2015 US Code
Title 26 - Internal Revenue Code (Sections 1 - 9834)
Subtitle A - Income Taxes (Sections 1 - 1564)
Chapter 1 - Normal Taxes and Surtaxes (Sections 1 - 1400U-3)
Subchapter B - Computation of Taxable Income (Sections 61 - 291)
Part IX - Items Not Deductible (Sections 261 - 280H)
Sec. 272 - Disposal of coal or domestic iron ore

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Metadata
Publication TitleUnited States Code, 2012 Edition, Supplement 3, Title 26 - INTERNAL REVENUE CODE
CategoryBills and Statutes
CollectionUnited States Code
SuDoc Class NumberY 1.2/5:
Contained WithinTitle 26 - INTERNAL REVENUE CODE
Subtitle A - Income Taxes
CHAPTER 1 - NORMAL TAXES AND SURTAXES
Subchapter B - Computation of Taxable Income
PART IX - ITEMS NOT DEDUCTIBLE
Sec. 272 - Disposal of coal or domestic iron ore
Containssection 272
Date2015
Laws In Effect As Of DateJanuary 3, 2016
Positive LawNo
Dispositionstandard
Source CreditAug. 16, 1954, ch. 736, 68A Stat. 82; Pub. L. 88-272, title II, §227(a)(3), (b)(3), Feb. 26, 1964, 78 Stat. 98.
Statutes at Large References78 Stat. 98
Public and Private LawsPublic Law 88-272

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26 U.S.C. § 272 (2015)
§272. Disposal of coal or domestic iron ore

Where the disposal of coal or iron ore is covered by section 631, no deduction shall be allowed for expenditures attributable to the making and administering of the contract under which such disposition occurs and to the preservation of the economic interest retained under such contract, except that if in any taxable year such expenditures plus the adjusted depletion basis of the coal or iron ore disposed of in such taxable year exceed the amount realized under such contract, such excess, to the extent not availed of as a reduction of gain under section 1231, shall be a loss deductible under section 165(a). This section shall not apply to any taxable year during which there is no income under the contract.

(Aug. 16, 1954, ch. 736, 68A Stat. 82; Pub. L. 88–272, title II, §227(a)(3), (b)(3), Feb. 26, 1964, 78 Stat. 98.)

AMENDMENTS

1964—Pub. L. 88–272 inserted "or domestic iron ore" in section catchline, and "or iron ore" wherever appearing in text.

EFFECTIVE DATE OF 1964 AMENDMENT

Pub. L. 88–272, title II, §227(c), Feb. 26, 1964, 78 Stat. 98, provided that: "The amendments made by this section [amending this section and sections 631, 1016, 1231, and 1402 and section 411 of Title 42, The Public Health and Welfare] shall apply with respect to amounts received or accrued in taxable years beginning after December 31, 1963, attributable to iron ore mined in such taxable years."

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