United States Code (Last Updated: May 24, 2014) |
Title 26. INTERNAL REVENUE CODE |
SubTitle A. Income Taxes |
Chapter 1. NORMAL TAXES AND SURTAXES |
SubChapter B. Computation of Taxable Income |
Part IX. ITEMS NOT DEDUCTIBLE |
§ 280B. Demolition of structures
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In the case of the demolition of any structure— (1) no deduction otherwise allowable under this chapter shall be allowed to the owner or lessee of such structure for— (A) any amount expended for such demolition, or (B) any loss sustained on account of such demolition; and (2) amounts described in paragraph (1) shall be treated as properly chargeable to capital account with respect to the land on which the demolished structure was located.
Amendments
1984—Pub. L. 98–369 struck out “certain historic” before “structures” in section catchline, struck out heading “(a) General rule”, substituted “In the case of the demolition of any structure” for “In the case of the demolition of a certified historic structure (as defined in 48(g)(3)(A))” in text, and struck out subsecs. (b) and (c) which contained provisions relating to a special rule for registered historic districts and to the application of this section, respectively.
1981—Subsec. (a). Pub. L. 97–34, § 212(d)(2)(C)(i), substituted “48(g)(3)(A)” for “section 191(d)(1)” in provisions preceding par. (1).
Subsec. (b). Pub. L. 97–34, § 212(d)(2)(C)(ii), substituted “section 48(g)(3)(B)” for “section 191(d)(2)”.
1980—Subsec. (c). Pub. L. 96–541 added subsec. (c).
1978—Subsec. (b). Pub. L. 95–600 substituted “registered historic district (as defined in section 191(d)(2))” for “Registered Historic District” and “Secretary of the Interior has certified that such structure is not a certified historic structure, and that such structure is not of historic significance to the district, and if such certification occurs after the beginning of the demolition of such structure, the taxpayer has certified to the Secretary that, at the time of such demolition, he in good faith was not aware of the certification requirement by the Secretary of the Interior” for “Secretary of the Interior has certified, prior to the demolition of such structure, that such structure is not of historic significance to the district”.
Effective Date Of Amendment
Pub. L. 98–369, div. A, title X, § 1063(c),
Amendment by Pub. L. 97–34 applicable to expenditures incurred after
Amendment by Pub. L. 95–600 effective as if included within the enactment of this section by section 2124 of Pub. L. 94–455, see section 701(f)(8) of Pub. L. 95–600, set out as an Effective and Termination Dates of 1978 Amendments note under section 167 of this title.
Effective Date
Pub. L. 94–455, title XXI, § 2124(b)(3),