(5): Pub. L. 115–97, § 13517(a)(3)(A), (B), redesignated par. (7) as (5) and struck out former par. (5) which related to treatment of substandard risks. - § 807(e)(6): Pub. L. 115–97, § 13517(a)(3)(D), added par. (6). Former par. (6) redesignated (4). - § 807(e): Pub. L. 115–97, § 13517(a)(3)(B), redesignated par. (7) as (5). - § 807(f)(1): Pub. L. 115–97, § 13513(a), amended par. (1) generally. Prior to amendment, par. (1) related to 10-year spread method of computation. ## § 808: Policyholder dividends deduction - § 808(g): Pub. L. 115–97 added subsec. (g). ## § 811: Accounting provisions - § 811(d)(1): Pub. L. 115–97 substituted “the interest rate in effect under section 808(g)” for “the greater of the prevailing State assumed interest rate or applicable Federal interest rate in effect under section 807”. ## § 812: Definition of company’s share and policyholder’s share - § 812: Pub. L. 115–97 amended section generally. Prior to amendment, section consisted of subsecs. (a) to (f), relating to definition of company’s share and policyholders’ share as pertaining to net and gross investment incomes. ## § 814: Contiguous country branches of domestic life insurance companies - § 814(f)(1): Pub. L. 115–97 redesignated subpar. (A) as par. (1), struck out subpar. (A) heading “In general”, and struck out subpar. (B). Prior to amendment, text of subpar. (B) read as follows: “For purposes of sections 78 and 902, where any amount is added to the life insurance company taxable income of the domestic life insurance company by reason of subsection (e)(2), the contiguous country life insurance branch shall be treated as a foreign corporation. Any amount so added shall be treated as a dividend paid by a foreign corporation, and the taxes paid to any foreign country or possession of the United States with respect to such amount shall be deemed to have been paid by such branch.” ## § 817A: Special rules for modified guaranteed contracts - § 817A(e)(2): Pub. L. 115–97 substituted “and 807(d)(2)(B)” for “, 807(d)(2)(B), and 812”. ## § 831: Tax on insurance companies other than life insurance companies - § 831(b)(2)(D): Pub. L. 115–97, § 11002(d)(1)(AA), substituted “for ‘calendar year 2016’ in subparagraph (A)(ii)” for “for ‘calendar year 1992’ in subparagraph (B)”. - § 831(b)(3): Pub. L. 115–97, § 13511(b)(2)(B), struck out “except as provided in section 844,” after “part,” in introductory provisions. - § 831(e): Pub. L. 115–97, § 13001(b)(2)(H), redesignated pars. (2) and (3) as (1) and (2), respectively, and struck out former par. (1) which read as follows: “For alternative tax in case of capital gains, see section 1201(a).” ## § 832: Insurance company taxable income - § 832(b)(5)(B): Pub. L. 115–97, § 13515(a), substituted “the applicable percentage” for “15 percent” in introductory provisions and inserted “For purposes of this subparagraph, the applicable percentage is 5.25 percent divided by the highest rate in effect under section 11(b).” at end of concluding provisions. - § 832(c)(5): Pub. L. 115–97, § 13001(b)(2)(I), struck out “sec. 1201 and following,” before “relating to capital gains and losses” in introductory provisions. ## § 834: Determination of taxable investment income - § 834(b)(1)(D): Pub. L. 115–97 struck out “sec. 1201 and following,” before “relating to capital gains and losses”. ## § 842: Foreign companies carrying on insurance business - § 842(c): Pub. L. 115–97 redesignated pars. (2) and (3) as (1) and (2), respectively, and struck out former par. (1). Prior to amendment, text of par. (1) read as follows: “In the case of a foreign company taxable under part I, subsection (b) shall be applied before computing the small life insurance company deduction.” ## § 846: Discounted unpaid losses defined - § 846(c)(2): Pub. L. 115–97, § 13523(a), amended par. (2) generally. Prior to amendment, text read as follows: - § 846(d)(3)(B), § 846(d)(3): Pub. L. 115–97, § 13523(b), added subpar. (B) and struck out former subpars. (B) to (G) which related to treatment of certain losses, special rule for certain long-tail lines, long-tail line of business, special rule for international and reinsurance lines of business, adjustments if loss experience information available for longer periods, and special rule for 9th year if negative or zero, respectively. - § 846(e), § 846(f): Pub. L. 115–97, § 13523(c), redesignated subsecs. (f) and (g) as (e) and (f), respectively, and struck out former subsec. (e) which related to election to use company’s historical payment pattern. - § 846(f): Pub. L. 115–97, § 13517(b)(3), substituted “except that the limitation of subsection (a)(3) shall apply, and” for “except that— - § 846: Pub. L. 115–97, § 13523(c), redesignated subsec. (g) as (f). ## § 848: Capitalization of certain policy acquisition expenses - § 848(a)(2): Pub. L. 115–97, § 13519(a)(1), substituted “180-month” for “120-month”. - § 848(b)(1): Pub. L. 115–97, § 13519(b), substituted “180-month” for “120-month”. - § 848(c)(1)(A): Pub. L. 115–97, § 13519(a)(2), substituted “2.09 percent” for “1.75 percent”. - § 848(c)(1)(B): Pub. L. 115–97, § 13519(a)(3), which directed substitution of “2.45 percent” for “2.05 percent” in par. (2), was executed to par. (1)(B) to reflect the probable intent of Congress. - § 848(c)(1)(C): Pub. L. 115–97, § 13519(a)(4), which directed substitution of “9.2 percent” for “7.7 percent” in par. (3), was executed to par. (1)(C) to reflect the probable intent of Congress. Subsec. (c) does not contain a par. (3). - § 848(e)(1)(B)(iii): Pub. L. 115–97, § 13517(b)(4), substituted “807(e)(3)” for “807(e)(4)”. - § 848: Pub. L. 115–97, § 12001(b)(8)(C), struck out subsec. (i). Text read as follows: “For purposes of determining adjusted current earnings under section 56(g), acquisition expenses with respect to contracts described in clause (iii) of subsection (e)(1)(B) shall be capitalized and amortized in accordance with the treatment generally required under generally accepted accounting principles as if this subsection applied to such contracts for all taxable years.” ## § 851: Definition of regulated investment company - § 851(b): Pub. L. 115–97 substituted “section 951(a)(1)(A)” for “section 951(a)(1)(A)(i)” in concluding provisions. ## § 852: Taxation of regulated investment companies and their shareholders - § 852(b)(1): Pub. L. 115–97, § 13001(b)(4), struck out “In the case of a regulated investment company which is a personal holding company (as defined in section 542) or which fails to comply for the taxable year with regulations prescribed by the Secretary for the purpose of ascertaining the actual ownership of its