§235-2.2 Internal Revenue Code, further amendments adopted. For each taxable year specified in column 1 below, the Internal Revenue Code meant is the Internal Revenue Code of 1954 as amended as of June 7, 1957 and as further amended by the acts of Congress, or portions thereof, enumerated in column 2 (section numbers in column 2 are inclusive). Amendments to the Code not enumerated in section 235-2, 235-2.1, or herein shall not be operative for the purposes of this chapter unless specifically adopted.

Column 1 Column 2

Taxable years beginning on Public Law 629, 84th Cong., 2d

or after January 1, 1977. Session, section 5(a) (with

respect to nontaxable exchanges

for taxable years beginning

after December 31, 1976).

Public Law 86-779, section 10(h)

(with respect to constructive

ownership of stock for

taxable years beginning after

December 31, 1976).

Public Law 86-781, section 6(a)

(with respect to limitation on

acceleration of accrual of

taxes for taxable years begin-

ning after December 31, 1976).

Public Law 87-876, section

3(a) (with respect to

dividends or interest paid

on certain deposits or

withdrawable accounts for

taxable years beginning

after December 31, 1976).

Public Law 88-272, sections

218(a) and (b) (with respect

to corporate reorganizations

for taxable years beginning

after December 31, 1976)

and 226(a) and (b) (with

respect to treatment in case

of oil and gas wells for

taxable years beginning

after December 31, 1976).

Public Law 88-484, section 1(b)

(1) and (2) (with respect

to corporate distributions in

taxable years beginning after

December 31, 1976).

Public Law 88-539, section

3(a) and (b) (with respect

to the installment method of

accounting for taxable years

beginning after December 31,

1976).

Public Law 88-554, section

4(a) (with respect to construc-

tive ownership of stock for

taxable years beginning

after December 31, 1976).

Public Law 88-563, section 5

(with respect to original

issue discount for taxable

years beginning after

December 31, 1976).

Public Law 89-97, sections

106(a), (b), (c), and (d)(1)

(with respect to medical

deductions for taxable

years beginning after

December 31, 1976) and

313(b) (with respect to

employee tips for taxable

years beginning after

December 31, 1976).

Public Law 89-570, section

1(b)(2) and (4) (with respect

to corporate distributions

in taxable years beginning

after December 31, 1976).

Public Law 89-809, section

202(c) (with respect to

methods of accounting for

taxable years beginning after

December 31, 1976).

Public Law 90-621, section 1(a)

and (b) (with respect to

corporate reorganizations

for taxable years beginning

after December 31, 1976).

Public Law 91-172, sections

211(a) and (b)(1) to (6) (with

respect to gain from disposition

of property used in farming

where farm losses offset

nonfarm income for taxable

years beginning after

December 31, 1976; provided

that provisions relating to

the excess deduction account

shall not apply), 214(a)

(with respect to gain from

disposition of farm land for

taxable years beginning after

December 31, 1976), 215(a)

(with respect to crop

insurance proceeds for taxable

years beginning after

December 31, 1976), 216(a)

(with respect to capitalization

of costs of planting and

developing citrus groves for

taxable years beginning after

December 31, 1976), 221(a)

(with respect to limitation

on interest deduction attri-

butable to investment indebted-

ness for taxable years

beginning after December 31,

1976), 413(a) and (b) (with

respect to bonds and other

evidences of indebtedness for

taxable years beginning after

December 31, 1976), 511(a)

(with respect to definition

of terms applicable to capital

gains and losses for taxable

years beginning after

December 31, 1976), 802(b)(1)

and (2) (with respect to the

determination of marital

status for taxable years begin-

ning after December 31, 1976),

and 916(a) (with respect

to methods of accounting for

taxable years beginning after

December 31, 1976).

Public Law 91-680, section

1(a) (with respect to

capitalization of costs of

planting and developing

almond groves for taxable

years beginning after

December 31, 1976).

Public Law 91-687, section 1

(with respect to determining

when stock of a corporation

shall not be treated as a

capital asset for taxable

years beginning after

December 31, 1976).

Public Law 91-693, section (a)

and (b) (with respect to cor-

porate reorganizations for

taxable years beginning after

December 31, 1976).

