26 U.S.C. § 1063

Cross references

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(1) For nonrecognition of gain in connection with the transfer of obsolete vessels to the Maritime Administration under chapter 573 of title 46, United States Code, see section 57307 of title 46.(2) For recognition of gain or loss in connection with the construction of new vessels, see chapter 533 of title 46, United States Code.(Aug. 16, 1954, ch. 736, 68A Stat. 311, § 1054; renumbered § 1055, Pub. L. 86–779, § 8(b), Sept. 14, 1960, 74 Stat. 1003; renumbered § 1056, Pub. L. 88–9, § 1(b), Apr. 10, 1963, 77 Stat. 7; renumbered § 1057, Pub. L. 94–455, title II, § 212(a)(1), Oct. 4, 1976, 90 Stat. 1545; renumbered § 1058, Pub. L. 94–455, title X, § 1015(c), Oct. 4, 1976, 90 Stat. 1618; renumbered § 1059, Pub. L. 95–345, § 2(d)(1), Aug. 15, 1978, 92 Stat. 482; renumbered § 1060, Pub. L. 98–369, div. A, title I, § 53(a), July 18, 1984, 98 Stat. 565; renumbered § 1061 and amended, Pub. L. 99–514, title VI, § 641(a), title XVIII, § 1899A(27), Oct. 22, 1986, 100 Stat. 2282, 2960; Pub. L. 109–304, § 17(e)(5), Oct. 6, 2006, 120 Stat. 1708; renumbered § 1062, Pub. L. 115–97, title I, § 13309(a)(1), Dec. 22, 2017, 131 Stat. 2130; renumbered § 1063, Pub. L. 119–21, title VII, § 70437(a), July 4, 2025, 139 Stat. 248.)Editorial NotesAmendments

2025—Pub. L. 119–21 renumbered section 1062 of this title as this section.

2017—Pub. L. 115–97 renumbered section 1061 of this title as this section.

2006—Par. (1). Pub. L. 109–304, § 17(e)(5)(A), substituted “chapter 573 of title 46, United States Code, see section 57307 of title 46” for “section 510 of the Merchant Marine Act, 1936, see subsection (e) of that section, as amended August 4, 1939 (46 U.S.C. App. 1160)”.

Par. (2). Pub. L. 109–304, § 17(e)(5)(B), substituted “chapter 533 of title 46, United States Code” for “section 511 of such Act, as amended (46 U.S.C. App. 1161)”.

Par. (3). Pub. L. 109–304, § 17(e)(5)(C), struck out par. (3), which read as follows: “For nonrecognition of gain in connection with vessels exchanged with the Maritime Administration under section 8 of the Merchant Ship Sales Act of 1946, see subsection (a) of that section (50 U.S.C. App. 1741).”

1986—Pub. L. 99–514, § 641(a), renumbered section 1060 of this title as this section.

Pars. (1), (2). Pub. L. 99–514, § 1899A(27), which directed the amendment of pars. (1) and (2) of section 1060 by substituting “46 U.S.C. App.” for “46 U.S.C.” was executed to section 1061 to reflect the probable intent of Congress in view of the renumbering of section 1060 as 1061 by section 641(a) of Pub. L. 99–514.

Statutory Notes and Related SubsidiariesEffective Date of 2025 Amendment

Amendment by Pub. L. 119–21 applicable to sales or exchanges in taxable years beginning after July 4, 2025, see section 70437(c) of Pub. L. 119–21, set out as an Effective Date note under section 1062 of this title.

Notes of Decisions

Cited in 11 cases, 1929–1934 · leading case: Veeder v. Comm'r of Internal Revenue, 36 F.2d 342 (7th Cir. 1929).

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Veeder v. Comm'r of Internal Revenue, 36 F.2d 342 (7th Cir. 1929). · cites it 3× “14 against petitioner, and on the same date notified petitioner of such deficiency assessment and of his right to file a claim in abatement under section 279 of that act (26 USCA § 1063, note). The statement accompanying the Commissioner’s letter of February 3, 1926, disclosed…”

Gulf States Steel Co. v. United States, 56 F.2d 43 (5th Cir. 1932). · cites it 2× “After mentioning the assessed additional tax and the pending claim for abatement, and the giving of the second bond secured by the Liberty bonds which were to be surrendered, it binds the surety "to pay to said Collector so much of the amount of the claim as is not abated,…”

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…”

Daniel Reeves, Inc. v. Anderson, 43 F.2d 679 (2d Cir. 1930). “Section 279 of the Revenue Act of 1924 (26 USCA § 1063 note) did indeed provide for a compulsory stay of collection, but only in the case of jeopardy assessments levied under section 274 (d) of that act (26 USCA § 1051 note).”

Cont'l Prods. Co. v. Comm'r, 20 B.T.A. 818 (B.T.A. 1930). · cites it 2× “(2d) 342 , the court stated: While the question is not free from doubt, we are of the opinion that the review before the Board of Tax Appeals under section 279(b), Act of 1924 ( 26 USCA § 1063 , note), which review is upon the Commissioner's ruling upon the claim of abatement,…”

Regla Coal Co. v. Bowers, 37 F.2d 373 (S.D.N.Y. 1929). “300 , see 26 USCA § 1063, historical note), must-have been intended.”

Miami Valley Fruit Co. v. United States, 45 F.2d 303 (5th Cir. 1930). “By section 279(a), 26 USCA § 1063 note, the claim for abatement is to be accompanied by a bond “conditioned upon the payment of so much * * * of the claim as is not abated.”

United States v. Wyoming Cent. Ass'n, 70 F.2d 869 (10th Cir. 1934). “300 [26 USCA § 1063 note]), which reads in part as follows: “Sueh claim shall be accompanied by a bond, in such amount, not exceeding double the amount of the claim, and with sueh sureties, as the collector deems necessary, conditioned upon the payment of so much of the amount…”

Imhoff-Berg Silk Dyeing Co. v. United States, 43 F.2d 836 (D.N.J. 1930). “300 , see 26 USCA § 1063, historical note), must have been intended.”

Wright & Taylor, Inc. v. Lucas, 34 F.2d 328 (W.D. Ky. 1929). “It is insisted that the stay contemplated in that section is a compulsory stay, such as was provided by section 279 of the Revenue Act of 1924 (26 USCA § 1063 note) which provided that a claim in abatement «* * * shall be accompanied by a bond, in such amount, not exceeding…”

Lucas v. United States ex rel. Heineman Chem. Co., 36 F.2d 1015 (D.C. Cir. 1929). “It is provided by subsection (b) of section 279, Revenue Act of 1924 (26 USCA § 1063 note) that, if á claim in abatement is filed by a taxpayer under that section, it shall be transmitted to the Commissioner, who shall by registered mail notify the taxpayer of his decision on…”

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