§235-2.2 - Internal Revenue Code, further amendments adopted.
§235-2.2 Internal Revenue Code, further amendments adopted. For each taxable year specified in column 1 below, the Internal Revenue Code meant is the Internal Revenue Code of 1954 as amended as of June 7, 1957 and as further amended by the acts of Congress, or portions thereof, enumerated in column 2 (section numbers in column 2 are inclusive). Amendments to the Code not enumerated in section 235-2, 235-2.1, or herein shall not be operative for the purposes of this chapter unless specifically adopted.
Column 1
Column 2
Taxable years beginning on or after January 1, 1977.
Public Law 629, 84th Cong., 2d Session, section 5(a) (with respect to nontaxable exchanges for taxable years beginning after December 31, 1976).
Public Law 86-779, section 10(h) (with respect to constructive ownership of stock for taxable years beginning after December 31, 1976).
Public Law 86-781, section 6(a) (with respect to limitation on acceleration of accrual of taxes for taxable years beginning after December 31, 1976).
Public Law 87-876, section 3(a) (with respect to dividends or interest paid on certain deposits or withdrawable accounts for taxable years beginning after December 31, 1976).
Public Law 88-272, sections 218(a) and (b) (with respect to corporate reorganizations for taxable years beginning after December 31, 1976) and 226(a) and (b) (with respect to treatment in case of oil and gas wells for taxable years beginning after December 31, 1976).
Public Law 88-484, section 1(b) (1) and (2) (with respect to corporate distributions in
taxable years beginning after December 31, 1976).
Public Law 88-539, section 3(a) and (b) (with respect to the installment method of accounting for taxable years beginning after December 31, 1976).
Public Law 88-554, section 4(a) (with respect to constructive ownership of stock for taxable years beginning after December 31, 1976).
Public Law 88-563, section 5 (with respect to original issue discount for taxable years beginning after December 31, 1976).
Public Law 89-97, sections 106(a), (b), (c), and (d)(1) (with respect to medical deductions for taxable years beginning after December 31, 1976) and 313(b) (with respect to employee tips for taxable years beginning after December 31, 1976).
Public Law 89-570, section 1(b)(2) and (4) (with respect to corporate distributions in taxable years beginning after December 31, 1976).
Public Law 89-809, section 202(c) (with respect to methods of accounting for taxable years beginning after December 31, 1976).
Public Law 90-621, section 1(a) and (b) (with respect to corporate reorganizations for taxable years beginning after December 31, 1976).
Public Law 91-172, sections
211(a) and (b)(1) to (6) (with respect to gain from disposition of property
used in farming where farm losses offset nonfarm income for
taxable years beginning after December 31, 1976; provided that provisions
relating to the excess deduction account shall not apply), 214(a) (with
respect to gain from disposition of farm land for taxable years beginning
after December 31, 1976), 215(a) (with respect to crop insurance proceeds for
taxable years beginning after December 31, 1976), 216(a) (with respect to
capitalization of costs of planting and developing citrus groves for taxable
years beginning after December 31, 1976), 221(a) (with respect to limitation
on interest deduction attributable to investment indebtedness for taxable
years beginning after December 31, 1976), 413(a) and (b) (with respect to
bonds and other evidences of indebtedness for taxable years beginning after
December 31, 1976), 511(a) (with respect to definition of terms applicable to
capital gains and losses for taxable years beginning after December 31,
1976), 802(b)(1) and (2) (with respect to the determination of marital status
for taxable years beginning after December 31, 1976), and 916(a) (with
respect to methods of accounting for taxable years beginning after December
31, 1976).
Public Law 91-680, section 1(a) (with respect to capitalization of costs of planting and developing almond groves for taxable years beginning after December 31, 1976).
Public Law 91-687, section 1 (with respect to determining when stock of a corporation shall not be treated as a capital asset for taxable years beginning after December 31, 1976).
Public Law 91-693, section (a) and (b) (with respect to corporate reorganizations for taxable years beginning after December 31, 1976).
