26 U.S.C. 461: General rule for taxable year of deduction

2022

• Pub. L. 117–169 substituted "January 1, 2029" for "January 1, 2027" in two places. Law text · (l)

2021

• Pub. L. 117–2 substituted "January 1, 2027" for "January 1, 2026" in two places. (American Rescue Plan Act of 2021) Law text · (l)

2020

• Pub. L. 116–136, §2304(a), amended par. (1) generally. Prior to amendment, text read as follows: "In the case of taxable year of a taxpayer other than a corporation beginning after December 31, 2017, and before January 1, 2026— (Coronavirus Aid, Relief, and Economic Security Act" or the "CARES Act) Law text · (l)
• Pub. L. 116–136, §2304(b)(1), substituted "a net operating loss for the taxable year for purposes of determining any net operating loss carryover under section 172(b) for subsequent taxable years" for "a net operating loss carryover to the following taxable year under section 172". (Coronavirus Aid, Relief, and Economic Security Act" or the "CARES Act) Law text · (l)
• Pub. L. 116–136, §2304(b)(2)(B), inserted concluding provisions. (Coronavirus Aid, Relief, and Economic Security Act" or the "CARES Act) Law text · (l)
• Pub. L. 116–136, §2304(b)(2)(A), inserted "and without regard to any deduction allowable under section 172 or 199A" after "under paragraph (1)". (Coronavirus Aid, Relief, and Economic Security Act" or the "CARES Act) Law text · (l)
• Pub. L. 116–136, §2304(b)(3), added subpar. (B) and redesignated former subpar. (B) as (C). (Coronavirus Aid, Relief, and Economic Security Act" or the "CARES Act) Law text · (l), (C)

2018

• Pub. L. 115–141, §401(a)(117)(B), substituted "subsection (k)" for "subsection (j)". (Consolidated Appropriations Act, 2018) Law text · (i)
• Pub. L. 115–141, §401(a)(117)(A), redesignated subsec. (j) relating to farming syndicate defined as (k). (Consolidated Appropriations Act, 2018) Law text · (j), (k)

2017

• Pub. L. 115–97 added subsec. (l). Law text · (l)

2014

• Pub. L. 113–295, §221(a)(58)(B)(iii), substituted "subsection (j)" for "section 464(c)". Law text · (i)
• Pub. L. 113–295, §221(a)(58)(B)(i), transferred subsec. (c) of section 464 of this title, relating to farming syndicate defined, to the end of this section and redesignated it as subsec. (j). Law text · (j)
• Pub. L. 113–295, §221(a)(58)(B)(ii)(I), substituted "For purposes of subsection (i)(4)" for "For purposes of this section" in introductory provisions. Law text · (j)
• Pub. L. 113–295, §221(a)(58)(B)(ii)(II), added pars. (3) and (4). Law text · (j), (4)

2008

• Pub. L. 110–246, §15351(a), added subsec. (j) relating to limitation on excess farm losses of certain taxpayers. (Food, Conservation, and Energy Act of 2008) Law text · (j)

2005

• Pub. L. 109–135 substituted "section 6662(d)(2)(C)(ii)" for "section 6662(d)(2)(C)(iii)". (Gulf Opportunity Zone Act of 2005) Law text · (i)

1996

• Pub. L. 104–188, §1704(t)(78), substituted "section 6662(d)(2)(C)(iii)" for "section 6662(d)(2)(C)(ii)". (Small Business Job Protection Act of 1996) Law text · (i)
• Pub. L. 104–188, §1704(t)(24), amended directory language of Pub. L. 101–239. See 1989 Amendment note below. (Small Business Job Protection Act of 1996) Law text · (i)

1990

• Pub. L. 101–508 amended subpar. (C) generally. Prior to amendment, subpar. (C) read as follows: "any tax shelter (within the meaning of section 6662(d)(2)(C)(ii))." · (i)

1989

• Pub. L. 101–239, as amended by Pub. L. 104–188, §1704(t)(24), substituted "section 6662(d)(2)(C)(ii)" for "section 6661(b)(2)(C)(ii)". · (i)

