Amendments
2018—Subsec. (a). [Pub. L. 115–141, § 401(c)(1)(F)(i)], struck out “on debt instruments issued after July 1, 1982,” after “discount” in heading.
Subsec. (a)(1). [Pub. L. 115–141, § 401(c)(1)(F)(ii)], struck out “issued after July 1, 1982” before “, an amount equal to”.
Subsec. (a)(2)(D), (E). [Pub. L. 115–141, § 401(c)(3)(A)], redesignated subpar. (E) as (D) and struck out former subpar. (D). Prior to amendment, text of subpar. (D) read as follows: “Any obligation issued by a natural person before March 2, 1984.”
Subsecs. (b) to (d). [Pub. L. 115–141, § 401(c)(1)(B)], redesignated subsecs. (c) and (d) as (b) and (c), respectively, and struck out former subsec. (b) which related to ratable inclusion retained for corporate debt instruments issued before July 2, 1982.
1997—Subsec. (a)(6)(C). [Pub. L. 105–34] added cl. (iii) and concluding provisions.
1986—Subsec. (a)(6), (7). [Pub. L. 99–514] added par. (6) and redesignated former par. (6) as (7).
Statutory Notes and Related Subsidiaries
Effective Date of 2018 Amendment
Amendment by section 401(c)(1)(B), (F) of [Pub. L. 115–141] applicable to debt instruments issued on or after July 2, 1982, see [section 401(c)(1)(H) of Pub. L. 115–141], set out as a note under section 163 of this title.
Amendment by [section 401(c)(3)(A) of Pub. L. 115–141] applicable to obligations issued on or after Mar. 2, 1984, see [section 401(c)(3)(C) of Pub. L. 115–141], set out as a note under section 163 of this title.
Effective Date of 1997 Amendment
[Pub. L. 105–34, title X, § 1004(b)(1)], Aug. 5, 1997, [111 Stat. 911], provided that: “The amendment made by this section [amending this section] shall apply to taxable years beginning after the date of the enactment of this Act [Aug. 5, 1997].”
Effective Date of 1986 Amendment
Amendment by [Pub. L. 99–514] applicable to debt instruments issued after Dec. 31, 1986, in taxable years ending after such date, see [section 675(b) of Pub. L. 99–514], set out as an Effective Date note under section 860A of this title.
Effective Date
Section applicable to taxable years ending after July 18, 1984, but not applicable to any obligation issued on or before Dec. 31, 1984, which is not a capital asset in the hands of the taxpayer, and subsec. (a)(6) of this section not applicable to any purchase on or before July 18, 1984, see [section 44 of Pub. L. 98–369], as amended, set out as a note under section 1271 of this title.
Change in Method of Accounting
[Pub. L. 105–34, title X, § 1004(b)(2)], Aug. 5, 1997, [111 Stat. 911], provided that: “In the case of any taxpayer required by this section [amending this section and enacting provisions set out as a note above] to change its method of accounting for its first taxable year beginning after the date of the enactment of this Act [Aug. 5, 1997]—“(A)
such change shall be treated as initiated by the taxpayer,
“(B)
such change shall be treated as made with the consent of the Secretary of the Treasury, and
“(C)
the net amount of the adjustments required to be taken into account by the taxpayer under section 481 of the Internal Revenue Code of 1986 shall be taken into account ratably over the 4-taxable year period beginning with such first taxable year.”