Public Law 92-178, sections 304(a)(2), (c), and (d) (with respect to excess investment interest for taxable years beginning after December 31, 1976) and 305(a) (with respect to farm losses of electing small business corporations for taxable years beginning after December 31, 1976; provided that provisions relating to the excess deduction account shall not apply).
Public Law 93-406, sections 1013(c)(2) (with respect to when certain contributions may be made for taxable years beginning after December 31, 1976) and 2004(a)(2) (with respect to limitations on benefits and contributions under qualified plans for taxable years beginning after December 31, 1976).
Public Law 93-483, sections 4
(with respect to application of section 117 of the Internal Revenue Code to
certain educational programs for members of the uniformed services for
taxable years beginning after December 31, 1976) and 6(a) (with respect to
penalties forfeited because of premature withdrawal of funds from
time-savings accounts or deposits for
taxable years beginning after December 31, 1976).
Public Law 94-12, section 207 (with respect to extension of period for replacing old residence for purpose of nonrecognition of gain for taxable years beginning after December 31, 1976).
Public Law 94-267, sections (a)(1), (2), and (3) and (b)(1), (2), and (3) (with respect to termination of employee trusts and annuity plans for taxable years beginning after December 31, 1976).
Public Law 94-455, sections
201(a) (with respect to the capitalization and amortization of real property
construction period interest and taxes, in the case of (1) nonresidential
real property, for taxable years beginning after December 31, 1976, (2) residential
real property, other than low-income housing, for taxable years beginning
after December 31, 1977, and (3) low-income housing, for taxable years
beginning after December 31, 1981; provided that the transitional rule for
1976 (section 189(f) of the Internal Revenue Code as added by section 201(a)
shall not apply)), 202(a), (b), and (c) (with respect to the recapture of
depreciation on real property for taxable years beginning after December 31,
1976; provided that section 202(b) shall apply with respect to proceedings
and operations of law referred to in section 1250(d)(10) of the Internal
Revenue Code which begins after December 31, 1976), 203(a) (with respect to
the depreciation of expenditures to rehabilitate low-income rental housing
for taxable years beginning after December 31, 1976; provided that (1)
section 167(k) of the Internal Revenue Code as adopted by this State is
amended by striking out "January 1, 1975" in paragraph (1) and
inserting in lieu thereof "January 1, 1978", (2) the amendments
made by section 203(a)(1), (3), and (4) shall apply to expenditures paid or
incurred after December 31, 1976, and before January 1, 1978, and
expenditures made pursuant to a binding contract entered into before January
1, 1978, and (3) the amendment made by section 203(a)(2) shall apply to
expenditures incurred after December 31, 1976), 204(a) and (c)(2) and (3)(A)
and (B) (with respect to limitations on deductions for expenses for taxable
years beginning after December 31, 1976; provided that the amendments made by
section 204(a) shall apply to losses attributable to amounts paid or incurred
in taxable years beginning after December 31, 1976, and for this purpose, any
amount allowed or allowable for depreciation or amortization for any period
shall be treated as an amount paid or incurred in such period; provided
further that as adopted by this State (1) the date September 11, 1975, in
section 204(c)(2)(A) shall read January 1, 1977, (2) the dates December 31,
1975, and September 10, 1975, respectively, in section 204(c)(2)(B) shall
read
December 31, 1976 and January
1, 1977, respectively, (3) the date January 1, 1976 in section 204(c)(3)(A)
shall read January 1, 1977, (4) the date December 31, 1975 in section
204(c)(3)(B) shall read December 31, 1976, and (5) the dates contained in
section 204(c)(3)(C) shall be disregarded), 205(a), (b), and (c) (with
respect to gain from the disposition of interest in oil or gas property for
taxable years beginning after December 31, 1976; provided that section 1254
of the Internal Revenue Code as adopted by this State is amended by striking
out "December 31, 1975" therein and inserting in lieu thereof
"December 31, 1976"), 206(a) and (b) (with respect to gain from
disposition of property used in farming where farm losses offset nonfarm
income for taxable years beginning after December 31, 1976; provided that the
adoption of section 206(a) shall not result in application of the excess
deduction account for taxable years beginning before January 1, 1977),
