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For purposes of this section, any interest of a partner in a partnership shall be treated as depreciable property to the extent of such partner’s proportionate interest in the depreciable property held by such partnership.
- Repealed. Pub. L. 96–589, 6
Repeal effective Oct. 1, 1979, but not to apply to...
- Repealed. Pub. L. 96–589, 6
For basis reductions under section 108(b)(5) and basis reductions relating to qualified farm indebtedness, a taxpayer may elect under sections 1017(b) (3)(E) and (4)(C), respectively, to treat real property described in section 1221(1) as depreciable property.
For purposes of this section, any interest of a partner in a partnership shall be treated as depreciable property to the extent of such partner's proportionate interest in the depreciable property held by such partnership.
Section 1017(a) provides that when any portion of COD income excluded from gross income under section 108(a) is to be applied to reduce basis, then such portion shall be applied to reduce the basis of any property held by the taxpayer at the beginning of the taxable year following the taxable year in which the discharge occurs.
Internal Revenue Code § 1017. Discharge of indebtedness. Current as of January 01, 2024 | Updated by FindLaw Staff. (a) General rule. --If-- (1) an amount is excluded from gross income under subsection (a) of section 108 (relating to discharge of indebtedness), and.
Amount and properties determined under regulations. (1) In general. The amount of reduction to be applied under subsection (a) (not in excess of the portion referred to in subsection (a)), and the particular properties the bases of which are to be reduced, shall be determined under regulations prescribed by the Secretary.
1017 (b) (1) In General. The amount of reduction to be applied under subsection (a) (not in excess of the portion referred to in subsection (a)), and the particular properties the bases of which are to be reduced, shall be determined under regulations prescribed by the Secretary.
