Subsec. (g). Pub. L. 100–647, § 1004(a)(4), substituted “indebtedness” for “indebtedness of solvent farmers” in going and amended text generally speaking. Ahead of amendment, text read the following:

“(1) as a whole. —For purposes for this part and area 1017, the release by an experienced individual of qualified farm indebtedness of a taxpayer that is maybe maybe perhaps not insolvent at the time of the release will be addressed when you look at the manner that is same in the event that release had taken place as soon as the taxpayer had been insolvent.

“(2) Qualified farm indebtedness. —For purposes for this subsection, indebtedness of a taxpayer shall be addressed as qualified farm indebtedness if—

“(A) such indebtedness ended up being incurred straight associated with the procedure because of the taxpayer for the trade or company of agriculture, and

“(B) 50 per cent or higher associated with typical yearly gross receipts regarding the taxpayer when it comes to 3 taxable years preceding the taxable 12 months in that your release of these indebtedness happens is due to the trade or company of agriculture.

“(3) Qualified person. —For purposes for this subsection, the word ‘qualified person’ means an individual described in area 46(c)(8)(D)(iv).

1986—Subsec. (a)(1)(C). Pub. L. 99–514, § 822(a), struck down subpar. (C) associated with exclusion from revenues in the event that indebtedness discharged is qualified company indebtedness.

Subsec. (a)(2). Pub. L. 99–514, § 822(b)(1), substituted “Subparagraph (B) of paragraph (1)” for “Subparagraphs (B) and (C) of paragraph (1)” in subpar. (A), struck out subpar. (A) designation and going, and struck down subpar. (B) providing that insolvency exclusion takes precedence over qualified company exclusion.

Subsec. (b)(2)(B). Pub. L. 99–514, § 231(d)(3)(D), substituted “General business credit” for “Research credit and basic company credit” in heading and amended text, because amended by this Act (Pub. L. 99–514, § 1171(b)(4) (see below)), generally speaking. Ahead of amendment, text read the following: “Any carryover to or through the taxable 12 months of the discharge of a sum for purposes of determining the amount allowable as being a credit under—

“(i) part 30 (concerning credit for increasing research tasks), or

“(ii) part 38 (relating to basic company credit).

For purposes of the subparagraph, there shall never be taken into consideration any part of a carryover that is due to the employee stock ownership credit determined under part 41. ”

Pub. L. 99–514, § 1171(b)(4), hit down final phrase which was indeed eradicated by the basic amendment of subpar. (B) by Pub. L. 99–514, § 231(d)(3)(D). See above.

Subsec. (b)(2)(E). Pub. L. 99–514, speedyloan.net/reviews/cashcall/ § 1847(b)(7), substituted “section 27” for “section 33”.

Subsec. (b)(3). Pub. L. 99–514, § 104(b)(2), substituted “33? cents” for “50 cents”.

Subsec. (c). Pub. L. 99–514, § 822(b)(2), struck down subsec. (c) associated with taxation remedy for discharge of qualified company indebtedness.

Subsec. (d). Pub. L. 99–514, § 822(b)(3)(B), struck away mention of subsec. (c) in going.

Subsec. (d)(4). Pub. L. 99–514, § 822(b)(3)(A), struck down par. (4) associated with remedy for indebtedness as qualified company indebtedness.

Subsec. (d)(6), (7)(A). Pub. L. 99–514, § 822(b)(3)(B), struck away mention of the subsec. (c) in going and text.

Subsec. (d)(7)(B). Pub. L. 99–514, § 822(b)(3)(C), hit away “The preceding phrase shall not connect with any release into the degree that subsection (a)(1)(C) relates to such release. ”

Subsec. (d)(9)(A). Pub. L. 99–514, § 822(b)(3)(D), struck down “under paragraph (4) of the subsection or” after “An election”.

