26 U.S.C. § 2622
§ 2622. Taxable amount in case of taxable termination
No plain-English explainer yet. Below is the official text. Explainers are being added section by section.
History
Added in 1976 by the Tax Reform Act of 1976. Last changed October 22, 1986 by the Tax Reform Act of 1986.
Every change, newest first (2)
- October 22, 1986Tax Reform Act of 1986
- October 4, 1976Tax Reform Act of 1976 · added this section
The law as written
Current through Public Law 119-102. Amendment notes omitted.
For purposes of this chapter, the taxable amount in the case of a taxable termination shall be—
the value of all property with respect to which the taxable termination has occurred, reduced by
any deduction allowed under subsection (b).
For purposes of subsection (a), there shall be allowed a deduction similar to the deduction allowed by section 2053 (relating to expenses, indebtedness, and taxes) for amounts attributable to the property with respect to which the taxable termination has occurred.