stock, such tax shall be computed at the highest rate of tax specified in section 11(b).” at end. - § 852(b)(3)(A): Pub. L. 115–97, § 13001(b)(2)(J), substituted “section 11(b)” for “section 1201(a)”. ## § 857: Taxation of real estate investment trusts and their beneficiaries - § 857(b)(3)(A), § 857(b)(3)(B): Pub. L. 115–97, § 13001(b)(2)(K)(i), redesignated subpars. (B) and (C) as (A) and (B), respectively, and struck out former subpar. (A) which related to alternative tax in case of capital gains. - § 857(b)(3)(C): Pub. L. 115–97, § 13001(b)(2)(K)(i), redesignated subpar. (D) as (C). Former subpar. (C) redesignated (B). - § 857(b)(3)(C)(i), § 857(b)(3)(C)(ii), § 857(b)(3)(C)(iv): Pub. L. 115–97, § 13001(b)(2)(K)(ii), substituted “paragraph (1)” for “subparagraph (A)(ii)” in cl. (i) and “the tax imposed by paragraph (1) on undistributed capital gain” for “the tax imposed by subparagraph (A)(ii)” in cls. (ii) and (iv). - § 857(b)(3)(D): Pub. L. 115–97, § 13001(b)(2)(K)(i), redesignated subpar. (E) as (D). Former subpar. (D) redesignated (C). - § 857(b)(3)(E): Pub. L. 115–97, § 13001(b)(2)(K)(i), (iii), redesignated subpar. (F) as (E) and substituted “subparagraph (A) or (C)” for “subparagraph (B) or (D)”. Former subpar. (E) redesignated (D). - § 857(b)(3)(F): Pub. L. 115–97, § 13001(b)(2)(K)(iv), added subpar. (F). Former subpar. (F) redesignated (E). ## § 860E: Treatment of income in excess of daily accruals on residual interests - § 860E(e)(2)(B), § 860E(e)(6)(A)(ii): Pub. L. 115–97 substituted “section 11(b)” for “section 11(b)(1)”. ## § 861: Income from sources within the United States - § 861(a)(2): Pub. L. 115–97, § 13002(e)(2), substituted “100/65th” for “100/80th” and “100/50th” for “100/70th” in concluding provisions. - § 861(a)(2)(B): Pub. L. 115–97, § 13002(e)(1), substituted “100/50th” for “100/70th”. ## § 863: Special rules for determining source - § 863(b): Pub. L. 115–97 inserted at end of concluding provisions “Gains, profits, and income from the sale or exchange of inventory property described in paragraph (2) shall be allocated and apportioned between sources within and without the United States solely on the basis of the production activities with respect to the property.” ## § 864: Definitions and special rules - § 864(c)(1)(A): Pub. L. 115–97, § 13501(a)(2)(A), substituted “(7), and (8)” for “and (7)”. - § 864(c)(1)(B): Pub. L. 115–97, § 13501(a)(2)(B), substituted “(7), or (8)” for “or (7)”. - § 864(c)(8): Pub. L. 115–97, § 13501(a)(1), added par. (8). - § 864(e)(2): Pub. L. 115–97, § 14502(a), amended par. (2) generally. Prior to amendment, text read as follows: “All allocations and apportionments of interest expense shall be made on the basis of assets rather than gross income.” ## § 865: Source rules for personal property sales - § 865(h)(1)(B): Pub. L. 115–97 substituted “907” for “902, 907,”. ## § 877A: Tax responsibilities of expatriation - § 877A(a)(3)(B)(i)(II): Pub. L. 115–97 substituted “for ‘calendar year 2016’ in subparagraph (A)(ii)” for “for ‘calendar year 1992’ in subparagraph (B) thereof”. ## § 882: Tax on income of foreign corporations connected with United States business - § 882(a)(1): Pub. L. 115–97, § 14401(d)(2), which directed insertion of “or 59A,” after “section 11,”, was executed by making the insertion after “section 11” to reflect the probable intent of Congress and the amendment by Pub. L. 115–97, § 12001(b)(14). See below. - § 882(a)(1): Pub. L. 115–97, § 13001(b)(2)(L), struck out “or 1201(a)” before “on its taxable income”. - § 882(a)(1): Pub. L. 115–97, § 12001(b)(14), struck out “, 55,” after “section 11”. ## § 897: Disposition of investment in United States real property - § 897(a)(2)(A): Pub. L. 115–97 substituted “section 55(b)(1)” for “section 55(b)(1)(A)” in introductory provisions. ## § 901: Taxes of foreign countries and of possessions of United States - § 901(a): Pub. L. 115–97, § 14301(c)(7), substituted “section 960” for “sections 902 and 960”. - § 901(e)(2): Pub. L. 115–97, § 14301(c)(8), substituted “but is not limited to that portion” for “but is not limited to— - § 901(f): Pub. L. 115–97, § 14301(c)(9), substituted “section 960” for “sections 902 and 960” in introductory provisions. - § 901(j)(1)(A): Pub. L. 115–97, § 14301(c)(10), struck out “902 or” after “under section”. - § 901(j)(1)(B): Pub. L. 115–97, § 14301(c)(11), substituted “section 960” for “sections 902 and 960”. - § 901(k)(2): Pub. L. 115–97, § 14301(c)(12), struck out “, 902,” after “under section 853” in introductory provisions. - § 901(k)(6): Pub. L. 115–97, § 14301(c)(13), struck out “902 or” after “under section”. - § 901(m)(1)(B): Pub. L. 115–97, § 14301(c)(14), amended subpar. (B) generally. Prior to amendment, subpar. (B) read as follows: “in the case of a foreign income tax paid by a section 902 corporation (as defined in section 909(d)(5)), shall not be taken into account for purposes of section 902 or 960.” ## § 904: Limitation on credit - § 904(b)(2)(C): Pub. L. 115–97, § 13001(b)(2)(M)(i), struck out “or 1201(a)” after “under section 1(h)”. - § 904(b)(3)(D): Pub. L. 115–97, § 13001(b)(2)(M)(ii), added subpar. (D) and struck out former subpar. (D). Prior to amendment, text read as follows: “There is a capital gain rate differential for any taxable year if— - § 904(b)(3)(E): Pub. L. 115–97, § 13001(b)(2)(M)(iii), added subpar. (E) and struck out former subpar. (E) which related to rate differential portion for corporations and taxpayers other than corporations. - § 904(b)(5): Pub. L. 115–97, § 14101(d), added par. (5). - § 904(c): Pub. L. 115–97, § 14201(b)(2)(C), inserted at end “This subsection shall not apply to taxes paid or accrued with respect to amounts described in subsection (d)(1)(A).” - § 904(d)(1)(A): Pub. L. 115–97, § 14201(b)(2)(A), added subpar. (A). Former subpar. (A) redesignated (B), then (C). - § 904(d)(1)(B): Pub. L. 115–97, § 14302(a), added subpar. (B). Former subpar. (B) redesignated (C), then (D). - § 904(d)(1)(B): Pub. L. 115–97, § 14201(b)(2)(A), redesignated subpar. (A) as (B). Former subpar. (B) redesignated (C). - § 904(d)(1)(C): Pub. L. 115–97, § 14302(a), redesignated subpar. (B) as (C). Former subpar. (C) redesignated (D). - § 904(d)(1)(C): Pub. L. 115–97, § 14201(b)(2)(A), redesignated subpar. (B) as (C). - § 904(d)(1)(D): Pub. L. 115–97, § 14302(a), redesignated subpar. (C) as (D). - § 904(d)(2)(A)(ii): Pub. L. 115–97, § 14302(b)(2), substituted “income described in paragraph (1)(A), foreign branch income, and” for “income described in paragraph (1)(A) and”. - § 904(d)(2)(A)(ii): Pub. L. 115–97, § 14201(b)(2)(B), inserted “income described in paragraph (1)(A) and” before “passive category income”. - § 904(d)(2)(E)(i): Pub. L. 115–97, § 14301(c)(15)(A), amended cl. (i) generally. Prior to amendment, text read as follows: “The term ‘noncontrolled section 902 corporation’ means any foreign corporation with respect to which the taxpayer meets the stock ownership requirements of section 902(a) (or, for purposes of applying paragraph (3) or (4), the requirements of section 902(b)). A controlled foreign corporation shall not be treated as a noncontrolled section 902 corporation with respect to any distribution out of its earnings and profits for periods during which it was a controlled foreign corporation.” - § 904(d)(2)(E)(ii): Pub. L. 115–97, § 14301(c)(15)(B), substituted “noncontrolled 10-percent owned foreign corporation” for “non-controlled section 902 corporation”. - § 904(d)(2)(J): Pub. L. 115–97, § 14302(b)(1), added subpar. (J). - § 904(d)(4): Pub. L. 115–97, § 14301(c)(16), substituted “noncontrolled 10-percent owned foreign corporations” for “noncontrolled section 902 corporations” in heading and “noncontrolled 10-percent owned foreign corporation” for “noncontrolled section 902 corporation” wherever appearing in text. - § 904(d)(6)(A): Pub. L. 115–97, § 14301(c)(17), substituted “907” for “902, 907,” in concluding provisions. - § 904(g)(5): Pub. L. 115–97, § 14304(a), added par. (5). - § 904(h)(10)(A): Pub. L. 115–97, § 14301(c)(18), substituted “sections 907 and 960” for “sections 902, 907, and 960” in concluding provisions. - § 904(k): Pub. L. 115–97, § 14301(c)(19), amended subsec. (k) generally. Prior to amendment, text read as follows: ## § 905: Applicable rules - § 905(c)(1): Pub. L. 115–97, § 14301(c)(20), struck out “The Secretary may prescribe adjustments to the pools of post-1986 foreign income taxes and the pools of post-1986 undistributed earnings under sections 902 and 960 in lieu of the redetermination under the preceding sentence.” at end of concluding provisions. - § 905(c)(2)(B)(i): Pub. L. 115–97, § 14301(c)(21), amended cl. (i) generally. Prior to amendment, cl. (i) read as follows: “shall be taken into account— ## § 906: Nonresident alien individuals and foreign corporations - § 906(a): Pub. L. 115–97, § 14301(c)(22), struck out “(or deemed, under section 902, paid or accrued during the taxable year)” after “paid or accrued during the taxable year”. - § 906(b)(4), § 906(b): Pub. L. 115–97, § 14301(c)(23), struck out pars. (4) and (5) which read as follows: ## § 907: Special rules in case of foreign oil and gas income - § 907(b)(2)(B): Pub. L. 115–97, § 14301(c)(24), struck out “902 or” after “under section”. - § 907(c)(3)(A): Pub. L. 115–97, § 14301(c)(25)(A), added subpar. (A) and struck out former subpar. (A) which read as follows: “dividends and interest from a foreign corporation in respect of which taxes are deemed paid by the taxpayer under section 902,”. - § 907(c)(3)(B): Pub. L. 115–97, § 14301(c)(25)(B), substituted “section 960” for “section 960(a)”. - § 907(c)(5): Pub. L. 115–97, § 14301(c)(26), struck out “902 or” after “under section”. - § 907(f)(2)(B)(i): Pub. L. 115–97, § 14301(c)(27), struck out “902 or” after “under section”. ## § 908: Reduction of credit for participation in or cooperation with an international boycott - § 908(a): Pub. L. 115–97 struck out “902 or” after “or under section” in introductory provisions. ## § 909: Suspension of taxes and credits until related income taken into account - § 909(b): Pub. L. 115–97, § 14301(c)(29)(A), (C), (D), substituted “specified 10-percent owned foreign corporations” for “section 902 corporations” in heading, “specified 10-percent owned foreign corporation (as defined in section 245A(b) without regard to paragraph (2) thereof)” for “section 902 corporation” in introductory provisions, and “by such specified 10-percent owned foreign corporation or a domestic corporation which is a United States shareholder with respect to such specified 10-percent owned foreign corporation.” for “by such section 902 corporation or a domestic corporation which meets the ownership requirements of subsection (a) or (b) of section 902 with respect to such section 902 corporation.” in concluding provisions. - § 909(b)(1): Pub. L. 115–97, § 14301(c)(29)(B), struck out “902 or” after “for purposes of section”. - § 909(d): Pub. L. 115–97, § 14301(c)(30), struck out par. (5). Text read as follows: “The term ‘section 902 corporation’ means any foreign corporation with respect to which one or more domestic corporations meets the ownership requirements of subsection (a) or (b) of section 902.” ## § 911: Citizens or residents of the United States living abroad - § 911(b)(2)(D)(ii)(II): Pub. L. 115–97, § 11002(d)(9), substituted “for ‘2016’ in subparagraph (A)(ii)” for “for ‘1992’ in subparagraph (B)”. - § 911(f)(1)(B): Pub. L. 115–97, § 12001(b)(3)(E)(i), substituted “section 55(b)(1)(B)” for “section 55(b)(1)(A)(ii)” and “section 55(b)(1)(A)” for “section 55(b)(1)(A)(i)” in introductory provisions. - § 911(f)(2)(B): Pub. L. 115–97, § 12001(b)(3)(E)(ii), substituted “section 55(b)(1)(B)” for “section 55(b)(1)(A)(ii)” in introductory provisions and in cl. (i). ## § 951: Amounts included in gross income of United States shareholders - § 951(a)(1): Pub. L. 115–97, § 14215(a), substituted “at any time” for “for an uninterrupted period of 30 days or more” in introductory provisions. - § 951(a)(1)(A): Pub. L. 115–97, § 14212(b)(1)(A), amended subpar. (A) generally. Prior to amendment, subpar. (A) read as follows: “the sum of— - § 951(a)(3): Pub. L. 115–97, § 14212(b)(2), struck out par. (3). Text read as follows: “For purposes of paragraph (1)(A)(iii), the pro rata share of any United States shareholder of the previously excluded subpart F income of a controlled foreign corporation withdrawn from investment in foreign base company shipping operations shall not exceed an amount— - § 951(b): Pub. L. 115–97, § 14214(a), inserted “, or 10 percent or more of the total value of shares of all classes of stock of such foreign corporation” after “such foreign corporation”. - § 951(b): Pub. L. 115–97, § 14101(e)(1), substituted “title” for “subpart”. ## § 951A: Net CFC tested income included in gross income of United States shareholders - Enacted 26 U.S.C. § 951A. ## § 952: Subpart F income defined - § 952(c)(1)(B)(i): Pub. L. 115–97, § 14212(b)(1)(C), substituted “section 951(a)(1)(A)” for “section 951(a)(1)(A)(i)”. - § 952(c)(1)(B)(iii): Pub. L. 115–97, § 14211(b)(1), redesignated subcls. (II) to (V) as (I) to (IV), respectively, and struck out former subcl. (I) which read as follows: “foreign base company oil related