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(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.
- Repealed. Pub. L. 96–589, 6
Repeal effective Oct. 1, 1979, but not to apply to...
- Repealed. Pub. L. 96–589, 6
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 Section 1017 Discharge of indebtedness (a) General rule. If- (1) an amount is excluded from gross income under subsection (a) of section 108 (relating to discharge of indebtedness), and (2) under subsection (b)(2)(E) , (b)(5) , or (c)(1) of section 108 , any portion of such amount is to be applied to reduce basis,
IRC. Subtitle A. Chapter 1. Subchapter O. Part II. § 1017. Sec. 1017. Discharge Of Indebtedness. I.R.C. § 1017 (a) General Rule — If— I.R.C. § 1017 (a) (1) — an amount is excluded from gross income under subsection (a) of section 108 (relating to discharge of indebtedness), and. I.R.C. § 1017 (a) (2) —
§1017 TITLE 26—INTERNAL REVENUE CODE Page 1994 ‘‘(a) SHORTTITLE.—This section may be cited as the ‘Retirement-Straight Line Adjustment Act of 1958’. ‘‘(b) MAKING OF ELECTION.—Any taxpayer who held re-tirement-straight line property on his 1956 adjustment date may elect to have this section apply. Such an elec-
Personal property used in a trade or business or held for investment, other than inventory, accounts receiv-able, and notes receivable, that secured the discharged indebtedness imme-diately before the discharge;
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.