207(a)(1), (b)(1) and (2) and (c)(1)(A), and (c)(3) (with respect to
limitations on deductions in case of farming syndicates; capitalization of
certain orchard and vineyard expenses; and method of accounting for
corporations engaged in farming for taxable years beginning after December
31, 1976), 208(a) (with respect to prepaid interest for taxable years
beginning after December 31, 1976), 209(a) and (b)(2) (with respect to
limitation on
interest deduction for taxable years beginning after December 31, 1976,
except where otherwise provided in section 209(b)(2); provided that as
adopted by this State (1) the date "September 11, 1975" in section
209(b)(2) shall read "January 1, 1977", and (2) the date
"September 10, 1975" in section 209(b)(2) shall read "December
31, 1976"), 210(a) (with respect to amortization of motion pictures,
books, records, and other similar property for taxable years beginning after
December 31, 1976), 212(a)(1) and (b)(1) (with respect to basis limitation
for and recapture of depreciation on player contracts for taxable years
beginning after December 31, 1976), 213(a) (with respect to dollar
limitations in the case of partnerships with respect to additional first-year
depreciation allowance for taxable years beginning after December 31, 1976),
(b)(1) and (3) (with respect to treatment of organization and syndication
fees for taxable years after December 31, 1976), (c)(1) and (2) (with respect
to allocation of partnership income and losses for taxable years beginning
after December 31, 1976), (d) (with respect to determination of partner's
distributive shares for taxable years beginning after December 31, 1976), and
(e) (with respect to treatment of partnership liabilities with respect to
which the partner is not personally liable for taxable years beginning after
December 31, 1976), 214(a) (with
respect to scope of waiver of statute of limitations in case of activities
not engaged in for profit for taxable years beginning after December 31,
1976), 502(a) (with respect to deductions for alimony allowed in determining
adjusted gross income for taxable years beginning after December 31, 1976),
506(a), (b), and (c) (with respect to moving expenses for taxable years
beginning after December 31, 1976), 601(a) (with respect to deductions for
expenses attributable to business use of home, rental of vacation homes,
etc., for taxable years beginning after December 31, 1976), 602(a) (with
respect to deductions for attending conventions for taxable years beginning
after December 31, 1976), 605(a) (with respect to deductions for guarantees
of business bad debts to guarantors not involved in business for taxable
years beginning after December 31, 1976), 701(a)(2) and (3), (b), (c), (d),
and (e)(2) (with respect to accumulation trusts for taxable years beginning
after December 31, 1976; provided that the reference in section 668 of the
Internal Revenue Code to section 667 of the Internal Revenue Code shall be
deemed a reference to section 235-58.1 relating to the treatment of amounts
deemed distributed by trust in preceding years and the reference in section
641 of the Internal Revenue Code to section 644(b) of the Internal Revenue
Code shall be deemed a reference to section 235-58.2(b) relating to the
special rule for gain on property transferred to trusts at less than fair
market value), 806(e), (f), as to special limitations on capital losses, and
(g)(2) (with respect to limitations on net operating loss carryovers and
capital losses effective for taxable years as provided in sections
806(g)(2)), 1401(a) and (b) (with respect to amounts of ordinary income
against which capital loss may be offset for taxable years beginning after
December 31, 1976), 1402(a), (b), (c), and (d) (with respect to increases in
holding period required for capital gain or loss to be long term for six to
nine months for taxable years beginning after December 31, 1976, and from
nine months to one year for taxable years beginning after December 31, 1977),
1404(a) (with respect to sales of residences by elders for taxable years
beginning after December 31, 1976), 1501(a) and (b)(1) to (6) and (10) (with
respect to retirement savings for certain married individuals for taxable
years beginning after December 31, 1976), 1502(a)(1) and (2) (with respect to
limitations on contributions to certain pension, etc., plans for taxable
years beginning after December 31, 1976), 1503(a) (with respect to
participation by members of reserves or national guard, and volunteer
firefighters in individual retirement accounts, etc., for taxable years
beginning after December 31, 1976), 1901(a)(22) (with respect to
determination of
marital status for taxable years beginning after December 31, 1976), (a)(66)
