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 part and section 1017, the release by a professional individual of qualified farm indebtedness of a taxpayer who’s maybe perhaps not insolvent during the time of the release will probably be addressed when you look at the manner that is same in the event that release had happened as soon as the taxpayer had been insolvent.

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

“(A) such indebtedness had been incurred straight associated with the procedure because of the taxpayer of this trade or company of agriculture, and

“(B) 50 per cent or even more associated with typical yearly gross receipts associated with taxpayer for the 3 taxable years preceding the year that is taxable that your release of these indebtedness does occur is due to the trade or company of agriculture.

“(3) Qualified person. —For purposes of the 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) concerning 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 down subpar. (A) designation and going, and struck out 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. Ahead of amendment, text read the following: “Any carryover to or through the taxable 12 months of the release of a quantity for purposes of determining the amount allowable as being a credit under—

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

“(ii) area 38 (associated with basic business credit).

For purposes of the subparagraph, there shall never be considered any percentage of a carryover that will be due to the worker stock ownership credit determined under area 41. ”

Pub. L. 99–514, § 1171(b)(4), hit away final phrase which have been eliminated because of 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 down 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 down 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 perhaps maybe perhaps not affect any release to your level that subsection (a)(1)(C) pertains to such release. ”

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

Subsec. ( ag e)(7)(A)(ii)(I). 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 c), redesignated subpars. (C) to (E) as (B) to (D), correspondingly, and struck away previous subpar. (B) which linked 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 for the satisfaction of indebtedness by corporation’s stock. See 1984 Amendment note below.

1984—Subsec. installment loans maryland (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 being a credit under part 30 (associated with 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 which will be owing to the worker stock ownership credit determined under part 41 for previous conditions 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 (concerning investment in a few depreciable home), part 40 (associated with costs of work motivation programs), area 44B (associated with credit for work of particular brand brand new employees), area 44E (associated with liquor utilized as 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 part of a carryover that was due to the worker plan credit (in the meaning of part 48(o)(3)).

Subsec. (d)(6). Pub. L. 98–369, § 721(b)(2), hit away “or S corporation shareholder level” in going and 2nd phrase which supplied that “In the way it is of a 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 ag e)(10 C that is)(). Pub. L. 98–369, § 59(b)(1), which included subpar. (C), effective as if contained in 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 specific exceptions, see Effective Date of 1986 Amendment note below.

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

1980—Pub. L. 96–589 entirely revised and expanded conditions by indicating the kinds of indebtedness and 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 out subsec. (b) which linked to discharge, termination, or modification of indebtedness of particular railroad corporations.

1960—Subsec. (b). Pub. L. 86–496 prov Jan. 1, 1960, then no quantity will be a part of revenues pertaining 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 29, 1956, substituted “ December 31, 1957 ” for “ December 31, 1955 ” june.