26 U.S.C. § 57
Items of tax preference
With respect to each property (as defined in section 614), the excess of the deduction for depletion allowable under section 611 for the taxable year over the adjusted basis of the property at the end of the taxable year (determined without regard to the depletion deduction for the taxable year). This paragraph shall not apply to any deduction for depletion computed in accordance with section 613A(c).
With respect to all oil, gas, and geothermal properties of the taxpayer, the amount (if any) by which the amount of the excess intangible drilling costs arising in the taxable year is greater than 65 percent of the net income of the taxpayer from oil, gas, and geothermal properties for the taxable year.
This paragraph shall not apply to any taxpayer which is not an integrated oil company (as defined in section 291(b)(4)).
The reduction in alternative minimum taxable income by reason of clause (i) for any taxable year shall not exceed 40 percent of the alternative minimum taxable income for such year determined without regard to clause (i) and the alternative tax net operating loss deduction under section 56(a)(4).
Interest on specified private activity bonds reduced by any deduction (not allowable in computing the regular tax) which would have been allowable if such interest were includible in gross income.
Under regulations prescribed by the Secretary, any exempt-interest dividend (as defined in section 852(b)(5)(A)) shall be treated as interest on a specified private activity bond to the extent of its proportionate share of the interest on such bonds received by the company paying such dividend.
For purposes of this part, the term “specified private activity bond” means any private activity bond (as defined in section 141) which is issued after
For purposes of clause (i), the term “private activity bond” shall not include any qualified 501(c)(3) bond (as defined in section 145).
For purposes of clause (i), the term “private activity bond” shall not include any refunding bond (whether a current or advance refunding) if the refunded bond (or in the case of a series of refundings, the original bond) was issued before
For purposes of clause (i), the term “private activity bond” shall not include any bond issued after
For purposes of subclause (I), a refunding bond (whether a current or advance refunding) shall be treated as issued on the date of the issuance of the refunded bond (or in the case of a series of refundings, the original bond).
Subclause (II) shall not apply to any refunding bond which is issued to refund any bond which was issued after
The amounts which would be treated as items of tax preference with respect to the taxpayer under paragraphs (2), (3), (4), and (12) of this subsection (as in effect on the day before the date of the enactment of the Tax Reform Act of 1986). The preceding sentence shall not apply to any property to which section 56(a)(1) or (5) applies.
In the case of stock acquired on or before the date of the enactment of the Creating Small Business Jobs Act of 2010, an amount equal to 7 percent of the amount excluded from gross income for the taxable year under section 1202.
The term “straight line recovery of intangibles”, when used with respect to intangible drilling and development costs for any well, means (except in the case of an election under paragraph (2)) ratable amortization of such costs over the 120-month period beginning with the month in which production from such well begins.
If the taxpayer elects with respect to the intangible drilling and development costs for any well, the term “straight line recovery of intangibles” means any method which would be permitted for purposes of determining cost depletion with respect to such well and which is selected by the taxpayer for purposes of subsection (a)(2).
The date of the enactment of this clause, referred to in subsec. (a)(5)(C)(iii), is the date of enactment of Pub. L. 110–289, which was approved
The date of the enactment of the Tax Reform Act of 1986, referred to in subsec. (a)(6), is the date of enactment of Pub. L. 99–514, which was approved
The date of the enactment of the Creating Small Business Jobs Act of 2010, referred to in subsec. (a)(7), is the date of enactment of Pub. L. 111–240, which was approved
A prior section 57, added Pub. L. 91–172, title III, § 301(a),
2025—Subsec. (a)(7). Pub. L. 119–21 substituted “In the case of stock acquired on or before the date of the enactment of the Creating Small Business Jobs Act of 2010, an amount” for “An amount”.
2014—Subsec. (a)(1). Pub. L. 113–295, § 221(a)(10), substituted “This paragraph” for “Effective with respect to taxable years beginning after
Subsec. (a)(2)(E)(i). Pub. L. 113–295, § 221(a)(11)(A), substituted “This paragraph” for “In the case of any taxable year beginning after
Subsec. (a)(2)(E)(ii). Pub. L. 113–295, § 221(a)(11)(B), struck out “(30 percent in case of taxable years beginning in 1993)” after “40 percent”.
2009—Subsec. (a)(5)(C)(vi). Pub. L. 111–5 added cl. (vi).
2008—Subsec. (a)(5)(C)(iii) to (v). Pub. L. 110–289 added cl. (iii) and redesignated former cls. (iii) and (iv) as (iv) and (v), respectively.