Public Law 92-178, sections

304(a)(2), (c), and (d)

(with respect to excess in-

vestment interest for taxable

years beginning after

December 31, 1976) and 305(a)

(with respect to farm losses

of electing small business

corporations for taxable

years beginning after

December 31, 1976; provided

that provisions relating to

the excess deduction account

shall not apply).

Public Law 93-406, sections

1013(c)(2) (with respect

to when certain contributions

may be made for taxable years

beginning after December 31,

1976) and 2004(a)(2) (with

respect to limitations on

benefits and contributions

under qualified plans for

taxable years beginning

after December 31, 1976).

Public Law 93-483, sections 4

(with respect to application

of section 117 of the Internal

Revenue Code to certain educa-

tional programs for members of

the uniformed services for

taxable years beginning after

December 31, 1976) and 6(a)

(with respect to penalties

forfeited because of premature

withdrawal of funds from

time-savings accounts or

deposits for taxable years

beginning after December 31,

1976).

Public Law 94-12, section 207

(with respect to extension

of period for replacing old

residence for purpose of

nonrecognition of gain for

taxable years beginning after

December 31, 1976).

Public Law 94-267, sections

(a)(1), (2), and (3) and (b)(1),

(2), and (3) (with respect

to termination of employee

trusts and annuity plans

for taxable years beginning

after December 31, 1976).

Public Law 94-455, sections

201(a) (with respect to the

capitalization and amortization

of real property construction

period interest and taxes, in

the case of (1) nonresidential

real property, for taxable

years beginning after

December 31, 1976, (2) resi-

dential real property, other

than low-income housing, for

taxable years beginning after

December 31, 1977, and (3) low-

income housing, for taxable

years beginning after

December 31, 1981; provided

that the transitional rule for

1976 (section 189(f) of the

Internal Revenue Code as added

by section 201(a) shall not

apply)), 202(a), (b), and (c)

(with respect to the recapture

of depreciation on real prop-

erty for taxable years

beginning after December 31,

1976; provided that section

202(b) shall apply with

respect to proceedings and

operations of law referred to

in section 1250(d)(10) of the

Internal Revenue Code which

begins after December 31, 1976),

203(a) (with respect to the

depreciation of expenditures

to rehabilitate low-income

rental housing for taxable

years beginning after

December 31, 1976; provided

that (1) section 167(k) of the

Internal Revenue Code as adop-

ted by this State is amended

by striking out "January 1,

1975" in paragraph (1) and

inserting in lieu thereof

"January 1, 1978", (2) the

amendments made by section

203(a)(1), (3), and (4) shall

apply to expenditures paid or

incurred after December 31,

1976, and before January 1,

1978, and expenditures made

pursuant to a binding contract

entered into before January 1,

1978, and (3) the amendment

made by section 203(a)(2)

shall apply to expenditures

incurred after December 31,

1976), 204(a) and (c)(2) and

(3)(A) and (B) (with respect

to limitations on deductions

for expenses for taxable years

beginning after December 31,

1976; provided that the amend-

ments made by section 204(a)

shall apply to losses attrib-

utable to amounts paid or

incurred in taxable years

beginning after December 31,

1976, and for this purpose,

any amount allowed or allow-

able for depreciation or

amortization for any period

shall be treated as an amount

paid or incurred in such period;

provided further that as adopted

by this State (1) the date

September 11, 1975, in section

204(c)(2)(A) shall read

January 1, 1977, (2) the dates

December 31, 1975, and

September 10, 1975, respec-

tively, in section 204(c)(2)(B)

shall read December 31, 1976

and January 1, 1977, respec-

tively, (3) the date January 1,

1976 in section 204(c)(3)(A)

shall read January 1, 1977,

(4) the date December 31,

1975 in section 204(c)(3)(B)

shall read December 31, 1976,

and (5) the dates contained

in section 204(c)(3)(C) shall

be disregarded), 205(a),

(b), and (c) (with respect

to gain from the disposition

of interest in oil or gas

property for taxable years

beginning after December 31,

1976; provided that section

1254 of the Internal Revenue

Code as adopted by this State

is amended by striking out

"December 31, 1975" therein and

inserting in lieu thereof

"December 31, 1976"), 206(a)

and (b) (with respect to gain

from disposition of property

used in farming where farm

losses offset nonfarm income

for taxable years beginning

after December 31, 1976;

provided that the adoption of

section 206(a) shall not result

in application of the excess

deduction account for taxable

years beginning before

January 1, 1977), 207(a)(1),

(b)(1) and (2) and (c)(1)(A),

and (c)(3) (with respect

to limitations on deductions

in case of farming syndicates;

