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2021 US Code
Title 26 - Internal Revenue Code
Subtitle A - Income Taxes
Chapter 1 - Normal Taxes and Surtaxes
Subchapter P - Capital Gains and Losses
Part I - Treatment of Capital Gains
Sec. 1201 - Repealed. Pub. L. 115-97, title I, §13001(b)(2)(A), Dec. 22, 2017, 131 Stat. 2096

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Citation 26 U.S.C. § 1201 (2021)
Section Name [§1201. Repealed. Pub. L. 115–97, title I, §13001(b)(2)(A), Dec. 22, 2017, 131 Stat. 2096]
Repeal Summary

Section, Aug. 16, 1954, ch. 736, 68A Stat. 320; Mar. 13, 1956, ch. 83, §5(7), 70 Stat. 49; Pub. L. 86–69, §3(f)(2), June 25, 1959, 73 Stat. 140; Pub. L. 87–834, §8(g)(3), Oct. 16, 1962, 76 Stat. 999; Pub. L. 91–172, title V, §511(b), Dec. 30, 1969, 83 Stat. 635; Pub. L. 94–455, title XIX, §1901(a)(135), (b)(33)(L), Oct. 4, 1976, 90 Stat. 1786, 1801; Pub. L. 95–600, title IV, §§401(a), 403(a), (b), Nov. 6, 1978, 92 Stat. 2866, 2868; Pub. L. 96–222, title I, §104(a)(2)(B), (3)(A), Apr. 1, 1980, 94 Stat. 214, 215; Pub. L. 98–369, div. A, title II, §211(b)(16), July 18, 1984, 98 Stat. 756; Pub. L. 99–514, title III, §311(a), title X, §1024(c)(14), Oct. 22, 1986, 100 Stat. 2219, 2408; Pub. L. 100–647, title I, §1003(c)(1), title II, §2004(l), Nov. 10, 1988, 102 Stat. 3384, 3606; Pub. L. 103–66, title XIII, §13221(c)(2), Aug. 10, 1993, 107 Stat. 477; Pub. L. 104–188, title I, §1703(f), Aug. 20, 1996, 110 Stat. 1876; Pub. L. 105–34, title III, §314(a), Aug. 5, 1997, 111 Stat. 842; Pub. L. 110–234, title XV, §15311(a), May 22, 2008, 122 Stat. 1502; Pub. L. 110–246, §4(a), title XV, §15311(a), June 18, 2008, 122 Stat. 1664, 2264; Pub. L. 114–113, div. Q, title III, §334(a), Dec. 18, 2015, 129 Stat. 3108, related to alternative tax for corporations.
Editorial Notes Subsection (b) of this Section Prior to Repeal

Prior to repeal by section 13001(b)(2)(A) of Pub. L. 115–97, subsection (b) of this section read as follows:

(b) Special rate for qualified timber gains (1) In general

If, for any taxable year beginning in 2016, a corporation has both a net capital gain and qualified timber gain—

(A) subsection (a) shall apply to such corporation for the taxable year without regard to whether the applicable tax rate exceeds 35 percent, and

(B) the tax computed under subsection (a)(2) shall be equal to the sum of—

(i) 23.8 percent of the least of—

(I) qualified timber gain,

(II) net capital gain, or

(III) taxable income, plus


(ii) 35 percent of the excess (if any) of taxable income over the sum of the amounts for which a tax was determined under subsection (a)(1) and clause (i).

(2) Qualified timber gain

For purposes of this section, the term "qualified timber gain" means, with respect to any taxpayer for any taxable year, the excess (if any) of—

(A) the sum of the taxpayer's gains described in subsections (a) and (b) of section 631 for such year, over

(B) the sum of the taxpayer's losses described in such subsections for such year.


For purposes of subparagraphs (A) and (B), only timber held more than 15 years shall be taken into account.

See Extension of Special Rule Relating to Qualified Timber Gain note set out below.


STATUTORY NOTES AND RELATED SUBSIDIARIES EFFECTIVE DATE OF REPEAL

Repeal applicable to taxable years beginning after Dec. 31, 2017, see section 13001(c)(1) of Pub. L. 115–97, set out as an Effective Date of 2017 Amendment note under section 11 of this title.

EXTENSION OF SPECIAL RULE RELATING TO QUALIFIED TIMBER GAIN

Pub. L. 115–123, div. D, title I, §40310, Feb. 9, 2018, 132 Stat. 147, provided that: "For purposes of applying section 1201(b) of the Internal Revenue Code of 1986 with respect to taxable years beginning during 2017, such section shall be applied by substituting '2016 or 2017' for '2016'."
Publication Title United States Code, 2018 Edition, Supplement 3, Title 26 - INTERNAL REVENUE CODE
Category Bills and Statutes
Collection United States Code
SuDoc Class Number Y 1.2/5:
Contained Within Title 26 - INTERNAL REVENUE CODE
Subtitle A - Income Taxes
CHAPTER 1 - NORMAL TAXES AND SURTAXES
Subchapter P - Capital Gains and Losses
PART I - TREATMENT OF CAPITAL GAINS
Sec. 1201 - Repealed. Pub. L. 115-97, title I, §13001(b)(2)(A), Dec. 22, 2017, 131 Stat. 2096
Contains section 1201
Date 2021
Laws In Effect As Of Date January 3, 2022
Positive Law No
Disposition repealed
Statutes at Large References 70 Stat. 49
73 Stat. 140
76 Stat. 999
83 Stat. 635
90 Stat. 1786
92 Stat. 2866
94 Stat. 214
98 Stat. 756
100 Stat. 2219
102 Stat. 3384
107 Stat. 477
110 Stat. 1876
111 Stat. 842
122 Stat. 1502, 1664
129 Stat. 3108
131 Stat. 2096
132 Stat. 147
Public Law References Public Law 86-69, Public Law 87-834, Public Law 91-172, Public Law 94-455, Public Law 95-600, Public Law 96-222, Public Law 98-369, Public Law 99-514, Public Law 100-647, Public Law 103-66, Public Law 104-188, Public Law 105-34, Public Law 110-234, Public Law 110-246, Public Law 114-113, Public Law 115-97, Public Law 115-123
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