[1057. Repealed. Pub. L. 105-34, Sec. 1131(c)(2) repealed section 1057, effective Aug. 5, 1997.]
(Added Pub. L. 94-455, title X, 1015(c), Oct. 4, 1976, 90 Stat. 1618;
Repealed Pub. L. 105-34, title XI, Sec. 1131(c)(2), Aug. 5, 1997, 111 Stat. 788.)
BACKGROUND NOTES
AMENDMENTS
1997 - Sec. 1057. Pub. L. 105-34, Sec. 1131(c)(2) repealed section 1057. Prior to repeal it read as follows:
“In lieu of payment of the tax imposed by section 1491, the taxpayer may elect (for
purposes of this subtitle), at such time and in such manner as the Secretary may prescribe,
to treat a transfer described in section 1491 as a sale or exchange of property for
an amount equal in value to the fair market value of the property transferred and
to recognize as gain the excess of--
“(1) the fair market value of the property so transferred, over
“(2) the adjusted basis (for determining gain) of such property in the hands of the
transferor.”
EFFECTIVE DATE OF 1997 REPEAL
Repeal of section 1057 by Pub. L. 105-34, Sec. 1131(c)(2) effective August 5, 1997.
EFFECTIVE DATE
Section applicable to transfers of property after Oct. 2, 1975, see section 1015(d)
of Pub. L. 94-455, set out as an Effective Date of 1976 Amendment note under section 1491 of this title.
PRIOR PROVISIONS
A prior section 1057 was renumbered section 1061 of this title.
