26 USC 268: Sale of land with unharvested crop
Text contains those laws in effect on January 4, 1995
From Title 26-INTERNAL REVENUE CODESubtitle A-Income TaxesCHAPTER 1-NORMAL TAXES AND SURTAXESSubchapter B-Computation of Taxable IncomePART IX-ITEMS NOT DEDUCTIBLE
§268. Sale of land with unharvested crop
Where an unharvested crop sold by the taxpayer is considered under the provisions of section 1231 as "property used in the trade or business", in computing taxable income no deduction (whether or not for the taxable year of the sale and whether for expenses, depreciation, or otherwise) attributable to the production of such crop shall be allowed.
(Aug. 16, 1954, ch. 736,
Cross References
Adjustment to basis for deductions disallowed under this section, see section 1016 of this title.
Section Referred to in Other Sections
This section is referred to in section 1016 of this title.