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

“(1) as a whole. —For purposes with this area and area 1017, the release by an experienced individual of qualified farm indebtedness of the taxpayer who’s perhaps maybe not insolvent during the time of the discharge will be addressed into the manner that is same in the event that release had taken place as soon as the taxpayer ended up being insolvent.

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

“(A) such indebtedness ended up being incurred straight relating to the procedure by the taxpayer for the trade or company of agriculture, and

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

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

1986—Subsec. (a)(1 C that is)(). Pub. L. 99–514, § 822(a), struck down subpar. (C) associated with exclusion from revenues in the event that indebtedness released is qualified business 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 business that is“General” 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. Just before amendment, text read the following: “Any carryover to or through the taxable year of a release of a quantity for purposes of determining the amount allowable as a credit under—

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

“(ii) area 38 (concerning basic company credit).

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

Pub. L. 99–514, § 1171(b)(4), hit away final sentence 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, § 1847(b)(7), substituted “section 27” for “section 33”.

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

Subsec. (c). Pub. L. 99–514, § 822(b)(2), struck down subsec. (c) associated with income tax 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) concerning remedy for indebtedness as qualified company indebtedness.

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

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

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

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

Subsec. ( ag e)(7)(B) to (D). Pub. L. 99–514, § 805()( that is hop over to these guys c), redesignated subpars. (C) to (E) as (B) to (D), correspondingly, and hit away subpar that is former. (B) which pertaining to taxpayers on book technique.

Subsec. ( ag e)(7)(E), (F). Pub. L. 99–514, § 805(c)(3), (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. ( ag 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 a few 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 relating to research credits and basic company credits addressing carryovers to or through the taxable 12 months of the release of a quantity for purposes of determining the amount allowable as a credit under area 30 (concerning credit for increasing research tasks), or area 38 (associated with basic company credit), and directing that there shall never be taken into consideration any part of a carryover that will be attributable to the worker stock ownership credit determined under part 41 for previous provisions addressing carryovers to or through the taxable 12 months associated with the release of a sum for purposes of determining the quantity of a credit allowable under part 38 (associated with investment in a few depreciable home), area 40 (associated with costs of work motivation programs), area 44B (associated with credit for work of particular brand new workers), area 44E (associated with liquor utilized being a fuel), or area 44F (concerning credit for increasing research activities), and directing that, for purposes of clause (i), there might never be considered any percentage of a carryover that has been due to the worker plan credit (inside the meaning of area 48(o)(3)).

Subsec. (d)(6). Pub. L. 98–369, § 721(b)(2), hit down “or S corporation shareholder level” in heading and sentence that is second offered that “In the outcome of a S company, 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 previous pars. (7) to (9) as (8) to (10), respectively.

Subsec. ( ag ag e)(10 C that is)(). Pub. L. 98–369, § 59(b)(1), which included subpar. (C), effective just as if within the amendments created by part 806(e) and (f) of Pub. L. 94–455, had been 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 the event of an S firm, subsections (a), (b), and (c) will be used during the shareholder degree. ”

1980—Pub. L. 96–589 totally revised and expanded provisions by indicating the kinds of indebtedness and also by aiming priorities one of the exclusions, to mirror the modification of Title 11, Bankruptcy, in 1978.

1976—Pub. L. 94–455, § 1951(b)(2)(A), hit out “(a) Unique guideline of exclusion. —” after “Income from release of indebtedness” and struck down subsec. (b) which linked 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 with regards to it, and struck away conditions which made subsection inapplicable to discharges occurring in a year that is taxable after Dec. 31, 1957.

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