capitalization of certain

orchard and vineyard expenses;

and method of accounting for

corporations engaged in farming

for taxable years beginning

after December 31, 1976),

208(a) (with respect to prepaid

interest for taxable years

beginning after December 31,

1976), 209(a) and (b)(2) (with

respect to limitation on

interest deduction for

taxable years beginning

after December 31, 1976,

except where otherwise provided

in section 209(b)(2); provided

that as adopted by this State

(1) the date "September 11,

1975" in section 209(b)(2) shall

read "January 1, 1977", and

(2) the date "September 10,

1975" in section 209(b)(2)

shall read "December 31, 1976"),

210(a) (with respect to

amortization of motion

pictures, books, records,

and other similar property

for taxable years beginning

after December 31, 1976),

212(a)(1) and (b)(1)

(with respect to basis

limitation for and recapture

of depreciation on player

contracts for taxable

years beginning after

December 31, 1976), 213(a)

(with respect to dollar

limitations in the case of

partnerships with respect to

additional first-year depre-

ciation allowance for taxable

years beginning after

December 31, 1976), (b)(1) and

(3) (with respect to treatment

of organization and syndication

fees for taxable years

after December 31, 1976), (c)(1)

and (2) (with respect to alloca-

tion of partnership income and

losses for taxable years begin-

ning after December 31, 1976),

(d) (with respect to deter-

mination of partner's

distributive shares for taxable

years beginning after

December 31, 1976), and (e)

(with respect to treatment of

partnership liabilities with

respect to which the partner is

not personally liable for

taxable years beginning after

December 31, 1976), 214(a)

(with respect to scope of

waiver of statute of limitations

in case of activities not

engaged in for profit for

taxable years beginning after

December 31, 1976),

502(a) (with respect to

deductions for alimony allowed

in determining adjusted gross

income for taxable years

beginning after December 31,

1976), 506(a), (b), and (c)

(with respect to moving expenses

for taxable years beginning

after December 31, 1976),

601(a) (with respect to de-

ductions for expenses attrib-

utable to business use of home,

rental of vacation homes, etc.,

for taxable years beginning

after December 31, 1976), 602(a)

(with respect to deductions

for attending conventions for

taxable years beginning after

December 31, 1976), 605(a)

(with respect to deductions

for guarantees of business

bad debts to guarantors not

involved in business for

taxable years beginning after

December 31, 1976), 701(a)(2)

and (3), (b), (c), (d), and

(e)(2) (with respect to

accumulation trusts for taxable

years beginning after

December 31, 1976; provided

that the reference in section

668 of the Internal Revenue

Code to section 667 of the

Internal Revenue Code shall be

deemed a reference to

section 235-58.1 relating to the

treatment of amounts deemed

distributed by trust in pre-

ceding years and the reference

in section 641 of the Internal

Revenue Code to section 644(b)

of the Internal Revenue Code

shall be deemed a reference to

section 235-58.2(b) relating

to the special rule for gain on

property transferred to trusts

at less than fair market value),

806(e), (f), as to special

limitations on capital losses,

and (g)(2) (with respect

to limitations on net

operating loss carryovers

and capital losses effective

for taxable years as provided

in sections 806(g)(2)), 1401(a)

and (b) (with respect to amounts

of ordinary income against

which capital loss may be

offset for taxable years

beginning after December 31,

1976), 1402(a), (b), (c), and

(d) (with respect to increases

in holding period required

for capital gain or loss

to be long term for six

to nine months for taxable

years beginning after

December 31, 1976, and

from nine months to one

year for taxable years

beginning after December 31,

1977), 1404(a) (with

respect to sales of

residences by elders

for taxable years beginning

after December 31, 1976),

1501(a) and (b)(1) to (6)

and (10) (with respect to

retirement savings for

certain married individ-

uals for taxable years

beginning after December 31,

1976), 1502(a)(1) and (2)

(with respect to limitations

on contributions to

certain pension, etc., plans

for taxable years beginning

after December 31, 1976),

1503(a) (with respect to

participation by members

of reserves or national

guard, and volunteer

firefighters in individual

retirement accounts, etc.,

for taxable years begin-

ning after December 31, 1976),

1901(a)(22) (with respect

to determination of marital

status for taxable years begin-

ning after December 31, 1976),

(a)(66) (with respect to

accounting methods for taxable

years beginning after

December 31, 1976), (a)(87)