income,”. ## § 953: Insurance income - § 953(b)(1)(A): Pub. L. 115–97, § 13512(b)(8), redesignated subpar. (B) as (A) and struck out former subpar. (A) which read as follows: “The small life insurance company deduction.” - § 953(b)(1)(B): Pub. L. 115–97, § 13512(b)(8), redesignated subpar. (C) as (B). Former subpar. (B) redesignated (A). - § 953(b)(1)(B): Pub. L. 115–97, § 13511(b)(7), amended subpar. (B) generally. Prior to amendment, subpar. (B) read as follows: “Section 805(a)(5) (relating to operations loss deduction).” - § 953(b)(1): Pub. L. 115–97, § 13512(b)(8), redesignated subpar. (C) as (B). - § 953(c)(1)(C): Pub. L. 115–97, § 14212(b)(1)(D), substituted “section 951(a)(1)(A)” for “section 951(a)(1)(A)(i)”. - § 953(d)(4)(B)(iv)(II): Pub. L. 115–97, § 14212(b)(3), struck out before period at end “or amounts referred to in clause (ii) or (iii) of section 951(a)(1)(A)”. ## § 954: Foreign base company income - § 954(a): Pub. L. 115–97, § 14211(a), struck out par. (5) which read as follows: “the foreign base company oil related income for the taxable year (determined under subsection (g) and reduced as provided in subsection (b)(5)).” - § 954(b)(4): Pub. L. 115–97, § 14211(b)(2)(A), struck out at end “The preceding sentence shall not apply to foreign base company oil-related income described in subsection (a)(5).” - § 954(b)(5): Pub. L. 115–97, § 14211(b)(2)(B), which directed substitution of “and the foreign base company services income” for “the foreign base company services income, and the foreign base company oil related income”, was executed by making the substitution for “the foreign base company services income,, and the foreign base company oil related income” to reflect the probable intent of Congress. - § 954(b): Pub. L. 115–97, § 14211(b)(2)(C), struck out par. (6). Text read as follows: “Income of a corporation which is foreign base company oil related income shall not be considered foreign base company income of such corporation under paragraph (2), or (3) of subsection (a).” - § 954(g): Pub. L. 115–97, § 14211(b)(3), struck out subsec. (g) which related to foreign base company oil related income. - § 954(i)(5)(B): Pub. L. 115–97, § 13517(b)(5), substituted “shall apply,” for “shall be substituted for the prevailing State assumed interest rate,”. ## § 957: Controlled foreign corporations; United States persons - § 957(a): Pub. L. 115–97 substituted “title” for “subpart” in introductory provisions. ## § 958: Rules for determining stock ownership - § 958(a)(1): Pub. L. 115–97, § 14301(c)(31), substituted “960” for “960(a)(1)” in introductory provisions. - § 958(b): Pub. L. 115–97, § 14213(a)(2), substituted “Paragraph (1)” for “Paragraphs (1) and (4)” in concluding provisions. - § 958(b)(4): Pub. L. 115–97, § 14213(a)(1), struck out par. (4) which read as follows: “Subparagraphs (A), (B), and (C) of section 318(a)(3) shall not be applied so as to consider a United States person as owning stock which is owned by a person who is not a United States person.” ## § 959: Exclusion from gross income of previously taxed earnings and profits - § 959(d): Pub. L. 115–97, § 14301(c)(32), substituted “Any” for “Except as provided in section 960(a)(3), any”. - § 959(e): Pub. L. 115–97, § 14301(c)(33), substituted “section 960(c)” for “section 960(b)”. ## § 960: Deemed paid credit for subpart F inclusions - § 960: Pub. L. 115–97, § 14301(b)(1), substituted “Deemed paid credit for subpart F inclusions” for “Special rules for foreign tax credit” in section catchline. - § 960(a), § 960(b), § 960(c): Pub. L. 115–97, § 14301(b)(1), added subsecs. (a) and (b), redesignated former subsec. (b) as (c), and struck out former subsecs. (a) and (c) which related to taxes paid by a foreign corporation and limitation with respect to section 956 inclusions, respectively. - § 960(d): Pub. L. 115–97, § 14201(b)(1), added subsec. (d). - § 960(e), § 960(f): Pub. L. 115–97, § 14301(b)(2), added subsecs. (e) and (f). ## § 961: Adjustments to basis of stock in controlled foreign corporations and of other property - § 961(d): Pub. L. 115–97 added subsec. (d). ## § 962: Election by individuals to be subject to tax at corporate rates - § 962(a)(1): Pub. L. 115–97 substituted “section 11” for “sections 11 and 55”. ## § 964: Miscellaneous provisions - § 964(b): Pub. L. 115–97, § 14212(b)(4), struck out “, 955,” after “sections 952”. - § 964(e)(4): Pub. L. 115–97, § 14102(c)(1), added par. (4). ## § 965: Treatment of deferred foreign income upon transition to participation exemption system of taxation - § 965: Pub. L. 115–97 amended section generally. Prior to amendment, section related to temporary dividends received deduction. ## § 970: Reduction of subpart F income of export trade corporations - § 970(b): Pub. L. 115–97 struck out subsec. (b). Text read as follows: “Each United States shareholder of a controlled foreign corporation which for any prior taxable year was an export trade corporation shall include in his gross income under section 951(a)(1)(A)(ii), as an amount to which section 955 (relating to withdrawal of previously excluded subpart F income from qualified investment) applies, his pro rata share of the amount of decrease in the investments in export trade assets of such corporation for such year, but only to the extent that his pro rata share of such amount does not exceed an amount equal to— ## § 1016: Adjustments to basis - § 1016(a)(1): Pub. L. 115–97, § 13521(a), substituted subpars. (A) and (B) for former subpars. (A) and (B) and concluding provisions which read as follows: - § 1016(a)(23): Pub. L. 115–97, § 13313(b), struck out “1044,” after “section 1043,” and “1044(d),” after “section 1043(c),”. - § 1016(a)(38): Pub. L. 115–97, § 13823(b), added par. (38). ## § 1031: Exchange of real property held for productive use or investment - § 1031: Pub. L. 115–97, § 13303(b)(5), substituted “real property” for “property” in section catchline. - § 1031(a)(1): Pub. L. 115–97, § 13303(a), substituted “real property” for “property” wherever appearing. - § 1031(a)(2): Pub. L. 115–97, § 13303(b)(1)(A), amended par. (2) generally. Prior to amendment, text read as follows: “This subsection shall not apply to any exchange of— - § 1031(e): Pub. L. 115–97, § 13303(b)(2), (3), added subsec. (e) and struck out former subsec. (e). Prior to amendment, text read as follows: “For purposes of this section, livestock of different sexes are not property of a like kind.” - § 1031(h): Pub. L. 115–97, § 13303(b)(4), amended subsec. (h) generally. Prior to amendment, subsec. (h) related to special rules for foreign real and personal property. - § 1031: Pub. L. 