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§114 — Repealed. Pub. L. 108–357, title I, § 101(a), Oct. 22, 2004, 118 Stat. 1423]

132 cases·18 followed·4 distinguished·1 questioned·4 criticized·3 overruled·102 cited—14% support

Statute Text — 26 U.S.C. §114

[§ 114. Repealed. Pub. L. 108–357, title I, § 101(a), Oct. 22, 2004, 118 Stat. 1423] Section, added Pub. L. 106–519, § 3(a), Nov. 15, 2000, 114 Stat. 2423, related to exclusion of extraterritorial income from gross income. A prior section 114, act Aug. 16, 1954, ch. 736, 68A Stat. 35, related to sports programs conducted for American National Red Cross, prior to repeal by Pub. L. 101–508, title XI, § 11801(a)(8), Nov. 5, 1990, 104 Stat. 1388–520. Statutory Notes and Related Subsidiaries Effective Date of RepealRepeal applicable to transactions after Dec. 31, 2004, see section 101(c) of Pub. L. 108–357, set out as an Effective Date of 2004 Amendments note under section 56 of this title. Transition ProvisionsPub. L. 108–357, title I, § 101(d)–(f), Oct. 22, 2004, 118 Stat. 1423, 1424, as amended by Pub. L. 109–222, title V, § 513(b), May 17, 2006, 120 Stat. 366; Pub. L. 113–295, div. A, title II, § 219(a), Dec. 19, 2014, 128 Stat. 4035, provided that: “(d) Transitional Rule for 2005 and 2006.—“(1) In general.—In the case of transactions during 2005 or 2006, the amount includible in gross income by reason of the amendments made by this section [amending sections 56, 275, 864, 903, and 999 of this title and repealing this section and sections 941 to 943 of this title] shall not exceed the applicable percentage of the amount which would have been so included but for this subsection. “(2) Applicable percentage.—For purposes of paragraph (1), the applicable percentage shall be as follows:“(A) For 2005, the applicable percentage shall be 20 percent. “(B) For 2006, the applicable percentage shall be 40 percent. “(3) Coordination with section 199.—This subsection shall be applied without regard to any deduction allowable under section 199 [probably means former section 199 of the Internal Revenue Code of 1986]. “(e) Revocation of Election To Be Treated as Domestic Corporation.—If, during the 1-year period beginning on the date of the enactment of this Act [Oct. 22, 2004], a corporation for which an election is in effect under section 943(e) of the Internal Revenue Code of 1986 revokes such election, no gain or loss shall be recognized with respect to property treated as transferred under clause (ii) of section 943(e)(4)(B) of such Code to the extent such property—“(1) was treated as transferred under clause (i) thereof, or “(2) was acquired during a taxable year to which such election applies and before May 1, 2003, in the ordinary course of its trade or business. The Secretary of the Treasury (or such Secretary’s delegate) may prescribe such regulations as may be necessary to prevent the abuse of the purposes of this subsection. “[(f) Repealed. Pub. L. 109–222, title V, § 513(b), May 17, 2006, 120 Stat. 366.]”

132 Citing Cases

Estate of Michael J. Jackson, Deceased, John G. Branca, Co-Executor and John McClain, Co-Executor, Petitioners · 2021

114(d)(1)(B)(iii); Bonneville, 347 F.3d at 487; Bargfrede, supra, at 19. An exception to this rule is the public performance for sound recordings in digital transmission. Digital Performance Right in Sound Recordings Act of 1995, Pub. L. No. 104-39, sec. 3, 109 Stat. at 336-44; see also Bonneville, 347 F.3d at 488-89; Bargfrede, supra, at 21.