Subsec. ( ag ag e)(7)(A)(ii)(we). Pub. L. 99–514, § 805(c)(2), substituted “subsection (a) or (b) of area 166” for “subsection (a), (b), or (c) of area 166”.

Subsec. ( ag e)(7)(B) to (D). Pub. L. 99–514, § 805(c)(3), redesignated subpars. (C) to (E) as (B) to (D), correspondingly, and hit away previous subpar. (B) which pertaining to taxpayers on book technique.

Subsec. ( ag e)(7)(E), (F). Pub. L. 99–514, § 805()( that is c), (4), redesignated subpar. (F) as ( E) and substituted “the foregoing subparagraphs” for “subparagraphs (A), (B), (C), (D), and (E)”. Previous subpar. (E) redesignated (D).

Subsec. ( e)(10 C that is)(). Pub. L. 99–514, § 621(e), repealed the amendment by Pub. L. 98–369, § 59(b)(1), which had added subpar. (C) producing an exclusion for transfers in some exercises associated with the satisfaction of indebtedness by corporation’s stock. See 1984 Amendment note below.

1984—Subsec. (b)(2)(B). Pub. L. 98–369, § 474(r)(5), substituted conditions associated with research credits and general company credits addressing carryovers to or through the taxable 12 months of a release of a sum for purposes of determining the amount allowable as being a credit under area 30 (associated with credit for increasing research tasks), or area 38 (associated with basic company credit), and directing that there shall never be considered any part of a carryover that will be owing to the worker stock ownership credit determined under area 41 for former provisions addressing carryovers to or through the taxable 12 months regarding the release of a quantity for purposes of determining the quantity of a credit allowable under section 38 (concerning investment in a few depreciable home), part 40 (associated with expenses of work motivation programs), section 44B (associated with credit for work of particular new workers), area 44E (associated with liquor utilized being a gas), or area 44F (associated with credit for increasing research tasks), and directing that, for purposes of clause (i), there may never be taken into consideration any percentage of a carryover that has been owing to the worker plan credit (in the meaning of part 48(o)(3)).

Subsec. (d)(6). Pub. L. 98–369, § 721(b)(2), hit down “or S corporation shareholder level” in going and 2nd phrase which supplied that “In the actual situation of an S business, subsections (a), (b), and (c) shall use in the shareholder level.”. See par. (7)(A).

Subsec. (d)(7) to (10). Pub. L. 98–369, § 721(b)(2), included par. (7) and redesignated pars that are former. (7) to (9) as (8) to (10), correspondingly.

Subsec. ( ag ag e)(10)(C). Pub. L. 98–369, § 59(b)(1), which included subpar. (C), effective as though within the amendments created by part 806(e) and (f) of Pub. L. 94–455, ended up being repealed by Pub. L. 99–514, § 621(e), (f)(2), eff. Jan. 1, 1986, with particular exceptions, see Effective Date of 1986 note that is amendment.

1982—Subsec. (d)(6). Pub. L. 97–354 inserted “or S corporation shareholder level” in going and inserted “in case of an S organization, subsections (a), (b), and (c) will probably be used in the shareholder level. ”

1980—Pub. L. 96–589 totally expanded and revised conditions by specifying the kinds of indebtedness and also by aiming priorities on the list of exclusions, to mirror the revision of Title 11, Bankruptcy, in 1978.

1976—Pub. L. 94–455, § 1951(b)(2)(A), hit out “(a) Special rule of exclusion. —” after “Income from discharge of indebtedness” and struck down subsec. (b) which pertaining to discharge, termination, or modification of indebtedness of specific railroad corporations.

1960—Subsec. (b). Pub. L. 86–496 prov Jan. 1, 1960, then no quantity is usually to be incorporated into revenues pertaining to it, and struck away conditions which made subsection inapplicable to discharges occurring in a taxable 12 months beginning after Dec. 31, 1957.

1956—Subsec. (b). Act 29, 1956, substituted “ December 31, 1957 ” for “ December 31, 1955 ” june.