26 U.S.C. § 1287

Denial of capital gain treatment for gains on certain obligations not in registered form

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(a) In general

If any registration-required obligation is not in registered form, any gain on the sale or other disposition of such obligation shall be treated as ordinary income (unless the issuance of such obligation was subject to tax under section 4701).

(b) DefinitionsFor purposes of subsection (a)—(1) Registration-required obligation

The term “registration-required obligation” has the meaning given to such term by section 163(f)(2).

(2) Registered form

The term “registered form” has the same meaning as when used in section 163(f).

(Added Pub. L. 98–369, div. A, title I, § 41(a), July 18, 1984, 98 Stat. 552; amended Pub. L. 111–147, title V, § 502(a)(2)(D), Mar. 18, 2010, 124 Stat. 107.)Editorial NotesAmendments

2010—Subsec. (b)(1). Pub. L. 111–147 struck out “except that clause (iv) of subparagraph (A), and subparagraph (B), of such section shall not apply” before period.

Statutory Notes and Related SubsidiariesEffective Date of 2010 Amendment

Amendment by Pub. L. 111–147 applicable to obligations issued after the date which is 2 years after Mar. 18, 2010, see section 502(f) of Pub. L. 111–147, set out as a note under section 149 of this title.

Effective Date

Section applicable to taxable years ending after July 18, 1984, except as otherwise provided, see section 44 of Pub. L. 98–369, set out as a note under section 1271 of this title.

Notes of Decisions

Cited in 10 cases, 1935–1940 · leading case: Short v. United States, 91 F.2d 614 (4th Cir. 1937).

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Short v. United States, 91 F.2d 614 (4th Cir. 1937). · cites it 2× “§ 3296 (as amended, 26 U.S.C.A. § 1287 ), to defraud the United States of the tax on spirits distilled by them in violation of R.”

Hanks v. United States, 97 F.2d 309 (4th Cir. 1938). · cites it 4× “Code, § 1287, 26 U.S.C.A. § 1287 , defines the crime as removal “to a place other than the distillery warehouse or other bonded warehouse provided by law”, and the rule is relied on that, where exceptions in the enacting clause of a criminal statute are in the disjunctive, all…”

Walker v. United States, 104 F.2d 465 (4th Cir. 1939). · cites it 2× “§ 1150 by carrying on the business of a retail liquor dealer without payment of the special tax as required by law; (3) to violate 26 U.S.C.A. § 1287 by removing and aiding and abetting in the removal of distilled spirits, on which the tax had not been paid, to a place other…”

Deutsch v. Aderhold, 80 F.2d 677 (5th Cir. 1935). “§§ 404, 1181 ( 26 U.S.C.A. §§ 1287 , 1441]), by unlawfully removing and concealing 120 pints of liquor, on which the tax had not been paid, with intent to defraud the United Slates.”

Hall v. United States, 109 F.2d 976 (10th Cir. 1940). “§ 404 , 1925 Edition, 26 U.S.C.A. § 1287 , 1934 Edition, and Title 2 of an Act of Congress of January 11, 1934, known and designated as the Liquor Taxing Act of 1934, 26 U.”

Poulas v. United States, 95 F.2d 412 (9th Cir. 1938). “This is an appeal from a conviction for violating 26 U.S.C.A. § 1287 and section 1441, in transporting and concealing non-tax paid liquor.”

Parente v. United States, 82 F.2d 722 (8th Cir. 1936). · cites it 2× “(4) Conspiracy to commit the substantive offenses charged as well as to carry on the business of distillers in a dwelling house, to produce distilled spirits in a building which bore no sign as required by law, and to conceal untaxpaid distilled spirits ( 26 U.S.C. § 1287 , 26…”

United States v. One 1935 Model Pontiac Sedan Auto., Motor No. 6-11834, 15 F. Supp. 604 (W.D. Ky. 1936). “4, § 404 (see 26 U.S.C.A. § 1287 ), and 48 Stat. 316 , § 201, 26 U.”

Wiggins v. United States, 99 F.2d 184 (4th Cir. 1938). “llants were convicted on the third count of an indictment which charged them with the unlawful removal of five gallons of whiskey, on which the tax required by law had not been paid, to a place' other than the internal revenue bonded, warehouse provided by law, and with…”

Mills v. United States, 89 F.2d 658 (4th Cir. 1937). “This is an appeal from a judgment entered upon conviction of removing and concealing 110 gallons of whisky upon which the tax had not been paid, in violation of 26 U.S.C.A. § 1287 . The facts are that on August 10, 1936, in Pitt county, N.”

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