115–97, § 13303(b)(1)(B), struck out subsec. (i). Text read as follows: “For purposes of subsection (a)(2)(B), the term ‘stocks’ shall not include shares in a mutual ditch, reservoir, or irrigation company if at the time of the exchange— ## § 1059: Corporate shareholder’s basis in stock reduced by nontaxed portion of extraordinary dividends - § 1059(b)(2)(B): Pub. L. 115–97 substituted “245, or 245A” for “or 245”. ## § 1061: Partnership interests held in connection with performance of services - Enacted 26 U.S.C. § 1061. ## § 1063: Cross references - § 1063: Pub. L. 115–97 renumbered section 1061 of this title as this section. ## § 1221: Capital asset defined - § 1221(a)(3): Pub. L. 115–97 inserted “a patent, invention, model or design (whether or not patented), a secret formula or process,” before “a copyright” in introductory provisions. ## § 1231: Property used in the trade or business and involuntary conversions - § 1231(b)(1)(C): Pub. L. 115–97 inserted “a patent, invention, model or design (whether or not patented), a secret formula or process,” before “a copyright”. ## § 1248: Gain from certain sales or exchanges of stock in certain foreign corporations - § 1248(j), § 1248(k): Pub. L. 115–97 added subsec. (j) and redesignated former subsec. (j) as (k). ## § 1274A: Special rules for certain transactions where stated principal amount does not exceed $2,800,000 - § 1274A(d)(2): Pub. L. 115–97 amended par. (2) generally. Prior to amendment, text read as follows: ## § 1291: Interest on tax deferral - § 1291(g)(2)(A): Pub. L. 115–97 substituted “any distribution, any withholding tax imposed with respect to such distribution, but only if” for “any distribution— ## § 1293: Current taxation of income from qualified electing funds - § 1293(f)(3): Pub. L. 115–97 added par. (3). ## § 1297: Passive foreign investment company - § 1297(b)(2)(B): Pub. L. 115–97, § 14501(a), amended subpar. (B) generally. Prior to amendment, subpar. (B) read as follows: “derived in the active conduct of an insurance business by a corporation which is predominantly engaged in an insurance business and which would be subject to tax under subchapter L if it were a domestic corporation,”. - § 1297(f): Pub. L. 115–97, § 14501(b), added subsec. (f). ## § 1351: Treatment of recoveries of foreign expropriation losses - § 1351(i)(3): Pub. L. 115–97 struck out at end “or the operations loss deduction under section 810,”. ## § 1361: S corporation defined - § 1361(c)(2)(B)(v): Pub. L. 115–97 inserted at end “This clause shall not apply for purposes of subsection (b)(1)(C).” ## § 1371: Coordination with subchapter C - § 1371(f): Pub. L. 115–97 added subsec. (f). ## § 1374: Tax imposed on certain built-in gains - § 1374(b)(3)(B): Pub. L. 115–97, § 12002(c), struck out at end “A similar rule shall apply in the case of the minimum tax credit under section 53 to the extent attributable to taxable years for which the corporation was a C corporation.” - § 1374(b): Pub. L. 115–97, § 13001(b)(2)(N), struck out par. (4). Text read as follows: “For purposes of section 1201(a)— ## § 1381: Organizations to which part applies - § 1381(b): Pub. L. 115–97 substituted “tax imposed by section 11” for “taxes imposed by section 11 or 1201”. ## § 1400Z-1: Designation - Enacted 26 U.S.C. § 1400Z-1. ## § 1400Z-2: Special rules for capital gains invested in opportunity zones - Enacted 26 U.S.C. § 1400Z-2. ## § 1445: Withholding of tax on dispositions of United States real property interests - § 1445(e)(1): Pub. L. 115–97, § 13001(b)(3)(A), in introductory provisions, substituted “the highest rate of tax in effect for the taxable year under section 11(b)” for “35 percent” and “multiplied by the gain” for “of the gain”. - § 1445(e)(2): Pub. L. 115–97, § 13001(b)(3)(B), substituted “the highest rate of tax in effect for the taxable year under section 11(b) multiplied by the amount” for “35 percent of the amount”. - § 1445(e)(6): Pub. L. 115–97, § 13001(b)(3)(C), substituted “the highest rate of tax in effect for the taxable year under section 11(b)” for “35 percent” and “multiplied by the amount” for “of the amount”. ## § 1446: Withholding of tax on foreign partners’ share of effectively connected income - § 1446(b)(2)(B): Pub. L. 115–97, § 13001(b)(3)(D), substituted “section 11(b)” for “section 11(b)(1)”. - § 1446(f), § 1446(g): Pub. L. 115–97, § 13501(b), added subsec. (f) and redesignated former subsec. (f) as (g). ## § 1561: Limitation on accumulated earnings credit in the case of certain controlled corporations - § 1561: Pub. L. 115–97, § 13001(b)(6)(A), amended section generally. Prior to amendment, section related to limitations on certain multiple tax benefits in the case of certain controlled corporations. - § 1561(a): Pub. L. 115–97, § 12001(b)(16)(B), struck out at end “In applying section 55(d)(3), the alternative minimum taxable income of all component members shall be taken into account and any decrease in the exemption amount shall be allocated to the component members in the same manner as under paragraph (3).” - § 1561(a): Pub. L. 115–97, § 12001(b)(16)(A), struck out par. (3) which read as follows: “one $40,000 exemption amount for purposes of computing the amount of the minimum tax.” ## § 2001: Imposition and rate of tax - § 2001(g): Pub. L. 115–97 amended subsec. (g) generally. Prior to amendment, text read as follows: “For purposes of applying subsection (b)(2) with respect to 1 or more gifts, the rates of tax under subsection (c) in effect at the decedent’s death shall, in lieu of the rates of tax in effect at the time of such gifts, be used both to compute— ## § 2010: Unified credit against estate tax - § 2010(c)(3)(B)(ii): Pub. L. 115–97, § 11002(d)(1)(CC), substituted “for ‘calendar year 2016’ in subparagraph (A)(ii)” for “for ‘calendar year 1992’ in subparagraph (B)”. - § 2010(c)(3): Pub. L. 115–97, § 11061(a), added subpar. (C). ## § 2032A: Valuation of certain farm, etc., real property - § 2032A(a)(3)(B): Pub. L. 115–97 substituted “for ‘calendar year 2016’ in subparagraph (A)(ii)” for “for ‘calendar year 1992’ in subparagraph (B)”. ## § 2503: Taxable gifts - § 2503(b)(2)(B): Pub. L. 115–97 substituted “for ‘calendar year 2016’ in subparagraph (A)(ii)” for “for ‘calendar year 1992’ in subparagraph (B)”. ## § 3401: Definitions - § 3401(e): Pub. L. 115–97, § 11041(c)(2)(A), struck out subsec. (e). Text read as follows: “For purposes of this chapter, the term ‘number of withholding exemptions claimed’ means the number of withholding exemptions claimed in a withholding exemption certificate in effect under section 3402(f), or in effect under the corresponding section