§ 1.108-5. Time and manner for making election under the Omnibus Budget Reconciliation Act of 1993.
182 words·~1 min read·
/us/cfr/t26/s§ 1.108-5·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Description. Section 108(c)(3)(C), as added by section 13150 of the Omnibus Budget Reconciliation Act of 1993 (Pub. L. 103-66, 107 Stat. 446), allows certain noncorporate taxpayers to elect to treat certain indebtedness described in section 108(c)(3) that is discharged after December 31, 1992, as qualified real property business indebtedness. This discharged indebtedness is excluded from gross income to the extent allowed by section 108.
(b)Time and manner for making election. The election described in this section must be made on the timely-filed (including extensions) Federal income tax return for the taxable year in which the taxpayer has discharge of indebtedness income that is excludible from gross income under section 108(a). The election is to be made on a completed Form 982, in accordance with that Form and its instructions.
(c)Revocability of election. The election described in this section is revocable with the consent of the Commissioner.
(d)Effective date. The rules set forth in this section are effective December 27, 1993. [T.D. 8688, 61 FR 65322, Dec. 12, 1996. Redesignated by T.D. 8787, 63 FR 56563, Oct. 22, 1998]
Connections4 off-index
4 references not yet in our index
- Pub. L. 103-66
- 107 Stat. 446
- T.D. 8688
- T.D. 8787
Citation graph
cites case law
§ 1.108-5
Time and manner for making election under the Omnibus Budget Reconciliation Act of 1993.
Pub. L.Pub. L. 103-66
Stat.107 Stat. 446
Treas. Dec.T.D. 8688
Treas. Dec.T.D. 8787
Cites 4Cited by 0 across 0 sources