2018 US Code
Title 26 - Internal Revenue Code
Subtitle A - Income Taxes
Chapter 1 - Normal Taxes and Surtaxes
Subchapter B - Computation of Taxable Income
Part II - Items Specifically Included in Gross Income
Sec. 84 - Transfer of appreciated property to political organizations
26 U.S.C. § 84 (2018) |
§84. Transfer of appreciated property to political organizations |
(a) General rule
If— (1) any person transfers property to a political organization, and (2) the fair market value of such property exceeds its adjusted basis, then for purposes of this chapter the transferor shall be treated as having sold such property to the political organization on the date of the transfer, and the transferor shall be treated as having realized an amount equal to the fair market value of such property on such date. (b) Basis of propertyIn the case of a transfer of property to a political organization to which subsection (a) applies, the basis of such property in the hands of the political organization shall be the same as it would be in the hands of the transferor, increased by the amount of gain recognized to the transferor by reason of such transfer. (c) Political organization definedFor purposes of this section, the term "political organization" has the meaning given to such term by section 527(e)(1). |
(Added Pub. L. 93–625, §13(a)(1), Jan. 3, 1975, 88 Stat. 2120; amended Pub. L. 115–141, div. U, title IV, §401(a)(35), Mar. 23, 2018, 132 Stat. 1186.) |
AMENDMENTS
2018—Pub. L. 115–141 substituted "political organizations" for "political organization" in section catchline. EFFECTIVE DATEPub. L. 93–625, §13(b), Jan. 3, 1975, 88 Stat. 2121, provided that: "The amendments made by subsection (a) [enacting this section] shall apply to transfers made after May 7, 1974, in taxable years ending after such date." NONRECOGNITION OF GAIN OR LOSS WHERE ORGANIZATION SOLD CONTRIBUTED PROPERTY BEFORE AUGUST 2, 1973Pub. L. 93–625, §13(c), Jan. 3, 1975, 88 Stat. 2121, provided that in the case of the sale or exchange of property before Aug. 2, 1973, which was acquired by the exempt political organization by contribution, no gain or loss shall be recognized by such organization. |
United States Code, 2018 Edition, Title 26 - INTERNAL REVENUE CODE |
Bills and Statutes |
United States Code |
Y 1.2/5: |
Title 26 - INTERNAL REVENUE CODE Subtitle A - Income Taxes CHAPTER 1 - NORMAL TAXES AND SURTAXES Subchapter B - Computation of Taxable Income PART II - ITEMS SPECIFICALLY INCLUDED IN GROSS INCOME Sec. 84 - Transfer of appreciated property to political organizations |
section 84 |
2018 |
January 14, 2019 |
No |
standard |
88 Stat. 2120, 2121 132 Stat. 1186 |
Public Law 93-625, Public Law 115-141 |