Gary Pinkston & Janice Pinkston, Petitioners · 2020

It applies in situations where a taxpayer's income for a particular year (the "year ofchange") is computed "under a method ofaccounting different from the method under which the taxpayer's taxable income for the preceding taxable year was computed." In that event sec- tion 481(a)(2) provides that "there shall be taken into account those adjustments - 9 - [*9] which are determined to be necessary solely by reason ofthe change in order to prevent amounts from being duplicated or omitted." Section

Asif Syed & Amtul Syed, Petitioners · 2017

366 (2000). 2Even ifrespondent bore the burden ofproofunder section 7491(a), we would conclude that he met his burden by a preponderance ofthe evidence as to all relevant facts. - 10 - [*10] A "passive activity" is a trade or business in which the taxpayer does not "materially participate." Sec. 469(c)(1)(B). "Material participation" re

Federal Home Loan Mortgage Corporation, Petitioner 121 T.C. No. 8 · 2003

f the Code, without reference to the fair market value as of Mar. 1, 1913. Sec. 1.1053-1(b), Income Tax Regs. 12Sec. 167(g) followed a similar historical path as sec. 1053 in its inclusion in the Code. The rules stated in sec. 167(g) were enacted as sec. 114(a) of the Revenue Act of 1934, ch. 277, 48 Stat. 710. As its basis for including those rules, Congress stated that “Since in some cases the basis for determining gain differs from the basis for determining loss, it is necessary to specify de

Bryan Rock Products, Inc. and Subsidiary, Petitioner T.C. Memo. 1997-51 · 1997

114(b)(4)(A) of the 1939 Code, as amended by the Revenue Act of 1951, ch. 521, sec. 319(a), 65 Stat. 452, 497; G. & W. H. Corson, Inc. v. Commissioner, 54 T.C. 668, 675 (1970), affd. 453 F.2d 578 (3d Cir. 1971). However, in section 613(b) of the 1954 Code, the qualifiers "chemical grade" and "metallurgical grade" were dropped from limestone, d