of prior law, except that if no such certificate is in effect, the number of withholding exemptions claimed shall be considered to be zero.” - § 3401(i): Pub. L. 115–97, § 13603(b)(1), added subsec. (i). ## § 3402: Income tax collected at source - § 3402(a)(2): Pub. L. 115–97, § 11041(c)(1), substituted “means the amount by which the wages exceed the taxpayer’s withholding allowance, prorated to the payroll period.” for “means the amount by which the wages exceed the number of withholding exemptions claimed multiplied by the amount of one such exemption. The amount of each withholding exemption shall be equal to the amount of one personal exemption provided in section 151(b), prorated to the payroll period. The maximum number of withholding exemptions permitted shall be calculated in accordance with regulations prescribed by the Secretary under this section, taking into account any reduction in withholding to which an employee is entitled under this section.” - § 3402(b)(1), § 3402(b)(2): Pub. L. 115–97, § 11041(c)(2)(C), substituted “allowance” for “exemption” in two places. - § 3402(f): Pub. L. 115–97, § 11041(c)(2)(D), substituted “allowance” for “exemptions” in heading. - § 3402(f)(1), § 3402(f)(2): Pub. L. 115–97, § 11041(c)(2)(B), amended pars. (1) and (2) generally. Prior to amendment, pars. (1) and (2) related to allowed withholding exemptions and withholding exemption certificates, respectively. - § 3402(f)(3), § 3402(f)(4), § 3402(f)(5): Pub. L. 115–97, § 11041(c)(2)(C), substituted “allowance” for “exemption” wherever appearing. - § 3402(f)(7): Pub. L. 115–97, § 11041(c)(2)(C), which directed substitution of “allowance” for “exemption” in heading, was executed by substituting “Allowance” for “Exemption” to reflect the probable intent of Congress. - § 3402(f)(7): Pub. L. 115–97, § 11041(c)(2)(C), substituted “allowance” for “exemption” in two places. - § 3402(g): Pub. L. 115–97, § 11041(c)(2)(C), which directed amendment of par. (4) of subsec. (g) by substituting “allowance” for “exemption” wherever appearing, was executed to concluding provisions of subsec. (g) in two places to reflect the probable intent of Congress. - § 3402(l)(1), § 3402(l)(2): Pub. L. 115–97, § 11041(c)(2)(C), substituted “allowance” for “exemption” wherever appearing. - § 3402(m): Pub. L. 115–97, § 11041(c)(2)(E), substituted “an additional withholding allowance or additional reductions in withholding under this subsection. In determining the additional withholding allowance” for “additional withholding allowances or additional reductions in withholding under this subsection. In determining the number of additional withholding allowances”. - § 3402(m)(1): Pub. L. 115–97, § 11051(b)(2)(B), struck out “(other than paragraph (10) thereof)” after “section 62(a)”. - § 3402(m)(1): Pub. L. 115–97, § 11011(b)(4), inserted “and the estimated deduction allowed under section 199A” after “chapter 1”. - § 3402(n): Pub. L. 115–97, § 11041(c)(2)(C), substituted “allowance” for “exemption” in introductory provisions. - § 3402(t): Pub. L. 115–97, § 13603(b)(2), added subsec. (t). ## § 3405: Special rules for pensions, annuities, and certain other deferred income - § 3405(a)(3): Pub. L. 115–97, § 11041(c)(2)(F), substituted “allowance” for “exemption”. - § 3405(a)(4): Pub. L. 115–97, in heading, substituted “allowance” for “exemption” and in text, substituted “allowance” for “exemption” and “shall be determined under rules prescribed by the Secretary” for “shall be determined by treating the payee as a married individual claiming 3 withholding exemptions”. ## § 4161: Imposition of tax - § 4161(b)(2)(C)(i)(II): Pub. L. 115–97 substituted “for ‘2016’ in subparagraph (A)(ii)” for “for ‘1992’ in subparagraph (B)”. ## § 4261: Imposition of tax - § 4261(e)(4)(A)(ii): Pub. L. 115–97, § 11002(d)(1)(FF), substituted “for ‘calendar year 2016’ in subparagraph (A)(ii)” for “for ‘calendar year 1992’ in subparagraph (B)”. - § 4261(e)(5): Pub. L. 115–97, § 13822(a), added par. (5). ## § 4960: Tax on excess tax-exempt organization executive compensation - Enacted 26 U.S.C. § 4960. ## § 4968: Excise tax based on investment income of private colleges and universities - Enacted 26 U.S.C. § 4968. ## § 4985: Stock compensation of insiders in expatriated corporations - § 4985(a)(1): Pub. L. 115–97 substituted “section 1(h)(1)(D)” for “section 1(h)(1)(C)”. ## § 5000A: Requirement to maintain minimum essential coverage - § 5000A(c)(2)(B)(iii): Pub. L. 115–97, § 11081(a)(1), substituted “Zero percent” for “2.5 percent”. - § 5000A(c)(3)(A): Pub. L. 115–97, § 11081(a)(2)(A), substituted “$0” for “$695”. - § 5000A(c)(3): Pub. L. 115–97, § 11081(a)(2)(B), struck out subpar. (D). Text read as follows: “In the case of any calendar year beginning after 2016, the applicable dollar amount shall be equal to $695, increased by an amount equal to— - § 5000A(c)(3): Pub. L. 115–97, § 11002(d)(1)(GG), substituted “for ‘calendar year 2016’ in subparagraph (A)(ii)” for “for ‘calendar year 1992’ in subparagraph (B)”. ## § 5001: Imposition, rate, and attachment of tax - § 5001(c): Pub. L. 115–97, § 13807(a), added subsec. (c). Former subsec. (c) redesignated (d). - § 5001(c)(1): Pub. L. 115–97, § 13807(c)(1), inserted “but only if the importer is an electing importer under paragraph (3) and the proof gallons of distilled spirits have been assigned to the importer pursuant to such paragraph” after “into the United States during the calendar year” - § 5001(c)(3), § 5001(c)(4): Pub. L. 115–97, § 13807(c)(2), added par. (3) and redesignated former par. (3) as (4). - § 5001(d): Pub. L. 115–97, § 13807(a), redesignated subsec. (c) as (d). ## § 5041: Imposition and rate of tax - § 5041(a): Pub. L. 115–97, § 13806(a)(1), substituted “Subject to subsection (h), still wines” for “Still wines”. - § 5041(b)(1), § 5041(b)(2): Pub. L. 115–97, § 13805(a), inserted “(16 percent in the case of wine removed after December 31, 2017, and before January 1, 2020” after “14 percent”. - § 5041(c)(4): Pub. L. 115–97, § 13804(b), substituted “section 5051(a)(5)” for “section 5051(a)(2)(B)”. - § 5041(c)(8): Pub. L. 115–97, § 13804(a), added par. (8). - § 5041(c)(8): Pub. L. 115–97, § 13804(c)(1), inserted “but only if the importer is an electing importer under paragraph (9) and the wine gallons of wine have been assigned to the importer pursuant to such paragraph” after “into the United States during the calendar year” in concluding provisions. - § 5041(c): Pub. L. 115–97, § 13804(c)(2), added par. (9). - § 5041(h): Pub. L. 115–97, § 13806(a)(2), added subsec. (h). ## § 5051: Imposition and rate of tax - § 5051(a)(1): Pub. L. 