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§120 — Repealed. Pub. L. 113–295, div. A, title II, § 221(a)(19)(A), Dec. 19, 2014, 128 Stat. 4039]

49 cases·7 followed·1 distinguished·2 criticized·39 cited—14% support

Statute Text — 26 U.S.C. §120

[§ 120. Repealed. Pub. L. 113–295, div. A, title II, § 221(a)(19)(A), Dec. 19, 2014, 128 Stat. 4039] Section, added Pub. L. 94–455, title XXI, § 2134(a), Oct. 4, 1976, 90 Stat. 1926; amended Pub. L. 97–34, title VIII, § 802(a), Aug. 13, 1981, 95 Stat. 349; Pub. L. 97–448, title I, § 108(a), Jan. 12, 1983, 96 Stat. 2391; Pub. L. 98–612, § 1(a), (b)(3)(A), Oct. 31, 1984, 98 Stat. 3180, 3181; Pub. L. 99–514, title XI, §§ 1114(b)(3), 1151(c)(3), (g)(1), 1162(b), Oct. 22, 1986, 100 Stat. 2450, 2503, 2506, 2510; Pub. L. 100–647, title I, § 1011B(a)(31)(B), title IV, § 4002(a), (b)(1), Nov. 10, 1988, 102 Stat. 3488, 3643; Pub. L. 101–140, title II, § 203(a)(1), (2), Nov. 8, 1989, 103 Stat. 830; Pub. L. 101–239, title VII, § 7102(a)(1), Dec. 19, 1989, 103 Stat. 2305; Pub. L. 101–508, title XI, § 11404(a), Nov. 5, 1990, 104 Stat. 1388–473; Pub. L. 102–227, title I, § 104(a)(1), Dec. 11, 1991, 105 Stat. 1687; Pub. L. 108–311, title II, § 207(10), Oct. 4, 2004, 118 Stat. 1177, related to amounts received under qualified group legal services plans. A prior section 120, act Aug. 16, 1954, ch. 736, 68A Stat. 39, related to statutory subsistence allowance received by police, prior to repeal by Pub. L. 85–866, title I, § 3(a), (c), Sept. 2, 1958, 72 Stat. 1607, effective with respect to taxable years ending after Sept. 30, 1958, but only with respect to amounts received as a statutory subsistence allowance for any day after Sept. 30, 1958. Statutory Notes and Related Subsidiaries Effective Date of RepealRepeal effective Dec. 19, 2014, subject to a savings provision, see section 221(b) of Pub. L. 113–295, set out as an Effective Date of 2014 Amendment note under section 1 of this title.

Treasury Regulations

  • Treas. Reg. §Treas. Reg. §1.120-1 Statutory subsistence allowance received by police
  • Treas. Reg. §Treas. Reg. §1.120-1(a) Section 120 excludes from the gross income of an individual employed as a police official by a State, Territory, or possession of the United States, by any of their political subdivisions, or by the District of Columbia, any amount received as a statutory subsistence allowance to the extent that such allowance does not exceed $5 per day.
  • Treas. Reg. §Treas. Reg. §1.120-1(b) The exclusion provided by section 120 is to be computed on a daily basis, that is, for each day for which the statutory allowance is paid.
  • Treas. Reg. §Treas. Reg. §1.120-1(c) Expenses in respect of which the allowance under section 120 is paid may not be deducted under any provision of the income tax laws except to the extent that (1) such expenses exceed the amount of the exclusion, and (2) the excess is otherwise allowable as a deduction.
  • Treas. Reg. §Treas. Reg. §1.120-1(d) In the case of taxable years ending after September 30, 1958, section 120 and this section do not apply to amounts received as a statutory subsistence allowance for any day after September 30, 1958.
  • Treas. Reg. §Treas. Reg. §1.120-3 Notice of application for recognition of status of qualified group legal services plan
  • Treas. Reg. §Treas. Reg. §1.120-3(a) In general.
  • Treas. Reg. §Treas. Reg. §1.120-3(b) Filing of notice—(1) In general.
  • Treas. Reg. §Treas. Reg. §1.120-3(c) Internal Revenue Service action on notice of application for recognition.
  • Treas. Reg. §Treas. Reg. §1.120-3(d) Period of plan qualification—(1) In general.
  • Treas. Reg. §Treas. Reg. §1.120-3(e) Effective date.
  • Treas. Reg. §Treas. Reg. §1.120-3(i) §1.120-3(i)

49 Citing Cases

John Owen & Laura L. Haskell Owen, Petitioners T.C. Memo. 2012-21 · 2012

Section 120 (e) (6) provides an exception to the 80 percent requirement of section 1202 (e) (1) , explaining that for thè purposes of section 1202 (e) (1) (A) any assets which (A) are held. as part oft the" reasonably required working capital needs of a qualified trade or business of the corporation . - . e shall be treated as used in the active co