(with respect to accounting methods for taxable years beginning after
December 31, 1976), (a)(87) (with respect to the definition of property for
taxable years beginning after December 31, 1976), (a)(128) (with respect to
involuntary conversion for taxable years beginning after December 31, 1976),
and (a)(136) (with respect to definition of terms applicable to capital gains
and losses for taxable years beginning after December 31, 1976), and
(b)(3)(I) (with respect to taxable years beginning after December 31, 1976),
and (b)(3)(K) (with respect to ordinary income for taxable years beginning
after December 31, 1976; provided that provisions relating to the excess
deduction account shall not apply), and (b)(14)(D) (with respect to taxable
years beginning after December 31, 1976), 1904(b)(10)(C) (with respect to
taxable years beginning after January 31, 1977), 1951(b)(7) (with respect to
accounting methods for taxable years beginning after December 31, 1976;
provided that notwithstanding the amendment made by section 1951(b)(7), in
the case of installment payments received during taxable years beginning
after December 31, 1976, on account of a sale or other disposition made
during a taxable year beginning before January 1, 1954, subsection (b)(1) of
section 453 of the Internal Revenue Code (relating to
sales of realty and casual sales of personalty) shall apply only if the
income was (by reason of section 44(b) of the Internal Revenue Code of 1939)
returnable on the basis and in the manner prescribed in section 44(a) of the
Internal Revenue Code of 1939), 2004(e) (with respect to requirements for
capital gain on stock redemptions to pay estate taxes for taxable years
beginning after December 31, 1976; provided that the references in section
303(b)(1) of the Internal Revenue Code to the time limits in sections 6213,
6501(a), 6166, and 6166A of the Internal Revenue Code or the election under
sections 6166 and 6166A of the Internal Revenue Code shall be followed by the
State even though the State has not adopted such sections), 2005(b) (with
respect to the use of certain appreciated carryover basis property to satisfy
pecuniary request for taxable years beginning after December 31, 1976), and
(c) (with respect to increases in basis for gift tax paid to that portion of
gift tax attributable to net appreciation in value for taxable years
beginning after December 31, 1976), 2101(b) (with respect to allowances of
depreciation deduction by a cooperative housing corporation for taxable years
beginning after December 31, 1976), 2102(a) and (b) (with respect to
treatment of certain disaster payments for taxable years beginning after December
31, 1976), 2104(a) (with respect to deductions
for bad debts owed by a
political party for taxable years beginning after December 31, 1976), 2110(a)
(with respect to application of franchise rules to partnerships for taxable
years beginning after December 31, 1976; provided that the amendments made by
section 2110(a) shall apply to transactions described in section 731, 736,
741, or 751 of the Internal Revenue Code which occur after December 31, 1976,
in taxable years ending after that date), 2118(a) (with respect to treatment
of gain or loss on sales or exchanges in connection with simultaneous
liquidation of a parent or subsidiary corporation for taxable years beginning
after December 31, 1976), 2122(a) and (b)(2), (3), and (4) (with respect to
allowances of deduction for eliminating architectural and transportation
barriers for the handicapped for taxable years beginning after December 31,
1976 and before January 1, 1980), 2124(a)(1), (2), and (3) (with respect to
the rehabilitation of certified historic structures with respect to additions
to capital accounts made after December 31, 1976, and before June 15, 1981),
(b)(1) (with respect to demolition of certain historic structures commencing
after December 31, 1976, and before January 1, 1981), (c)(1) (with respect to
depreciation of rehabilitation expenditures of certified historical
structures on that portion of the basis which is attributable to
construction,
reconstruction, or erection after December 31, 1976, and before January 1,
1981; provided that section 167(n) of the Internal Revenue Code as adopted by
this State is amended by striking out "June 30, 1976" and inserting
in lieu thereof "January 1, 1977"), (d)(1) (with respect to
depreciation of rehabilitation expenditures of certified historical
structures with respect to additions to capital account occurring after
December 31, 1976, and before July 1, 1981), and (e)(1) (with respect to
deductions for charitable contributions of partial interests in property for
