26 USC 1348: Repealed. Pub. L. 97-34, title I, §101(c)(1), Aug. 13, 1981, 95 Stat. 183
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26 USC 1348: Repealed. Pub. L. 97-34, title I, §101(c)(1), Aug. 13, 1981, 95 Stat. 183 Text contains those laws in effect on November 14, 2024
From Title 26-INTERNAL REVENUE CODESubtitle A-Income TaxesCHAPTER 1-NORMAL TAXES AND SURTAXESSubchapter Q-Readjustment of Tax Between Years and Special LimitationsPART VI-REPEALED
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[§1348. Repealed. Pub. L. 97–34, title I, §101(c)(1), Aug. 13, 1981, 95 Stat. 183 ]

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(a), 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.