26 U.S.C. § 1348
26 U.S.C. § 1348
Section, added Pub. L. 91-172, title VIII, §804(a), Dec. 30, 1969, 83 Stat. 685; amended Pub. L. 93-406, title II, §2005(c)(14), Sept. 2, 1974, 88 Stat. 992; Pub. L. 94-455, title III, §302(a), Oct. 4, 1976, 90 Stat. 1554; Pub. L. 95-600, title IV, §§441(a), 442, title VII, §701(x)(1), (2), Nov. 6, 1978, 92 Stat. 2878, 2920; Pub. L. 95-600, title IV, §441(a), as amended Pub. L. 96-222, title I, §104(a)(5)(B), Apr. 1, 1980, 94 Stat. 218, provided for a 50-percent maximum rate on personal service income.
STATUTORY NOTES AND RELATED SUBSIDIARIES
EFFECTIVE DATE OF REPEAL Repeal effective for taxable years beginning after Dec. 31, 1981, see section 101(f)(1) of Pub. L. 97-34 set out as an Effective Date of 1981 Amendment note under section 1 of this title.
TRANSITIONAL RULE IN CASE OF TAXABLE YEAR BEGINNING BEFORE NOV. 1, 1978, AND ENDING AFTER OCT. 31, 1978 Pub. L. 95-600, title IV, §441(b)(2), Nov. 6, 1978, 92 Stat. 2878, as amended by Pub. L. 96-222, title I, §104(a)(5)(A), Apr. 1, 1980, 94 Stat. 218, provided that in the case of a taxable year which began before Nov. 1, 1978, and ended after Oct. 31, 1978, the amount taken into account under subsec. (b)(2)(B) of section 1348 of this title by reason of section 57(a)(9) of this title be 50 percent of the lesser of the net capital gain for the taxable year or the net capital gain taking into account only gain or loss properly taken into account for the portion of the taxable year before Nov. 1, 1978.
- taxable year
- The term "taxable year" means the calendar year, or the fiscal year ending during such calendar year, upon the basis of which the taxable income is computed under subtitle A. "Taxable year" means, in the case of a return made for a fractional part of a year under the provisions of subtitle A or under regulations prescribed by the Secretary, the period for which such return is made.