Island Creek Coal Co. v. Commissioner 30 T.C. 370 · 1958
United States Potash Co. v. Commissioner 29 T.C. 1071 · 1958
Nadine Pellegrino v. TSA 937 F.3d 164 · Cir.
W. D. Haden Co. v. Commissioner 37 T.C. 512 · 1961
H. M. Holloway, Inc. v. Commissioner 21 T.C. 40 · 1953
Herndon Drilling Co. v. Commissioner 6 T.C. 628 · 1946
Kirby Petroleum Co. v. Commissioner 2 T.C. 1258 · 1943
Real Truth About Abortion, Inc. v. Federal Election Commission 681 F.3d 544 · Cir.
Schubert v. Commissioner 33 T.C. 1048 · 1960
James Petroleum Corp. v. Commissioner 24 T.C. 509 · 1955
Leechburg Mining Co. v. Commissioner 15 T.C. 22 · 1950
Lyons v. Commissioner 10 T.C. 634 · 1948
Currier v. Commissioner 51 T.C. 488 · 1968
Halquist v. Commissioner 33 T.C. 304 · 1959
South Jersey Sand Co. v. Commissioner 30 T.C. 360 · 1958
Quartzite Stone Co. v. Commissioner 30 T.C. 511 · 1958
Fink v. Commissioner 29 T.C. 1119 · 1958
Spencer Quarries, Inc. v. Commissioner 27 T.C. 392 · 1956
Virginian Limestone Corp. v. Commissioner 26 T.C. 553 · 1956
Weirton Ice & Coal Supply Co. v. Commissioner 24 T.C. 374 · 1955
Fashion Park, Inc. v. Commissioner 21 T.C. 600 · 1954
Cresson Consolidated Gold Mining & Milling Co. v. Commissioner 11 T.C. 192 · 1948
Amherst Coal Co. v. Commissioner 11 T.C. 209 · 1948
Estate of Holloway v. Commissioner 10 T.C. 1045 · 1948
McKay Products Corp. v. Commissioner 9 T.C. 1082 · 1947
Burford Oil Co. v. Commissioner 4 T.C. 613 · 1945
F. H. E. Oil Co. v. Commissioner 3 T.C. 13 · 1944
Sunray Oil Co. v. Commissioner 3 T.C. 251 · 1944
Montreal Mining Co. v. Commissioner 2 T.C. 688 · 1943
Christine Beaumont Loretta Thompson Stacy Thompson Barbara Holt North Carolina Right to Life, Incorporated v. Federal Election Commission, Christine Beaumont Loretta Thompson Stacy Thompson Barbara Holt North Carolina Right to Life, Incorporated v. Federal Election Commission 278 F.3d 261 · Cir.
Exxon Mobil Corporation and Affiliated Companies, f.k.a. Exxon Corporation and Affiliated Companies, Petitioners 102 T.C. No. 33 · 1994
Exxon Corp. v. Commissioner 102 T.C. 721 · 1994
Epp v. Commissioner 78 T.C. 801 · 1982
Erfurth v. Commissioner 77 T.C. 570 · 1981
Southern Pacific Transportation Co. v. Commissioner 75 T.C. 497 · 1980
Louisville & Nashville Railroad v. Commissioner 66 T.C. 962 · 1976
G. & W. H. Corson, Inc. v. Commissioner 54 T.C. 668 · 1970
Estate of Stamos v. Commissioner 55 T.C. 468 · 1970
Dow Chemical Co. v. Commissioner 51 T.C. 669 · 1969
Freeman v. Commissioner 48 T.C. 96 · 1967
North Carolina Granite Corp. v. Commissioner 43 T.C. 149 · 1964
Island Creek Coal Co. v. Commissioner 43 T.C. 234 · 1964
Killam v. Commissioner 39 T.C. 680 · 1963
United Salt Corp. v. Commissioner 40 T.C. 359 · 1963
Central Commercial Co. v. Commissioner 40 T.C. 901 · 1963
Cooper v. Commissioner 39 T.C. 253 · 1962
Shamrock Oil & Gas Corp. v. Commissioner 35 T.C. 979 · 1961
Kimble Glass Co. v. Commissioner 35 T.C. 1238 · 1961
United States Pumice Supply Co. v. Commissioner 36 T.C. 1160 · 1961
Estate of Bryan v. Commissioner 34 T.C. 501 · 1960
Cleveland v. Commissioner 34 T.C. 517 · 1960
Farwell v. Commissioner 35 T.C. 454 · 1960
Utah Alloy Ores, Inc. v. Commissioner 33 T.C. 917 · 1960
Maytag v. Commissioner 32 T.C. 270 · 1959
Grandview Mines v. Commissioner 32 T.C. 759 · 1959
Winnsboro Granite Corp. v. Commissioner 32 T.C. 974 · 1959
Ray v. Commissioner 32 T.C. 1244 · 1959
Estate of Lawton v. Commissioner 33 T.C. 47 · 1959
Keystone Coal Co. v. Commissioner 30 T.C. 1008 · 1958
Prater v. Commissioner 30 T.C. 1262 · 1958
Pacific Cement & Aggregates, Inc. v. Commissioner 31 T.C. 136 · 1958
