---
kind: "section"
citation: "26 U.S.C. § 1240"
title: "26"
title_heading: "Internal Revenue Code"
number: "1240"
heading: "Repealed. Pub. L. 94–455, title XIX, § 1901(a)(139), Oct. 4, 1976, 90 Stat. 1787"
status: "repealed"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/26/1240"
units:
  - "Subtitle A — Income Taxes"
  - "Chapter 1 — Normal Taxes and Surtaxes"
  - "Subchapter P — Capital Gains and Losses"
  - "Part IV — Special Rules for Determining Capital Gains and Losses"
---

# [§1240. Repealed. Pub. L. 94–455, title XIX, § 1901(a)(139), Oct. 4, 1976, 90 Stat. 1787 — repealed]



## Notes

Section, act Aug. 16, 1954, ch. 736, 68A Stat. 332, related to taxability to employee of termination payments.

### Statutory Notes and Related Subsidiaries

### Effective Date of Repeal

Repeal applicable with respect to taxable years beginning after Dec. 31, 1976, see section 1901(d) of Pub. L. 94–455, set out as an Effective Date of 1976 Amendment note under section 2 of this title.