26 USC 1057: Election to treat transfer to foreign trust, etc., as taxable exchange

26 USC 1057: Election to treat transfer to foreign trust, etc., as taxable exchange Text contains those laws in effect on January 4, 1995

From Title 26-INTERNAL REVENUE CODESubtitle A-Income TaxesCHAPTER 1-NORMAL TAXES AND SURTAXESSubchapter O-Gain or Loss on Disposition of PropertyPART IV-SPECIAL RULES

Jump To: Source CreditPrior ProvisionsEffective Date

§1057. Election to treat transfer to foreign trust, etc., as taxable exchange

In lieu of payment of the tax imposed by section 1491, the taxpayer may elect (for purposes of this subtitle), at such time and in such manner as the Secretary may prescribe, to treat a transfer described in section 1491 as a sale or exchange of property for an amount equal in value to the fair market value of the property transferred and to recognize as gain the excess of-

(1) the fair market value of the property so transferred, over

(2) the adjusted basis (for determining gain) of such property in the hands of the transferor.

(Added Pub. L. 94–455, title X, §1015(c), Oct. 4, 1976, 90 Stat. 1618 .)

Prior Provisions

A prior section 1057 was renumbered section 1061 of this title.

Effective Date

Section applicable to transfers of property after Oct. 2, 1975, see section 1015(d) of Pub. L. 94–455, set out as an Effective Date of 1976 Amendment note under section 1491 of this title.

Section Referred to in Other Sections

This section is referred to in section 1492 of this title.