1988

• Pub. L. 100–647, §1018(u)(5), amended Pub. L. 99–514, §823(b)(1). See 1986 Amendment note below. · (h), (C)
• Pub. L. 100–647, §1008(a)(3), amended par. (2) generally. Prior to amendment, par. (2) read as follows: "In the case of a tax shelter, economic performance with respect to the act of drilling an oil or gas well shall be treated as having occurred within a taxable year if drilling of… · (i)

1987

• Pub. L. 100–203 substituted "items" for "cases to which other provisions of this title specifically apply" in heading and amended text generally. Prior to amendment, text read as follows: "This subsection shall not apply to any item to which any of the following provisions apply: · (h)

1986

• Pub. L. 99–514, §805(c)(5), redesignated subpar. (B) as (A) and struck out former subpar. (A) which referred to subsec. (c) or (f) of section 166. · (h)
• Pub. L. 99–514, §823(b)(1), as amended by Pub. L. 100–647, §1018(u)(5), redesignated subpar. (C) as (B) and struck out former subpar. (B) which read as follows: "Section 466 (relating to discount coupons)." · (h)
• Pub. L. 99–514, §805(c)(5), redesignated subpar. (C) as (B). Former subpar. (B) redesignated (A). · (h)
• Pub. L. 99–514, §823(b)(1), as amended by Pub. L. 100–647, §1018(u)(5), redesignated subpar. (C) as (B). · (h)
• Pub. L. 99–514, §805(c)(5), redesignated subpar. (D) as (C). Former subpar. (C) redesignated (B). · (h)
• Pub. L. 99–514, §805(c)(5), redesignated subpar. (D) as (C). · (h)
• Pub. L. 99–514, §801(b)(1), substituted "Special rules for tax shelters" for "Tax shelters may not deduct items earlier than when economic performance occurs" in heading. · (i)
• Pub. L. 99–514, §801(b)(1), substituted "Recurring item exception not to apply" for "In general" in heading and amended par. (1) generally. Prior to amendment, par. (1) read as follows: "In the case of a tax shelter computing taxable income under the cash receipts and disbursements … · (i)
• Pub. L. 99–514, §801(b)(1), amended par. (2) generally, substituting provisions relating to special rule for spudding of oil or gas wells for former provisions consisting of subpars. (A) to (D) which related to deduction of items when economic performance occurs on or before 90th da… · (i)
• Pub. L. 99–514, §1807(a)(1), substituted "on or before the 90th day" for "within 90 days" in heading and substituted "before the close of the 90th day after the close of the taxable year" for "within 90 days after the close of the taxable year" in subpar. (A). · (i)
• Pub. L. 99–514, §801(b)(2), amended par. (4) generally. Prior to amendment, par. (4) read as follows: "In the case of the trade or business of farming (as defined in section 464(e))— · (i)
• Pub. L. 99–514, §1807(a)(2), amended subpar. (A) generally. Prior to amendment, subpar. (A) read as follows: "section 464 shall be applied to any tax shelter described in paragraph (3)(C),". · (i)

1984

• Pub. L. 98–369, §91(e), inserted "determined after application of subsection (h)". · (f)
• Pub. L. 98–369, §91(a), added subsecs. (h) and (i). · (h), (i)

1976

• Pub. L. 94–455, §§1901(a)(69)(A), (B), 1906(b)(13)(A), redesignated par. (3) as (2), substituted "in which he" for "which begins after December 31, 1953, and ends after the date of the enactment of this title in which the taxpayer", and struck out "or his delegate" after "Secre… · (c), (3)
• Pub. L. 94–455, §1906(b)(13)(A), struck out "or his delegate" after "Secretary" wherever appearing. · (d), (e)
• Pub. L. 94–455, §208(a), added subsec. (g). · (g)

1964

• Pub. L. 88–272 added subsec. (f). · (f)

1962

• Pub. L. 87–876 added subsec. (e). · (e)

1960

• Pub. L. 86–781 added subsec. (d). · (d)