2003—Subsec. (a)(7). Pub. L. 108–27 substituted “7 percent” for “42 percent” after “An amount equal to” and struck out last sentence which read as follows: “In the case of stock the holding period of which begins after
1998—Subsec. (a)(7). Pub. L. 105–206 inserted at end “In the case of stock the holding period of which begins after
1997—Subsec. (a)(7). Pub. L. 105–34 substituted “42 percent” for “one-half”.
1996—Subsec. (a)(4). Pub. L. 104–188 struck out par. (4) which read as follows: “
1993—Subsec. (a)(6), (7). Pub. L. 103–66, § 13171(a), redesignated pars. (7) and (8) as (6) and (7), respectively, and struck out heading and text of former par. (6). Text read as follows:
“(A)
“(B)
Subsec. (a)(8). Pub. L. 103–66, § 13171(a), redesignated par. (8) as (7).
Pub. L. 103–66, § 13113(b)(1), added par. (8).
1992—Subsec. (a)(1). Pub. L. 102–486, § 1915(a)(1), inserted at end “Effective with respect to taxable years beginning after
Subsec. (a)(2)(E). Pub. L. 102–486, § 1915(b)(1), added subpar. (E).
1991—Subsec. (a)(6)(B). Pub. L. 102–227 inserted at end “In the case of a contribution made before
1990—Subsec. (a)(2)(D)(ii). Pub. L. 101–508, § 11815(b)(3), substituted “section 613(e)(2)” for “section 613(e)(3)”.
Subsec. (a)(4). Pub. L. 101–508, § 11801(c)(12)(A), struck out “585 or” after “section”.
Subsec. (a)(6)(B). Pub. L. 101–508, § 11344, inserted at end “In the case of any taxable year beginning in 1991, such term shall not include any tangible personal property.”
1988—Subsec. (a)(3). Pub. L. 100–647, § 1007(b)(14)(B), struck out par. (3) which related to incentive stock options.
Subsec. (a)(5)(C)(i). Pub. L. 100–647, § 1007(c)(2), amended cl. (i) generally. Prior to amendment, cl. (i) read as follows: “For purposes of this part, the term ‘specified private activity bonds’ means any private activity bond (as defined in section 141) issued after
Subsec. (a)(5)(C)(iii). Pub. L. 100–647, § 1007(c)(1), inserted “(whether a current or advance refunding)” after “any refunding bond”.
Subsec. (a)(6)(A). Pub. L. 100–647, § 1007(c)(3), inserted “or 642(c)” after “section 170”.
Pub. L. 119–21, title VII, § 70431(a)(6),
Amendment by Pub. L. 113–295 effective
Amendment by Pub. L. 111–5 applicable to obligations issued after
Amendment by Pub. L. 110–289 applicable to bonds issued after
Amendment by Pub. L. 108–27 applicable to dispositions on or after
Amendment by Pub. L. 105–206 effective, except as otherwise provided, as if included in the provisions of the Taxpayer Relief Act of 1997, Pub. L. 105–34, to which such amendment relates, see section 6024 of Pub. L. 105–206, set out as a note under section 1 of this title.
Amendment by Pub. L. 105–34 applicable to taxable years ending after
Amendment by Pub. L. 104–188 applicable to taxable years beginning after
Amendment by section 13113(b)(1) of Pub. L. 103–66 applicable to stock issued after
Amendment by section 13171(a) of Pub. L. 103–66 applicable to contributions made after
Amendment by Pub. L. 102–486 applicable to taxable years beginning after
Amendment by section 1007(b)(14)(B) of Pub. L. 100–647 applicable with respect to options exercised after
Amendment by section 1007(c) of Pub. L. 100–647 effective, except as otherwise provided, as if included in the provision of the Tax Reform Act of 1986, Pub. L. 99–514, to which such amendment relates, see section 1019(a) of Pub. L. 100–647, set out as a note under section 1 of this title.
Section applicable to taxable years beginning after
For provisions that nothing in amendment by sections 11801 and 11815 of Pub. L. 101–508 be construed to affect treatment of certain transactions occurring, property acquired, or items of income, loss, deduction, or credit taken into account prior to
Pub. L. 100–647, title I, § 1007(f)(4),
For applicability of amendment by section 701(a) of Pub. L. 99–514 [enacting this section] notwithstanding any treaty obligation of the United States in effect on