conservation purposes with respect to contributions made after December 31,
1976, and before June 14, 1977), 2127(a) (with respect to outdoor advertising
displays for taxable years beginning after December 31, 1976), 2129(a) (with
respect to gain from sale of depreciable property between related parties for
taxable years beginning after December 31, 1976; provided the amendments made
by section 2129(a) shall apply to sales or exchanges after December 31, 1976;
and provided that a sale or exchange is considered to have occurred on or before
such date if such sale or exchange is made pursuant to a binding contract
entered into on or before such date), 2130 (with respect to application of
section 117 of the Internal Revenue Code to certain education programs for
members of the uniformed services), 2131(a), (b), (c), (d), and
(e)(1) (with respect to exchange fund transfers made in taxable years ending
after December 31, 1976; provided that (1) except as provided in (2)
following, the amendment made by section 2131(a) shall apply to transfers
made after December 31, 1976, in taxable years ending after such date;
provided further that (2) the amendment made by section 2131(a) shall not
apply to transfers made in accordance with a ruling issued by the Internal
Revenue Service before February 18, 1976, holding that a proposed transaction
would be a reorganization described in paragraph (1) of section 368(a) of the
Internal Revenue Code; and (3) except as provided in (4) following, the
amendments made by section 2131(b) and (c) shall apply to transfers made
after December 31, 1976, in taxable years ending after such date; provided
further that (4) the amendments made by section 2131(b) and (c) shall not
apply to transfers made on or before January 2, 1977, if: (A) either (i) a
ruling request with respect to such transfers was filed with the federal
Internal Revenue Service before March 27, 1976, or (ii) a registration
statement with respect to such transfers was filed with the federal
Securities and Exchange Commission before March 27, 1976, (B) the securities
transferred were deposited on or before December 3, 1976, and (C) either (i)
the aggregate value (determined as of the close of
December 3, 1976, or, if earlier, the close of the deposit period) of the
securities so transferred does not exceed $100,000,000, or (ii) the
securities transferred were all on deposit on February 29, 1976, pursuant to
a registration statement referred to in (A)(ii) preceding; provided further
that (5) if no registration statement was required to be filed with the federal
Securities and Exchange Commission with respect to the transfer of securities
to any partnership, then (4) preceding shall be applied to such transfers (A)
as if (4) preceding did not contain (4)(A)(ii) preceding, and (B) by
substituting "$25,000,000" for "$100,000,000" in (4)(C)
(i) preceding; and provided further that (6) the amendments made by section
2131(d) and (e) shall take effect on January 1, 1977, in taxable years ending
on or after such date), 2132(A) (with respect to contributions of certain
government publications for taxable years beginning after December 31, 1976),
2135(a) (with respect to charitable contributions of inventory and other
property for taxable years beginning after December 31, 1976), 2136(a) (with
respect to treatment of grantor of options of stock, securities, and
commodities for taxable years beginning after December 31, 1976), 2139(a)
(with respect to support test for dependent children of divorced, etc.,
parents for
taxable years beginning after December 31, 1976), 2140(a) (with respect to
involuntary conversions of real property for taxable years beginning after
December 31, 1976; provided that the amendments made by section 2140(a) shall
apply with respect to any disposition of converted property (within the meaning
of section 1033(a)(2) of the Internal Revenue Code) after December 31, 1976,
unless a condemnation proceeding with respect to such property began before
such effective date), and 2141(a) (with respect to livestock sold on account
of drought for taxable years beginning after December 31, 1976).
For taxable years beginning on or after January 1, 1978.
Public Law 94-455, section 505(a) and (b) (with respect to changes in exclusions for sick pay and certain military, etc., disability pensions; certain disability income for taxable years beginning after December 31, 1977; provided that where disability or annuity payments are excluded from taxation by section 235-7 the adoption of section 505(a) and (b) shall not make such payments taxable under this chapter).
[L 1977, c 47, §2; am L 1981, c 3, §2(1); am L 1990, c 67, §8]
Note
Sections 235-58.1 and 235-58.2 referred to in text are repealed.