115–97, § 13802(a), amended par. (1) generally. Prior to amendment, text read as follows: “A tax is hereby imposed on all beer brewed or produced, and removed for consumption or sale, within the United States, or imported into the United States. Except as provided in paragraph (2), the rate of such tax shall be $18 for every barrel containing not more than 31 gallons and at a like rate for any other quantity or for fractional parts of a barrel.” - § 5051(a)(1): Pub. L. 115–97, § 13802(c)(1), inserted “but only if the importer is an electing importer under paragraph (4) and the barrels have been assigned to the importer pursuant to such paragraph” after “during the calendar year”. - § 5051(a)(2)(A): Pub. L. 115–97, § 13802(b), in heading, struck out “$7 a barrel” before “rate” and in text, inserted “($3.50 in the case of beer removed after December 31, 2017, and before January 1, 2020)” after “$7”. - § 5051(a)(2)(B), § 5051(a)(2): Pub. L. 115–97, § 13802(d)(1), redesignated subpar. (C) as (B) and struck out former subpar. (B) which related to application of barrel quantity to controlled groups. - § 5051(a)(4): Pub. L. 115–97, § 13802(c)(2), added par. (4). - § 5051(a)(5): Pub. L. 115–97, § 13802(d)(2), added par. (5). ## § 5212: Transfer of distilled spirits between bonded premises - § 5212: Pub. L. 115–97 inserted at end “In the case of distilled spirits transferred in bond after December 31, 2017, and before January 1, 2020, this section shall be applied without regard to whether distilled spirits are bulk distilled spirits.” ## § 5412: Removal of beer in containers or by pipeline - § 5412: Pub. L. 115–97 inserted “pursuant to section 5414 or” before “by pipeline”. ## § 5414: Transfer of beer between bonded facilities - § 5414: Pub. L. 115–97 designated existing provisions as subsec. (a), inserted heading, and added subsec. (b). ## § 6012: Persons required to make returns of income - § 6012(f): Pub. L. 115–97 added subsec. (f). ## § 6033: Returns by exempt organizations - § 6033(e)(1)(B)(ii): Pub. L. 115–97 substituted “section 162(e)(4)(B)(ii)” for “section 162(e)(5)(B)(ii)”. ## § 6038: Information reporting with respect to certain foreign corporations and partnerships - § 6038(c)(1)(B): Pub. L. 115–97, § 14301(c)(36), substituted “section 960” for “sections 902 (relating to foreign tax credit for corporate stockholder in foreign corporation) and 960 (relating to special rules for foreign tax credit)”. - § 6038(c)(4): Pub. L. 115–97, § 14301(c)(37), struck out subpar. (C) which read as follows: “In applying subsections (a) and (b) of section 902, and in applying subsection (a) of section 960, the reduction provided by this subsection shall not apply for purposes of determining the amount of post-1986 undistributed earnings.” ## § 6038A: Information with respect to certain foreign-owned corporations - § 6038A(b): Pub. L. 115–97, § 14401(b)(1), amended subsec. (b) generally. Prior to amendment, subsec. (b) described information required to be furnished by certain foreign-owned corporations. - § 6038A(d)(1), § 6038A(d)(2): Pub. L. 115–97, § 14401(b)(2), substituted “$25,000” for “$10,000”. ## § 6039F: Notice of large gifts received from foreign persons - § 6039F(d): Pub. L. 115–97 substituted “subparagraph (A)(ii) thereof shall be applied by substituting ‘1995’ for ‘2016’ ” for “subparagraph (B) thereof shall be applied by substituting ‘1995’ for ‘1992’ ”. ## § 6039H: Information with respect to Alaska Native Settlement Trusts and Native Corporations - § 6039H: Pub. L. 115–97, § 13821(c)(1)(A), struck out “sponsoring” before “Native Corporations” in section catchline. - § 6039H(e): Pub. L. 115–97, § 13821(c)(1)(B), added subsec. (e). ## § 6047: Information relating to certain trusts and annuity plans - § 6047(g): Pub. L. 115–97, § 13520(c)(2)(B), added subsec. (g). Former subsec. (g) redesignated (h). - § 6047(h): Pub. L. 115–97, § 13520(c)(2)(A), redesignated subsec. (g) as (h). - § 6047(h)(4): Pub. L. 115–97, § 13520(c)(2)(C), added par. (4). Text was editorially conformed to match the style of pars. (1) to (3). ## § 6050X: Information with respect to certain fines, penalties, and other amounts - Enacted 26 U.S.C. § 6050X. ## § 6050Y: Returns relating to certain life insurance contract transactions - Enacted 26 U.S.C. § 6050Y. ## § 6051: Receipts for employees - § 6051(a)(16), § 6051(a)(17): Pub. L. 115–97 added pars. (16) and (17). ## § 6211: Definition of a deficiency - § 6211(b)(4)(A): Pub. L. 115–97 inserted “and” before “36B” and struck out “, and 6431” after “168(k)(4)”. ## § 6323: Validity and priority against certain persons - § 6323(i)(4)(B): Pub. L. 115–97 substituted “for ‘calendar year 2016’ in subparagraph (A)(ii)” for “for ‘calendar year 1992’ in subparagraph (B)”. ## § 6334: Property exempt from levy - § 6334(d)(4): Pub. L. 115–97, § 11041(d), added par. (4). - § 6334(g)(1)(B): Pub. L. 115–97, § 11002(d)(1)(II), substituted “for ‘calendar year 2016’ in subparagraph (A)(ii)” for “for ‘calendar year 1992’ in subparagraph (B)”. ## § 6343: Authority to release levy and return property - § 6343(b): Pub. L. 115–97 substituted “2 years” for “9 months” in concluding provisions. ## § 6401: Amounts treated as overpayments - § 6401(b)(1): Pub. L. 115–97 substituted “and G” for “G, H, I, and J”. ## § 6425: Adjustment of overpayment of estimated income tax by corporation - § 6425(c)(1)(A): Pub. L. 115–97, § 14401(d)(3), amended subpar. (A) generally. Prior to amendment, subpar. (A) read as follows: “the tax imposed by section 11 or subchapter L of chapter 1, whichever is applicable, over”. - § 6425(c)(1)(A): Pub. L. 115–97, § 13001(b)(2)(P), struck out “or 1201(a),” after “by section 11”. - § 6425(c)(1)(A): Pub. L. 115–97, § 12001(b)(17), amended subpar. (A) generally. Prior to amendment, subpar. (A) read as follows: “The sum of— ## § 6501: Limitations on assessment and collection - § 6501(m): Pub. L. 115–97 inserted “45S(h),” after “45H(g),”. ## § 6532: Periods of limitation on suits - § 6532(c)(1): Pub. L. 115–97, § 11071(b)(1), substituted “2 years” for “9 months”. - § 6532(c)(2): Pub. L. 115–97, § 11071(b)(2), substituted “2-year” for “9-month”. ## § 6601: Interest on underpayment, nonpayment, or extensions of time for payment, of tax - § 6601(j)(3)(B): Pub. L. 115–97 substituted “for ‘calendar year 2016’ in subparagraph (A)(ii)” for “for ‘calendar year 1992’ in subparagraph (B)”. ## § 6651: Failure to file tax return or to pay tax - § 6651(i): Pub. L. 115–97 substituted “for ‘calendar year 2016’ in subparagraph (A)(ii)” for “for ‘calendar year 1992’ in subparagraph (B)”. ## § 6652: Failure to file certain information