U.S. Tax Law: Internal Revenue Code
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U.S. Tax Law
Internal Revenue Code

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USC Title 26 enacted through 2008

§ 26. Limitation based on tax liability; definition of tax liability

Limitation based on amount of tax
In general
The aggregate amount of credits allowed by this subpart (other than sections 23, 24, 25B, 25D, and 30D) for the taxable year shall not exceed the excess (if any) of -
the taxpayer's regular tax liability for the taxable year, over
the tentative minimum tax for the taxable year (determined without regard to the alternative minimum tax foreign tax credit).
For purposes of subparagraph (B), the taxpayer's tentative minimum tax for any taxable year beginning during 1999 shall be treated as being zero.
Special rule for taxable years 2000 through 2008
For purposes of any taxable year beginning during 2000, 2001, 2002, 2003, 2004, 2005, 2006, 2007, or 2008, the aggregate amount of credits allowed by this subpart for the taxable year shall not exceed the sum of -
the taxpayer's regular tax liability for the taxable year reduced by the foreign tax credit allowable under section 27(a), and
the tax imposed by section 55(a) for the taxable year.
Regular tax liability
For purposes of this part -
In general
The term "regular tax liability" means the tax imposed by this chapter for the taxable year.
Exception for certain taxes
For purposes of paragraph (1), any tax imposed by any of the following provisions shall not be treated as tax imposed by this chapter:
section 55 (relating to minimum tax),
section 59A (relating to environmental tax),
subsection (m)(5)(B), (q), (t), or (v) of section 72 (relating to additional taxes on certain distributions),
section 143(m) (relating to recapture of proration of Federal subsidy from use of mortgage bonds and mortgage credit certificates),
section 530(d)(4) (relating to additional tax on certain distributions from Coverdell education savings accounts),
section 531 (relating to accumulated earnings tax),
section 541 (relating to personal holding company tax),
section 1351(d)(1) (relating to recoveries of foreign expropriation losses),
section 1374 (relating to tax on certain built-in gains of S corporations),
section 1375 (relating to tax imposed when passive investment income of corporation having subchapter C earnings and profits exceeds 25 percent of gross receipts),
subparagraph (A) of section 7518(g)(6) (relating to nonqualified withdrawals from capital construction funds taxed at highest marginal rate),
sections 871(a) and 881 (relating to certain income of nonresident aliens and foreign corporations),
section 860E(e) (relating to taxes with respect to certain residual interests),
section 884 (relating to branch profits tax),
sections 453(l)(3) and 453A(c) (relating to interest on certain deferred tax liabilities),
section 860K[FN 1] (relating to treatment of transfers of high-yield interests to disqualified holders),
See References in Text note below.
section 220(f)(4) (relating to additional tax on Archer MSA distributions not used for qualified medical expenses),
section 138(c)(2) (relating to penalty for distributions from Medicare Advantage MSA not used for qualified medical expenses if minimum balance not maintained),
sections 106(e)(3)(A)(ii), 223(b)(8)(B)(i)(II), and 408(d)(9)(D)(i)(II) (relating to certain failures to maintain high deductible health plan coverage),
section 170(o)(3)(B) (relating to recapture of certain deductions for fractional gifts),
section 223(f)(4) (relating to additional tax on health savings account distributions not used for qualified medical expenses),
subsections (a)(1)(B)(i) and (b)(4)(A) of section 409A (relating to interest and additional tax with respect to certain deferred compensation),
section 36(f) (relating to recapture of homebuyer credit), and
section 457A(c)(1)(B) (relating to determinability of amounts of compensation).
Tentative minimum tax
For purposes of this part, the term "tentative minimum tax" means the amount determined under section 55(b)(1).

Tax Code (Internal Revenue Code) Section Index

U.S. GAAP by Codification Topic
105 GAAP Hierarchy
105 GAAP History

205 Presentation of Financial Statements
205-20 Discontinued Operations
210 Balance Sheet
210-20 Offsetting
220 Comprehensive Income
225 Income Statement
225-20 Extraordinary and Unusual Items
230 Statement of Cash Flows
250 Accounting Changes and Error Corrections
260 Earnings per Share
270 Interim Reporting

310 Impairment of a Loan
320 Investment Securities
320 Other-Than-Temporary Impairments, FSP FAS 115-2
320-10-05 Overview of Investments in Other Entities
320-10-35 Reclassification of Investments in Securities
323-10 Equity Method Investments
323-30 Investments in Partnerships and Joint Ventures
325-20 Cost Method Investments
330 Inventory

340-20 Capitalized Advertising Costs
350-20 Goodwill
350-30 Intangibles Other than Goodwill
350-40 Internal-Use Software
350-50 Website Development Costs
360 Property, Plant and Equipment
360-20 Real Estate Sales

410 Asset Retirement and Environmental Obligations
420 Exit or Disposal Cost Obligations
450 Contingencies
450-20 Loss Contingencies
450-30 Gain Contingencies
480 Redeemable Financial Instruments

505-20 Stock Dividends, Stock Splits
505-30 Treasury Stock

605 SEC Staff Accounting Bulletin, Topic 13
605-25 Revenue Recognition - Multiple Element Arrangements

715-30 Defined Benefit Plans - Pension
718 Share-Based Payment
730 Research and Development
730-20 Research and Development Arrangements

805 Business Combinations
810 Consolidation
810 Noncontrolling Interests
810 Consolidation of Variable Interest Entities, SFAS 167

815 Derivatives and Hedging Overview

820 Fair Value Measurements
820 Fair value when the markets are not active, FSP FAS 157-4
825 Fair Value Option

830 Foreign Currency Matters
830-20 Foreign Currency Transactions
830-30 Translation of Financial Statements
835 Interest
835-20 Capitalization of Interest
835-30 Imputation of Interest

840 Leases
840-20 Operating Leases
840-30 Capital Leases
840-40 Sale-Leaseback Transactions
845 Nonmonetary Transactions

855 Subsequent Events
860-20 Sale of Financial Assets, SFAS 166
860-50 Servicing Assets and Liabilities, SFAS 156

985-20 Costs of software to be sold

U.S. GAAP Codification
Accounting Topics
Tax Code (Internal Revenue Code) Section Index

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