(with respect to the defi-

nition of property for taxable

years beginning after

December 31, 1976), (a)(128)

(with respect to involuntary

conversion for taxable years

beginning after December 31,

1976), and (a)(136) (with

respect to definition of

terms applicable to capital

gains and losses for taxable

years beginning after

December 31, 1976), and

(b)(3)(I) (with respect to

taxable years beginning after

December 31, 1976), and

(b)(3)(K) (with respect

to ordinary income for taxable

years beginning after

December 31, 1976; provided that

provisions relating to the

excess deduction account shall

not apply), and (b)(14)(D)

(with respect to taxable years

beginning after December 31,

1976), 1904(b)(10)(C) (with

respect to taxable years begin-

ning after January 31, 1977),

1951(b)(7) (with respect to

accounting methods for taxable

years beginning after

December 31, 1976;

provided that notwithstanding

the amendment made by section

1951(b)(7), in the case of

installment payments received

during taxable years beginning

after December 31, 1976, on

account of a sale or other

disposition made during a

taxable year beginning

before January 1, 1954, sub-

section (b)(1) of section

453 of the Internal Revenue

Code (relating to sales

of realty and casual sales

of personalty) shall apply

only if the income was (by

reason of section 44(b) of the

Internal Revenue Code of 1939)

returnable on the basis and in

the manner prescribed in

section 44(a) of the Internal

Revenue Code of 1939), 2004(e)

(with respect to requirements

for capital gain on stock

redemptions to pay estate

taxes for taxable years

beginning after December 31,

1976; provided that the

references in section

303(b)(1) of the Internal

Revenue Code to the time

limits in sections 6213,

6501(a), 6166, and 6166A

of the Internal Revenue

Code or the election

under sections 6166 and

6166A of the Internal

Revenue Code shall be

followed by the State

even though the State has

not adopted such sections),

2005(b) (with respect to

the use of certain appreciated

carryover basis property to

satisfy pecuniary request for

taxable years beginning after

December 31, 1976), and (c)

(with respect to increases in

basis for gift tax paid to

that portion of gift tax

attributable to net apprecia-

tion in value for taxable

years beginning after

December 31, 1976), 2101(b)

(with respect to allowances

of depreciation deduction by

a cooperative housing corpo-

ration for taxable years be-

ginning after December 31,

1976), 2102(a) and (b) (with

respect to treatment of certain

disaster payments for taxable

years beginning after

December 31, 1976), 2104(a)

(with respect to deductions

for bad debts owed by a politi-

cal party for taxable years

beginning after December 31,

1976), 2110(a) (with respect

to application of franchise

rules to partnerships for

taxable years beginning after

December 31, 1976; provided

that the amendments made by

section 2110(a) shall apply to

transactions described in

section 731, 736, 741, or 751

of the Internal Revenue Code

which occur after December 31,

1976, in taxable years ending

after that date), 2118(a)

(with respect to treatment of

gain or loss on sales or

exchanges in connection with

simultaneous liquidation of a

parent or subsidiary corpora-

tion for taxable years beginning

after December 31, 1976),

2122(a) and (b)(2), (3), and (4)

