Sec. 3132. Repeal of special rules for gain or loss on timber, coal, or domestic iron ore
323 words·~1 min read·
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Subchapter I of chapter 1 is amended by striking part III (and by striking the item relating to such part in the table of parts for such subchapter). Section 512(b)(5) is amended by striking the last sentence. Section 871(a)(1)(B) is amended by striking gains described in section 631(b) or (c), and . Section 871(d)(1)(A) is amended— by striking ,
(ii)rents and inserting and
(ii)rents , and by striking , and
(iii)gains described in section 631(b) or
(c). Section 881(a) is amended by striking paragraph
(2)and by redesignating paragraphs
(3)and
(4)as paragraphs
(2)and (3), respectively. Section 1442(a) is amended— by striking 881(a)(3) and
(4)and inserting 881(a)(2) and
(3), by striking 881(a)(3), and inserting 881(a)(2), , and by striking 881(a)(4) and inserting 881(a)(3) . Section 882(d)(1)(A) is amended— by striking ,
(ii)rents and inserting and
(ii)rents , and by striking , and
(iii)gains described in section 631(b) or
(c). Section 1231(b) is amended by striking paragraph (2). Section 1402(a)(3) is amended by inserting or at the end of subparagraph
(A)and by striking subparagraph
(B)and redesignating subparagraph
(C)as subparagraph (B). Section 1441 is amended— in subsection (b), by striking , gains described in section 631(b) or
(c), and in subsection (c)(5), by striking gains described in section 631(b) or (c), gains subject to tax under section 871(a)(1)(D), and inserting gains subject to tax under section 871(a)(1)(D) . Part IX of subchapter B of chapter 1 is amended by striking section 272 (and by striking the item relating to such section in the table of sections for such subpart). Section 1016(a) is amended by striking paragraph (15). Except as otherwise provided in this subsection, the amendments made by this section shall apply to taxable years beginning after December 31, 2014. The amendment made by subsection (b)(9)(B) shall apply to deductions determined for taxable years beginning after December 31, 2014.