returns, registration statements, etc. - § 6652(c)(7)(A): Pub. L. 115–97, § 11002(d)(1)(LL), substituted “for ‘calendar year 2016’ in subparagraph (A)(ii)” for “for ‘calendar year 1992’ in subparagraph (B)”. - § 6652(p): Pub. L. 115–97, § 13603(e), added subsec. (p). ## § 6655: Failure by corporation to pay estimated income tax - § 6655(e)(2)(A)(i): Pub. L. 115–97, § 14401(d)(4)(B), inserted “and modified taxable income” after “taxable income” in introductory provisions. - § 6655(e)(2)(A)(i): Pub. L. 115–97, § 12001(b)(18), struck out “and alternative minimum taxable income” after “taxable income” in introductory provisions. - § 6655(e)(2)(B)(i): Pub. L. 115–97, § 14401(d)(4)(B), inserted “and modified taxable income” after “taxable income”. - § 6655(e)(2)(B)(i): Pub. L. 115–97, § 12001(b)(18), struck out “and alternative minimum taxable income” after “taxable income”. - § 6655(e)(2)(B)(iii): Pub. L. 115–97, § 14401(d)(4)(C), added cl. (iii). - § 6655(g)(1)(A)(i): Pub. L. 115–97, § 14401(d)(4)(A), struck out “plus” at end. - § 6655(g)(1)(A)(i): Pub. L. 115–97, § 13001(b)(2)(P), struck out “or 1201(a),” after “section 11”. - § 6655(g)(1)(A)(i): Pub. L. 115–97, § 12001(b)(19), inserted “plus” at end. - § 6655(g)(1)(A)(ii): Pub. L. 115–97, § 14401(d)(4)(A), added cl. (ii). Former cl. (ii) redesignated (iii). - § 6655(g)(1)(A)(ii): Pub. L. 115–97, § 12001(b)(19), redesignated cl. (iii) as (ii) and struck out former cl. (ii) which read as follows: “the tax imposed by section 55, plus”. - § 6655(g)(1)(A)(iii): Pub. L. 115–97, § 14401(d)(4)(A), redesignated cl. (ii) as (iii). - § 6655(g)(1)(A)(iii): Pub. L. 115–97, § 12001(b)(19), redesignated cl. (iii) as (ii). ## § 6662: Imposition of accuracy-related penalty on underpayments - § 6662(d)(1)(C): Pub. L. 115–97 added subpar. (C). ## § 6695: Other assessable penalties with respect to the preparation of tax returns for other persons - § 6695(g): Pub. L. 115–97, § 11001(b), amended subsec. (g) generally. Prior to amendment, text read as follows: “Any person who is a tax return preparer with respect to any return or claim for refund who fails to comply with due diligence requirements imposed by the Secretary by regulations with respect to determining eligibility for, or the amount of, the credit allowable by section 24, 25A(a)(1), or 32 shall pay a penalty of $500 for each such failure.” - § 6695(h)(1): Pub. L. 115–97, § 11002(d)(1)(MM), substituted “for ‘calendar year 2016’ in subparagraph (A)(ii)” for “for ‘calendar year 1992’ in subparagraph (B)”. ## § 6698: Failure to file partnership return - § 6698(e)(1): Pub. L. 115–97 substituted “for ‘calendar year 2016’ in subparagraph (A)(ii)” for “for ‘calendar year 1992’ in subparagraph (B)”. ## § 6699: Failure to file S corporation return - § 6699(e)(1): Pub. L. 115–97 substituted “for ‘calendar year 2016’ in subparagraph (A)(ii)” for “for ‘calendar year 1992’ in subparagraph (B)”. ## § 6721: Failure to file correct information returns - § 6721(f)(1): Pub. L. 115–97 substituted “for ‘calendar year 2016’ in subparagraph (A)(ii)” for “for ‘calendar year 1992’ in subparagraph (B)”. ## § 6722: Failure to furnish correct payee statements - § 6722(f)(1): Pub. L. 115–97 substituted “for ‘calendar year 2016’ in subparagraph (A)(ii)” for “for ‘calendar year 1992’ in subparagraph (B)”. ## § 6724: Waiver; definitions and special rules - § 6724(d)(1)(B)(xxvi): Pub. L. 115–97, § 13520(c)(1)(A), added cl. (xxvi). Amendment directing substitution of “or” for “and” at end of cl. (xxv) was executed by inserting “or” to reflect the probable intent of Congress because “and” did not appear. - § 6724(d)(2)(JJ): Pub. L. 115–97, § 13520(c)(1)(B), added subpar. (JJ) relating to section 6050Y. - § 6724(d)(3)(C), § 6724(d)(3): Pub. L. 115–97, § 11051(b)(2)(C), redesignated subpar. (D) as (C) and struck out former subpar. (C) which read as follows: “any requirement contained in the regulations prescribed under section 215 that a person— ## § 7345: Revocation or denial of passport in case of certain tax delinquencies - § 7345(f)(2): Pub. L. 115–97 substituted “for ‘calendar year 2016’ in subparagraph (A)(ii)” for “for ‘calendar year 1992’ in subparagraph (B)”. ## § 7430: Awarding of costs and certain fees - § 7430(c)(1): Pub. L. 115–97 substituted “for ‘calendar year 2016’ in subparagraph (A)(ii)” for “for ‘calendar year 1992’ in subparagraph (B)” in concluding provisions. ## § 7518: Tax incentives relating to merchant marine capital construction funds - § 7518(g)(6)(A): Pub. L. 115–97, § 13001(b)(7), in concluding provisions, substituted “In the case of a taxpayer other than a corporation, with respect to the portion” for “With respect to the portion” and struck out “(34 percent in the case of a corporation)” after “shall not exceed 20 percent”. - § 7518(g)(6)(A): Pub. L. 115–97, § 13001(b)(2)(Q), struck out “or 1201(a)” after “section 1(h)” in concluding provisions. ## § 7652: Shipments to the United States - § 7652(f)(2): Pub. L. 115–97 substituted “subsection (a)(1) of section 5001, determined as if subsection (c)(1) of such section did not apply” for “section 5001(a)(1)”. ## § 7701: Definitions - § 7701(a)(17): Pub. L. 115–97, § 11051(b)(4), substituted “section 2516” for “sections 682 and 2516” and substituted “such section” for “such sections” wherever appearing. - § 7701(b)(5)(A)(iv): Pub. L. 115–97, § 13304(a)(2)(F), amended cl. (iv) generally. Prior to amendment, cl. (iv) read as follows: “a professional athlete who is temporarily in the United States to compete in a charitable sports event described in section 274(l)(1)(B).” ## § 7702: Life insurance contract defined - § 7702(c)(3)(B)(i): Pub. L. 115–97, § 13517(a)(4)(A), added cl. (i) and struck out former cl. (i) which read as follows: “reasonable mortality charges which meet the requirements (if any) prescribed in regulations and which (except as provided in regulations) do not exceed the mortality charges specified in the prevailing commissioners’ standard tables (as defined in section 807(d)(5)) as of the time the contract is issued,”. - § 7702(f)(10): Pub. L. 115–97, § 13517(a)(4)(B), added par. (10). ## § 7872: Treatment of loans with below-market interest rates - § 7872(g)(5): Pub. L. 115–97 amended par. (5) generally. Prior to amendment, text read as follows: ## § 7874: Rules relating to expatriated entities and their foreign parents - § 7874(e)(1)(B): Pub. L. 115–97 substituted “section 11(b)” for “section 11(b)(1)”. ## § 9831: General exceptions - § 9831(d)(2)(D)(ii)(II): Pub. L. 115–97 substituted “for ‘calendar year 2016’ in subparagraph (A)(ii)” for “for ‘calendar year 1992’ in subparagraph (B)”.