No gain or loss shall be recognized on a transfer of property from an individual to (or in trust for the benefit of)-
In the case of any transfer of property described in subsection (a)-
For purposes of subsection (a)(2), a transfer of property is incident to the divorce if such transfer-
Subsection (a) shall not apply if the spouse (or former spouse) of the individual making the transfer is a nonresident alien.
Subsection (a) shall not apply to the transfer of property in trust to the extent that-
Proper adjustment shall be made under subsection (b) in the basis of the transferee in such property to take into account gain recognized by reason of the preceding sentence.
26 U.S.C. § 1041
Added Pub. L. 98-369, div. A, title IV, §421(a), July 18, 1984, 98 Stat. 793; amended Pub. L. 99-514, title XVIII, §1842(b), Oct. 22, 1986, 100 Stat. 2853; Pub. L. 100-647, title I, §1018(l)(3), Nov. 10, 1988, 102 Stat. 3584.
AMENDMENTS 1988-Subsec. (d). Pub. L. 100-647 substituted "Subsection (a)" for "Paragraph (1) of subsection (a)" and "the spouse (or former spouse)" for "the spouse".1986-Subsec. (e). Pub. L. 99-514 added subsec. (e).
EFFECTIVE DATE OF 1988 AMENDMENT Pub. L. 100-647, title I, §1018(l)(3), Nov. 10, 1988, 102 Stat. 3584, provided that the amendment made by that section is effective with respect to transfers after June 21, 1988.
EFFECTIVE DATE OF 1986 AMENDMENT Amendment by Pub. L. 99-514 effective, except as otherwise provided, as if included in the provisions of the Tax Reform Act of 1984, Pub. L. 98-369, div. A, to which such amendment relates, see section 1881 of Pub. L. 99-514 set out as a note under sectionof this title.
EFFECTIVE DATEPub. L. 98-369, div. A, title IV, §421(d), July 18, 1984, 98 Stat. 795, provided that:"(1) IN GENERAL.-Except as otherwise provided in this subsection, the amendments made by this section [enacting this section and amending sections Secretary of the Treasury or his delegate may by regulations prescribe.", , , , , , , and of this title] shall apply to transfers after the date of the enactment of this Act [July 18, 1984] in taxable years ending after such date."(2) ELECTION TO HAVE AMENDMENTS APPLY TO TRANSFERS AFTER 1983.-If both spouses or former spouses make an election under this paragraph, the amendments made by this section shall apply to all transfers made by such spouses (or former spouses) after December 31, 1983."(3) EXCEPTION FOR TRANSFERS PURSUANT TO EXISTING DECREES.-Except in the case of an election under paragraph (2), the amendments made by this section shall not apply to transfers under any instrument in effect on or before the date of the enactment of this Act unless both spouses (or former spouses) elect to have such amendments apply to transfers under such instrument."(4) ELECTION.-Any election under paragraph (2) or (3) shall be made in such manner, at such time, and subject to such conditions, as the
PLAN AMENDMENTS NOT REQUIRED UNTIL JANUARY 1, 1989For provisions directing that if any amendments made by subtitle A or subtitle C of title XI [§§1101-1147 and 1171-1177] or title XVIII [§§1800-1899A] of Pub. L. 99-514 require an amendment to any plan, such plan amendment shall not be required to be made before the first plan year beginning on or after Jan. 1, 1989, see section 1140 of Pub. L. 99-514 as amended, set out as a note under sectionof this title.
- Secretary of the Treasury
- The term "Secretary of the Treasury" means the Secretary of the Treasury, personally, and shall not include any delegate of his.