U.S. Code » Title 26 » Subtitle Subtitle A— Income Taxes › Chapter CHAPTER 1— NORMAL TAXES AND SURTAXES › Subchapter Subchapter O— Gain or Loss on Disposition of Property › Part PART IV— SPECIAL RULES

26 U.S.C. § 1056

Repealed. Pub. L. 108–357, title VIII, § 886(b)(1)(A), Oct. 22, 2004, 118 Stat. 1641]

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[repealed]

Notes of Decisions
Cited in 5 cases, 1932–1984 · leading case: E. Cody Laird & Joanne H. Laird, Cross-Appellees v. United States of Am., Cross-Appellant, 556 F.2d 1224 (5th Cir. 1977).
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E. Cody Laird & Joanne H. Laird, Cross-Appellees v. United States of Am., Cross-Appellant, 556 F.2d 1224 (5th Cir. 1977). · cites it 2× “1545 (codified at 26 U.S.C. § 1056 (d)), there is a presumption that not more than 50 percent of the [total] consideration [in the sale] is allocable to contracts for the services of athletes unless it is established to the satisfaction of the Secretary that a specified amount…”
Fishman v. Est. of Wirtz, 594 F. Supp. 853 (N.D. Ill. 1984). “at 602-03, 754-756) The Tax Reform Act of 1976, 26 U.S.C. § 1056 (d), created a presumption that no more than 50% of the purchase price should be allocated to player costs, reducing the available tax deductions from franchise ownership.”
Hughson v. United States, 59 F.2d 17 (9th Cir. 1932). “The same rule applies to jeopardy assessments such as these made under section 276 (a) (2) and section 274 (d) of the Revenue Act of 1924; (26 USCA § 1056 (a) (2), and § 1051 note); and section 279 (a) of the Act (26 USCA § 1063 note) provides for interest at the rate of 1 per…”
Allan H. Selig v. United States, 740 F.2d 572 (7th Cir. 1984). “Section 212 of the Tax Reform Act of 1976, 26 U.S.C. § 1056 (d) (1976), now establishes a presumption that no more than 50 percent of the purchase price of a sports enterprise is properly allocable to the player contracts.”
Nat'l Paper Prods. Co. v. Helvering, 69 F.2d 857 (9th Cir. 1934). “” That act (section 276 (a) (1), 26 USCA § 1056 and note) also provides that, “Where the amount determined by the taxpayer as the tax imposed by this chapter * * * is not paid at the time prescribed for its payment, there shall be collected, * * * ” etc.”
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