26 U.S.C. § 268

Current through P.L. 118-106 (published on www.congress.gov on 10/04/2024)
Section 268 - Sale of land with unharvested crop

Where an unharvested crop sold by the taxpayer is considered under the provisions of section 1231 as "property used in the trade or business", in computing taxable income no deduction (whether or not for the taxable year of the sale and whether for expenses, depreciation, or otherwise) attributable to the production of such crop shall be allowed.

26 U.S.C. § 268

Aug. 16, 1954, ch. 736, 68A Stat. 80.
taxable year
The term "taxable year" means the calendar year, or the fiscal year ending during such calendar year, upon the basis of which the taxable income is computed under subtitle A. "Taxable year" means, in the case of a return made for a fractional part of a year under the provisions of subtitle A or under regulations prescribed by the Secretary, the period for which such return is made.
taxpayer
The term "taxpayer" means any person subject to any internal revenue tax.
trade or business
The term "trade or business" includes the performance of the functions of a public office.