Estate of Arnett v. Commissioner 31 T.C. 320 · 1958
Chicago & North Western Railway Co. v. Commissioner 29 T.C. 989 · 1958
Matagorda Shell Co. v. Commissioner 29 T.C. 1060 · 1958
St. Louis, Rocky Mountain & Pacific Co. v. Commissioner 28 T.C. 28 · 1957
American Gilsonite Co. v. Commissioner 28 T.C. 194 · 1957
Riverton Lime & Stone Co. v. Commissioner 28 T.C. 446 · 1957
Iowa Limestone Co. v. Commissioner 28 T.C. 881 · 1957
Estate of Suter v. Commissioner 29 T.C. 244 · 1957
Belridge Oil Co. v. Commissioner 27 T.C. 1044 · 1957
Denise Coal Co. v. Commissioner 29 T.C. 528 · 1957
McCall v. Commissioner 27 T.C. 133 · 1956
Virginia B. Coal Co. v. Commissioner 25 T.C. 899 · 1956
Rubin v. Commissioner 26 T.C. 1076 · 1956
Crowell Land & Mineral Corp. v. Commissioner 25 T.C. 223 · 1955
National Lead Co. v. Commissioner 23 T.C. 988 · 1955
P. G. Lake, Inc. v. Commissioner 24 T.C. 1016 · 1955
Brown v. Commissioner 22 T.C. 58 · 1954
Allen v. Commissioner 22 T.C. 70 · 1954
Elk Lick Coal Co. v. Commissioner 23 T.C. 585 · 1954
Featherstone v. Commissioner 22 T.C. 763 · 1954
Rowan v. Commissioner 22 T.C. 865 · 1954
Pankratz v. Commissioner 22 T.C. 1298 · 1954
Black Mountain Corp. v. Commissioner 21 T.C. 746 · 1954
Roundup Coal Mining Co. v. Commissioner 20 T.C. 388 · 1953
Buffalo Chilton Coal Co. v. Commissioner 20 T.C. 398 · 1953
Collins v. Commissioner 18 T.C. 99 · 1952
LeDanois Land & Stone Co. v. Commissioner 18 T.C. 669 · 1952
Morrisdale Coal Mining Co. v. Commissioner 19 T.C. 208 · 1952
Ruston v. Commissioner 19 T.C. 284 · 1952
Redpath v. Commissioner 19 T.C. 470 · 1952
Vincent v. Commissioner 19 T.C. 501 · 1952
Bush Terminal Buildings Co. v. Commissioner 17 T.C. 485 · 1951
Oregon Chrome Mines, Inc. v. Commissioner 15 T.C. 389 · 1950
Tennessee Consolidated Coal Co. v. Commissioner 15 T.C. 424 · 1950
Beck v. Commissioner 15 T.C. 642 · 1950
Moore v. Commissioner 15 T.C. 906 · 1950
International Talc Co. v. Commissioner 15 T.C. 981 · 1950
Munger v. Commissioner 14 T.C. 1236 · 1950
Morrisdale Coal Mining Co. v. Commissioner 13 T.C. 448 · 1949
Blackstone Theatre Co. v. Commissioner 12 T.C. 801 · 1949
Psaty & Fuhrman, Inc. v. Stimson 11 T.C. 638 · 1948
Evans v. Commissioner 11 T.C. 726 · 1948
Sidwell v. Commissioner 11 T.C. 826 · 1948
Freudmann v. Commissioner 10 T.C. 775 · 1948
Sic v. Commissioner 10 T.C. 1096 · 1948
Cambria Collieries Co. v. Commissioner 10 T.C. 1172 · 1948
Reo Motors, Inc. v. Commissioner 9 T.C. 314 · 1947
Kern Oil Co. v. Commissioner 9 T.C. 1204 · 1947
Lehigh Metals Co. v. Commissioner 6 T.C. 313 · 1946
Virgilia Mining Corp. v. Commissioner 7 T.C. 385 · 1946
Adamston Flat Glass Co. v. Commissioner 7 T.C. 493 · 1946
Bush Terminal Buildings Co. v. Commissioner 7 T.C. 793 · 1946
Louisiana Delta Hardwood Lumber Co. v. Commissioner 7 T.C. 994 · 1946
Chicago Mines Co. v. Commissioner 7 T.C. 1103 · 1946
Burton-Sutton Oil Co. v. Commissioner 7 T.C. 1156 · 1946
Monroe Coal Mining Co. v. Commissioner 7 T.C. 1334 · 1946
Corporation of America v. Commissioner 4 T.C. 566 · 1945
Phipps Estates v. Commissioner 5 T.C. 964 · 1945
Black Mountain Corp. v. Commissioner 5 T.C. 1117 · 1945
Estate of Japhet v. Commissioner 3 T.C. 86 · 1944
Estate of Waters v. Commissioner 3 T.C. 407 · 1944
Burton-Sutton Oil Co. v. Commissioner 3 T.C. 1187 · 1944
New Idria Quicksilver Mining Co. v. Commissioner 2 T.C. 412 · 1943
Birmingham Corp. v. Commissioner 1 T.C. 808 · 1943
Alcazar Hotel, Inc. v. Commissioner 1 T.C. 872 · 1943
Real Truth About Obama, Inc. v. Federal Election Commission 575 F.3d 342 · Cir.

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