(with respect to allowances of

deduction for eliminating

architectural and transporta-

tion barriers for the handi-

capped for taxable years

beginning after December 31,

1976 and before January 1,

1980), 2124(a)(1), (2), and

(3) (with respect to the

rehabilitation of certified

historic structures with re-

spect to additions to capital

accounts made after December 31,

1976, and before June 15, 1981),

(b)(1) (with respect to de-

molition of certain historic

structures commencing after

December 31, 1976, and before

January 1, 1981), (c)(1) (with

respect to depreciation of

rehabilitation expenditures of

certified historical structures

on that portion of the

basis which is attributable

to construction, reconstruc-

tion, or erection after

December 31, 1976, and before

January 1, 1981; provided

that section 167(n) of the

Internal Revenue Code as

adopted by this State is

amended by striking out

"June 30, 1976" and inserting

in lieu thereof "January 1,

1977"), (d)(1) (with respect

to depreciation of rehabil-

itation expenditures of

certified historical structures

with respect to additions to

capital account occurring

after December 31, 1976, and

before July 1, 1981), and

(e)(1) (with respect to de-

ductions for charitable

contributions of partial

interests in property for

conservation purposes with

respect to contributions

made after December 31, 1976,

and before June 14, 1977),

2127(a) (with respect to

outdoor advertising

displays for taxable

years beginning after

December 31, 1976),

2129(a) (with respect to

gain from sale of depre-

ciable property between

related parties for taxable

years beginning after

December 31, 1976; provided

the amendments made by

section 2129(a) shall apply

to sales or exchanges after

December 31, 1976; and provided

that a sale or exchange is

considered to have occurred

on or before such date if

such sale or exchange is made

pursuant to a binding contract

entered into on or before

such date), 2130 (with respect

to application of section 117

of the Internal Revenue Code

to certain education programs

for members of the uniformed

services), 2131(a), (b), (c),

(d), and (e)(1) (with respect

to exchange fund transfers

made in taxable years ending

after December 31, 1976;

provided that (1) except as

provided in (2) following,

the amendment made by

section 2131(a) shall apply

to transfers made after

December 31, 1976, in taxable

years ending after such date;

provided further that (2)

the amendment made by

section 2131(a) shall not

apply to transfers made in

accordance with a ruling issued

by the Internal Revenue Service

before February 18, 1976,

holding that a proposed

transaction would be a

reorganization described

in paragraph (1) of section

368(a) of the Internal Revenue

Code; and (3) except as

provided in (4) following,

the amendments made by

section 2131(b) and (c)

shall apply to transfers made

after December 31, 1976, in

taxable years ending after

such date; provided further

that (4) the amendments made

by section 2131(b) and (c)

shall not apply to transfers

made on or before January 2,

1977, if: (A) either (i) a

ruling request with respect

to such transfers was filed

with the federal Internal

Revenue Service before

March 27, 1976, or (ii)

a registration statement with

respect to such transfers

was filed with the federal

Securities and Exchange

Commission before March 27,

1976, (B) the securities

transferred were deposited

on or before December 3,

1976, and (C) either (i) the

aggregate value (determined

as of the close of December 3,

1976, or, if earlier, the

close of the deposit period)

of the securities so transferred

does not exceed $100,000,000,

or (ii) the securities

transferred were all on deposit

on February 29, 1976, pursuant

to a registration statement

referred to in (A)(ii)

preceding; provided further

that (5) if no registration

statement was required to

be filed with the federal

Securities and Exchange

Commission with respect to

the transfer of securities

to any partnership, then (4)

preceding shall be applied

to such transfers (A) as if

(4) preceding did not contain

(4)(A)(ii) preceding, and

(B) by substituting

"$25,000,000" for "$100,000,000"

in (4)(C) (i) preceding; and

provided further that (6) the

amendments made by section

2131(d) and (e) shall take

effect on January 1, 1977, in

taxable years ending on or after

such date), 2132(A) (with

respect to contributions

of certain government publi-

cations for taxable years

beginning after December 31,

1976), 2135(a) (with respect

to charitable contributions

of inventory and other prop-

erty for taxable years begin-

ning after December 31, 1976),

2136(a) (with respect to

treatment of grantor of options

of stock, securities, and

commodities for taxable years

beginning after December 31,

1976), 2139(a) (with respect

to support test for dependent

children of divorced, etc.,

parents for taxable years

beginning after December 31,

1976), 2140(a) (with respect

to involuntary conversions

of real property for taxable

years beginning after

December 31, 1976; provided

that the amendments made by

section 2140(a) shall apply

with respect to any disposi-

tion of converted property

(within the meaning of section

1033(a)(2) of the Internal

Revenue Code) after

December 31, 1976, unless a

condemnation proceeding with

respect to such property began

before such effective date),

and 2141(a) (with respect

to livestock sold on account of

drought for taxable years

beginning after December 31,

1976).

For taxable years begin- Public Law 94-455, section

ning on or after 505(a) and (b) (with respect

January 1, 1978. to changes in exclusions for

sick pay and certain military,

etc., disability pensions;

certain disability income

for taxable years beginning

after December 31, 1977;

provided that where disability

or annuity payments are excluded

from taxation by section

235-7 the adoption of

section 505(a) and (b) shall

not make such payments taxable

under this chapter).

[L 1977, c 47, §2; am L 1981, c 3, §2(1); am L 1990, c 67, §8]