§108. Income from discharge of indebtedness — Inbound Citations
26 U.S.C. § 108
Cited by 30 provisions in release 119-102.
Citations to 26 U.S.C. § 108 as a whole
-
(iii) For purposes of clause (i), farmland which was previously owned by the individual and was disposed of while such individual was insolvent shall be disregarded if section 108 applied to indebtedness with respect to such farmland.
-
(B) earnings and profits shall not include any amount excluded from gross income under section 108 to the extent the amount so excluded was not applied to reduce tax attributes (other than basis in property).
Citations to §108(a)
-
(1) an amount is excluded from gross income under subsection (a) of section 108 (relating to discharge of indebtedness), and
Citations to §108(a)(1)(A)
-
(2) In the case of a discharge to which subparagraph (A) or (B) of section 108(a)(1) applies, the reduction in basis under subsection (a) of this section shall not exceed the excess of—(A) the aggregate of the bases of the property held by the taxpayer immediately after the discharge, over(B) the aggregate of the liabilities of the taxpayer immediately after the discharge.The preceding sentence shall not apply to any reduction in basis by reason of an election under section 108(b)(5).
-
(1) In the case of an amount excluded from gross income under section 108(a)(1)(A), no reduction in basis shall be made under this section in the basis of property which the debtor treats as exempt property under section 522 of title 11 of the United States Code.
Citations to §108(a)(1)(B)
-
(2) In the case of a discharge to which subparagraph (A) or (B) of section 108(a)(1) applies, the reduction in basis under subsection (a) of this section shall not exceed the excess of—(A) the aggregate of the bases of the property held by the taxpayer immediately after the discharge, over(B) the aggregate of the liabilities of the taxpayer immediately after the discharge.The preceding sentence shall not apply to any reduction in basis by reason of an election under section 108(b)(5).
Citations to §108(a)(1)(C)
-
(A) Any amount which under subsection (b)(2)(E) of section 108 is to be applied to reduce basis and which is attributable to an amount excluded under subsection (a)(1)(C) of section 108—(ii) shall be applied to reduce the basis of qualified property in the following order:(II) Second the basis of qualified property which is land used or held for use in the trade or business of farming.(III) Then the basis of other qualified property.
Citations to §108(b)(2)(E)
-
(A) Any amount which under subsection (b)(2)(E) of section 108 is to be applied to reduce basis and which is attributable to an amount excluded under subsection (a)(1)(C) of section 108—(ii) shall be applied to reduce the basis of qualified property in the following order:(II) Second the basis of qualified property which is land used or held for use in the trade or business of farming.(III) Then the basis of other qualified property.
Citations to §108(b)(5)
-
(2) In the case of a discharge to which subparagraph (A) or (B) of section 108(a)(1) applies, the reduction in basis under subsection (a) of this section shall not exceed the excess of—(A) the aggregate of the bases of the property held by the taxpayer immediately after the discharge, over(B) the aggregate of the liabilities of the taxpayer immediately after the discharge.The preceding sentence shall not apply to any reduction in basis by reason of an election under section 108(b)(5).
Citations to §108(c)
-
43 F.R. 47713, 92 Stat. 3790, as amended Pub. L. 99–514, § 2, Oct. 22, 1986, 100 Stat. 2095; Pub. L. 109–280, title I, § 108(c), formerly § 107(c), Aug. 17, 2006, 120 Stat. 820, renumbered § 108(c), Pub. L. 111–192, title II, § 202(a), June 25, 2010, 124 Stat. 1297
Citations to §108(c)(1)
-
(F) In the case of any amount which under section 108(c)(1) is to be applied to reduce basis—(i) depreciable property shall only include depreciable real property for purposes of subparagraphs (A) and (C),(ii) subparagraph (E) shall not apply, and(iii) in the case of property taken into account under section 108(c)(2)(B), the reduction with respect to such property shall be made as of the time immediately before disposition if earlier than the time under subsection (a).
Citations to §108(c)(2)(B)
-
(iii) in the case of property taken into account under section 108(c)(2)(B), the reduction with respect to such property shall be made as of the time immediately before disposition if earlier than the time under subsection (a).
Citations to §108(c)(3)
Citations to §108(e)(4)
-
(i) This paragraph shall not apply to any applicable high yield discount obligation issued during the period beginning on September 1, 2008, and ending on December 31, 2009, in exchange (including an exchange resulting from a modification of the debt instrument) for an obligation which is not an applicable high yield discount obligation and the issuer (or obligor) of which is the same as the issuer (or obligor) of such applicable high yield discount obligation. The preceding sentence shall not apply to any obligation the interest on which is interest described in section 871(h)(4) (without regard to subparagraph (D) thereof) or to any obligation issued to a related person (within the meaning of section 108(e)(4)).
Citations to §108(e)(6)
-
(2) For special rules in the case of contributions of indebtedness, see section 108(e)(6).
Citations to §108(e)(8)
-
(C) In applying section 108(e)(8) to any case to which subparagraph (A) applies, there shall not be taken into account any indebtedness for interest described in subparagraph (B).
Citations to §108(f)(4)
Citations to §108(f)(5)(C)
-
(X) an omission of a correct social security number required under section 108(f)(5)(C) (relating to discharges on account of death or disability),
Citations to §108(g)
-
(C) Rules similar to the rules of subparagraphs (C), (D), and (E) of paragraph (3) shall apply for purposes of this paragraph and section 108(g).
Citations to §108(g)(3)(C)
-
(B) For purposes of this paragraph, the term “qualified property” has the meaning given to such term by section 108(g)(3)(C).
Citations to §108(h)(2)
-
(iii) Section 108(h)(2) shall be applied without regard to this subparagraph.