Amendments
2014—Subsec. (a). [Pub. L. 113–295] struck out “after December 31, 1962,” before “of a patent”.
1976—Subsec. (a). [Pub. L. 94–455] substituted “ordinary income” for “gain from the sale or exchange of property which is neither a capital asset nor property described in section 1231”.
1966—Subsec. (a). [Pub. L. 89–809] substituted “Gain” for “Except as provided in subsection (c), gain”.
Statutory Notes and Related Subsidiaries
Effective Date of 2014 Amendment
Amendment by [Pub. L. 113–295] effective Dec. 19, 2014, subject to a savings provision, see [section 221(b) of Pub. L. 113–295], set out as a note under section 1 of this title.
Effective Date of 1976 Amendment
Amendment by [Pub. L. 94–455] effective for taxable years beginning after Dec. 31, 1976, see [section 1901(d) of Pub. L. 94–455], set out as a note under section 2 of this title.
Effective Date of 1966 Amendment
Amendment by [Pub. L. 89–809] applicable with respect to taxable years beginning after Dec. 31, 1966, see [section 104(n) of Pub. L. 89–809], set out as a note under section 11 of this title.
Effective Date
[Pub. L. 87–834, § 16(c)], Oct. 16, 1962, [76 Stat. 1045], provided that: “The amendments made by this section [enacting this section] shall apply to taxable years beginning after December 31, 1962.”