Subsec. (g). Pub. L. 100–647, § 1004(a)(4), substituted “indebtedness” for “indebtedness of solvent farmers” in going and amended text generally speaking. Ahead of amendment, text read the following:

“(1) as a whole. —For purposes for this area and part 1017, the release by a professional individual of qualified farm indebtedness of the taxpayer that is maybe perhaps maybe not insolvent during the time of the release will be addressed when you look at the same way as in the event that release had happened if the taxpayer had been insolvent.

“(2) Qualified farm indebtedness. —For purposes with this subsection, indebtedness of the taxpayer will probably be addressed as qualified farm indebtedness if—

“(A) such indebtedness had been incurred directly associated with the operation by the taxpayer associated with trade or company of agriculture, and

“(B) 50 percent or higher associated with normal yearly gross receipts associated with taxpayer for the 3 taxable years preceding the taxable 12 months in that your release of these indebtedness happens is due to the trade or company of agriculture.

“(3) Qualified person. —For purposes for this subsection, the word ‘qualified person’ means someone described in section 46(c)(8)(D)(iv). ”

1986—Subsec. (a)(1)(C). Pub. L. 99–514, § 822(a), struck down subpar. (C) concerning exclusion from revenues in the event that indebtedness released is qualified company indebtedness.

Subsec. (a)(2). Pub. L. 99–514, § 822(b)(1), substituted “Subparagraph (B) of paragraph (1)” for “Subparagraphs (B) and (C) of paragraph (1)” in subpar. (A), struck down subpar. (A) designation and going, and struck down subpar. (B) providing that insolvency exclusion takes precedence over qualified company exclusion.

Subsec. (b)(2)(B). Pub. L. 99–514, § 231(d)(3)(D), substituted “General business credit” for “Research credit and basic company credit” in heading and amended text, since amended by this Act (Pub. L. 99–514, § 1171(b)(4) (see below)), generally speaking. Prior to amendment, text read the following: “Any carryover to or through the taxable 12 months of the release of a quantity for purposes of determining the amount allowable as being a credit under—

“(i) area 30 (associated with credit for increasing research tasks), or

“(ii) part 38 (concerning basic company credit).

For purposes of this subparagraph, there shall never be taken into consideration any part of a carryover which can be due to the worker stock ownership credit determined under area 41. ”

Pub. L. 99–514, § 1171(b)(4), hit away final phrase which have been eradicated by the basic amendment of subpar. (B) by Pub. L. 99–514, § 231(d)(3)(D). See above.

Subsec. (b)(2)(E). Pub. L. 99–514, § 1847(b)(7), substituted “section 27” for “section 33”.

Subsec. (b)(3). Pub. L. 99–514, § 104(b)(2), substituted “33? cents” for “50 cents”.

Subsec. (c). Pub. L. 99–514, § 822(b)(2), struck down subsec. (c) associated with taxation remedy for discharge of qualified company indebtedness.

Subsec. (d). Pub. L. 99–514, § 822(b)(3)(B), struck down mention of the subsec. (c) in going.

Subsec. (d)(4). Pub. L. 99–514, § 822(b)(3)(A), struck down par. (4) associated with remedy for indebtedness as qualified company indebtedness.

Subsec. (d)(6), (7)(A). Pub. L. 99–514, § 822(b)(3)(B), struck away mention of subsec. (c) in going and text.

Subsec. (d)(7)(B). Pub. L. 99–514, § 822(b)(3)(C), hit away “The preceding phrase shall perhaps not connect with any release towards the level that subsection (a)(1)(C) pertains to such release. ”

Subsec. (d)(9)(A). Pub. L. 99–514, § 822(b)(3)(D), struck down “under paragraph (4) of the or subsection after “An election”.

Subsec. ( ag e)(7)(A)(ii)(we). Pub. L. 99–514, § 805(c)(2), substituted “subsection (a) or (b) of area 166” for “subsection (a), (b), or (c) of area 166”.

Subsec. ( e)(7)(B) to (D). Pub. L. 99–514, § 805(c)(3), redesignated subpars. (C) to (E) as (B) to (D), correspondingly, and hit away previous subpar. (B) which associated with taxpayers on book technique.

Subsec. ( ag ag e)(7)(E), (F). Pub. L. 99–514, § 805(c)(3), (4), redesignated subpar. (F) as ( ag E) and substituted “the foregoing subparagraphs” for “subparagraphs (A), (B), (C), (D), and (E)”. Previous subpar. (E) redesignated (D).

Subsec. ( ag ag e)(10)(C). Pub. L. 99–514, § 621(e), repealed the amendment by Pub. L. 98–369, § 59(b)(1), which had added subpar. (C) producing an exclusion for transfers in some exercises associated with satisfaction of indebtedness by corporation’s stock. See 1984 Amendment note below.

1984—Subsec. (b)(2)(B). Pub. L. 98–369, § 474(r)(5), substituted provisions associated with research credits and business that is general addressing carryovers to or from the taxable 12 months of the discharge of a quantity for purposes of determining the amount allowable as a credit under area 30 (associated with credit for increasing research tasks), or part 38 (concerning basic company credit), and directing that there shall not be taken into consideration any percentage of a carryover that will be due to the worker stock ownership credit determined under area 41 for previous conditions addressing carryovers to or through the taxable 12 months regarding the release of a sum for purposes of determining the total amount of a credit allowable under part 38 (concerning investment in a few depreciable home), area 40 (associated with costs of work motivation programs), area 44B (associated with credit for work of specific brand new workers), section 44E (associated with alcohol utilized as being a gas), or area 44F (associated with credit for increasing research tasks), and directing that, for purposes of clause (i), there might never be taken into consideration any percentage of a carryover cashcall mortgage rates that has been due to the worker plan credit (inside the concept of area 48(o)(3)).

Subsec. (d)(6). Pub. L. 98–369, § 721(b)(2), struck away “or S corporation shareholder level” in going and sentence that is second offered that “In the situation of an S firm, subsections (a), (b), and (c) shall use during the shareholder level.”. See par. (7)(A).

Subsec. (d)(7) to (10). Pub. L. 98–369, § 721(b)(2), included par. (7) and redesignated previous pars. (7) to (9) as (8) to (10), correspondingly.

Subsec. ( ag ag ag e)(10)(C). Pub. L. 98–369, § 59(b)(1), which included subpar. (C), effective as though contained in the amendments created by section 806(e) and (f) of Pub. L. 94–455, had been repealed by Pub. L. 99–514, § 621(e), (f)(2), eff. Jan. 1, 1986, with specific exceptions, see Effective Date of 1986 Amendment note below.

1982—Subsec. (d)(6). Pub. L. 97–354 inserted “or S corporation shareholder level” in going and inserted “in case of an S company, subsections (a), (b), and (c) will be used in the shareholder level. ”

1980—Pub. L. 96–589 totally revised and expanded conditions by indicating the kinds of indebtedness and also by aiming priorities among the list of exclusions, to mirror the modification of Title 11, Bankruptcy, in 1978.

1976—Pub. L. 94–455, § 1951(b)(2)(A), hit out “(a) Unique guideline of exclusion. —” after “Income from release of indebtedness” and struck down subsec. (b) which linked to discharge, cancellation, or modification of indebtedness of particular railroad corporations.

1960—Subsec. (b). Pub. L. 86–496 prov Jan. 1, 1960, then no quantity is usually to be contained in revenues with regards to it, and struck down conditions which made subsection inapplicable to discharges occurring in a taxable 12 months starting after Dec. 31, 1957.

1956—Subsec. (b). Act June 29, 1956, replaced “ December 31, 1957 ” for “ December 31, 1955 ”.