John P. & Laura L. Haskell Owen, Petitioner T.C. Memo. 2012-21 · 2012

Section 120 (e) (6) provides an exception to the 80 percent requirement of section 1202 (e) (1) , explaining that for thè purposes of section 1202 (e) (1) (A) any assets which (A) are held. as part oft the" reasonably required working capital needs of a qualified trade or business of the corporation . - . e shall be treated as used in the active co

J & L Owen, Inc., Petitioner T.C. Memo. 2012-21 · 2012

Section 120 (e) (6) provides an exception to the 80 percent requirement of section 1202 (e) (1) , explaining that for thè purposes of section 1202 (e) (1) (A) any assets which (A) are held. as part oft the" reasonably required working capital needs of a qualified trade or business of the corporation . - . e shall be treated as used in the active co

Mark Feathers & Natalie E. Feathers, Petitioners T.C. Memo. 2024-88 · 2024

6 A 7(a) loan is available to a small business when real estate is part of a business purchase when a small business needs short or long-term working capital, to refinance current business debt, to purchase and install machinery and equipment, or to purchase furniture, fixtures, or supplies. See 7(a) Loans, U.S. Small Bus. Admin.,

Michael K. Berry, Petitioner T.C. Memo. 2005-91 · 2005

120(a), 56 Stat. 816 (the 1942 Act); see also sec. 71(a)(1) and (2), I.R.C. 1954, prior to amendment by the Deficit Reduction Act of 1984, Pub. L. 98-369, sec. 422(a), 98 Stat. 494 (the 1984 Act) (similar language). The general rule of inclusion in the recipient’s income did not apply to “that part of any such periodic payment which the terms

Estate of H. A. True, Jr., Deceased; H. A. True, III, Personal Representative, Petitioners T.C. Memo. 2001-167 · 2001

takes the position that the determination whether the percentage threshold for a substantial or gross valuation understatement has been reached is made on a property-by-property basis. See Part XX Penalties Handbook, Internal Revenue Manual (RIA), sec. 120.1.5.11.2. In the absence of any argument to the contrary by any of the parties in this case, we use this specifically targeted approach. 96SEC 6662(g). SUBSTANTIAL ESTATE OR GIFT TAX VALUATION UNDERSTATEMENT. (1) In General.--For purposes of

Jean D. True, Petitioner T.C. Memo. 2001-167 · 2001

takes the position that the determination whether the percentage threshold for a substantial or gross valuation understatement has been reached is made on a property-by-property basis. See Part XX Penalties Handbook, Internal Revenue Manual (RIA), sec. 120.1.5.11.2. In the absence of any argument to the contrary by any of the parties in this case, we use this specifically targeted approach. 96SEC 6662(g). SUBSTANTIAL ESTATE OR GIFT TAX VALUATION UNDERSTATEMENT. (1) In General.--For purposes of

Connecticut Mutual Life Insurance Company and Consolidated Subsidiaries, Petitioner 106 T.C. No. 27 · 1996

On May 13, 1986, petitioner transmitted to the Internal Revenue Service a completed Form 1024 (Application for Recognition of Exemption Under Section 501(a) or for Determination Under Section 120) for the VEBA II trust.

Connecticut Mutual Life Insurance v. Commissioner 106 T.C. 445 · 1996

On May 13, 1986, petitioner transmitted to the Internal Revenue Service a completed Form 1024 (Application for Recognition of Exemption Under Section 501(a) or for Determination Under Section 120) for the VEBA II trust.

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Rockefeller v. Commissioner 76 T.C. 178 · 1981
Martin v. Commissioner 73 T.C. 255 · 1979
Sydnes v. Commissioner 68 T.C. 170 · 1977
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Joslin v. Commissioner 52 T.C. 231 · 1969
Ferebee v. Commissioner 39 T.C. 801 · 1963
Cox v. Commissioner 41 T.C. 161 · 1963
Keith v. Commissioner 35 T.C. 1130 · 1961
Estate of Rensenhouse v. Commissioner 31 T.C. 818 · 1959
Ashcraft v. Commissioner 28 T.C. 356 · 1957
Fixler v. Commissioner 25 T.C. 1313 · 1956
Neeman v. Commissioner 26 T.C. 864 · 1956
Weil v. Commissioner 23 T.C. 630 · 1955
Holahan v. Commissioner 21 T.C. 451 · 1954
Osenbach v. Commissioner 17 T.C. 797 · 1951
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Hawaiian Freight Forwarders, Ltd. v. Commissioner 15 T.C. 35 · 1950
Hogg v. Commissioner 13 T.C. 361 · 1949
Gale v. Commissioner 13 T.C. 661 · 1949
Steinel v. Commissioner 10 T.C. 409 · 1948
Estate of Laughlin v. Commissioner 8 T.C. 33 · 1947
Kalchthaler v. Commissioner 7 T.C. 625 · 1946
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