26 USC 1001 - Determination of amount of and recognition of gain or loss

U.S Code last checked for updates: May 04, 2024

§ 1001.

Determination of amount of and recognition of gain or loss

(a)

Computation of gain or loss

(b)

Amount realized

The amount realized from the sale or other disposition of property shall be the sum of any money received plus the fair market value of the property (other than money) received. In determining the amount realized—

(1)

there shall not be taken into account any amount received as reimbursement for real property taxes which are treated under section 164(d) as imposed on the purchaser, and

(2)

there shall be taken into account amounts representing real property taxes which are treated under section 164(d) as imposed on the taxpayer if such taxes are to be paid by the purchaser.

(c)

Recognition of gain or loss

(d)

Installment sales

(e)

Certain term interests

(1)

In general

(2)

Term interest in property defined

For purposes of paragraph (1), the term “term interest in property” means—

(A)

a life interest in property,

(B)

an interest in property for a term of years, or

(C)

an income interest in a trust.

(3)

Exception

(Aug. 16, 1954, ch. 736, 68A Stat. 295; Pub. L. 91–172, title II, § 231(c)(2), title V, § 516(a), Dec. 30, 1969, 83 Stat. 579, 646; Pub. L. 94–455, title XIX, § 1901(a)(121), Oct. 4, 1976, 90 Stat. 1784; Pub. L. 95–600, title VII, § 702(c)(9), Nov. 6, 1978, 92 Stat. 2928; Pub. L. 96–223, title IV, § 401(a), Apr. 2, 1980, 94 Stat. 299; Pub. L. 98–369, div. A, title IV, § 421(b)(4), July 18, 1984, 98 Stat. 794; Pub. L. 103–66, title XIII, § 13213(a)(2)(E), Aug. 10, 1993, 107 Stat. 474.)

cite as: 26 USC 1001