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

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

“(1) as a whole. —For purposes for this area and area 1017, the release by a professional person of qualified farm indebtedness of the taxpayer that is perhaps perhaps maybe not insolvent at the time of the release will probably be addressed within the exact same way as in the event that release had happened if the taxpayer had been insolvent.

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

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

“(B) 50 per cent or maybe more for the normal yearly gross receipts regarding the taxpayer for the 3 taxable years preceding the taxable year in that the release of these indebtedness happens is owing to the trade or company of agriculture.

“(3) Qualified person. —For purposes with this subsection, the expression ‘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) relating to exclusion from revenues in the event that indebtedness released 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 heading, 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, since amended by this Act (Pub. L. 99–514, § 1171(b)(4) (see below)), generally speaking. Just before 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 (associated with credit for increasing research tasks), or

“(ii) part 38 (associated with basic company credit).

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

Pub. L. 99–514, § 1171(b)(4), hit down sentence that is last was in fact eradicated because of the general 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) installment loans michigan, 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 business indebtedness.

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

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 heading and text.

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

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

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

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

Subsec. ( ag 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 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 basic 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 a credit under area 30 (associated with credit for increasing research tasks), or part 38 (associated with basic business credit), and directing that there shall never be taken into consideration any part of a carryover which will be due to the worker stock ownership credit determined under part 41 for previous provisions covering 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 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 specific brand brand new employees), area 44E (associated with liquor used as 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 considered any part of a carryover that was due to the worker plan credit (in the concept of area 48(o)(3)).

Subsec. (d)(6). Pub. L. 98–369, § 721(b)(2), struck away “or S corporation shareholder level” in going and sentence that is second offered that “In the scenario of an S business, subsections (a), (b), and (c) shall use during 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 that is)(). Pub. L. 98–369, § 59(b)(1), which included subpar. (C), effective just as if within the amendments produced 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 specific 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 heading and inserted “in the event of a S firm, subsections (a), (b), and (c) will be applied in the shareholder degree. ”

1980—Pub. L. 96–589 totally revised and expanded conditions by indicating the sorts 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), struck out “(a) Special 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 a part of revenues with regards to it, and struck out conditions which made subsection inapplicable to discharges occurring in a taxable 12 months starting after Dec. 31, 1957.

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