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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- Repealed.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- Repealed.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
In the case of an amount excluded from gross income under section 108(a)(1)(A), no reduction in basis shall be made under this section in the basis of property which the debtor treats as exempt property under section 522 of title 11 of the United States Code.
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.
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.
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.
You can elect under section 1017(b)(3)(E) to treat all real property held primarily for sale to customers in the ordinary course of a trade or business as if it were depreciable property. This election doesn’t apply to the discharge of qualified real property business indebtedness.
CHAPTER 1 - NORMAL TAXES AND SURTAXES. Subchapter O - Gain or Loss on Disposition of Property. PART II - BASIS RULES OF GENERAL APPLICATION. Sec. 1017 - Discharge of indebtedness. Contains. section 1017. Date. 2011. Laws In Effect As Of Date. January 3, 2012. Positive Law. No. Disposition. standard. Source Credit.
