Internal Revenue Code:Sec. 1019. Property on which lessee has made improvements

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Contents


Location in Internal Revenue Code


     TITLE 26 - INTERNAL REVENUE CODE
      Subtitle A - Income Taxes
       CHAPTER 1 - NORMAL TAXES AND SURTAXES
        Subchapter O - Gain or Loss on Disposition of Property
         PART II - BASIS RULES OF GENERAL APPLICATION

Statute

    Sec. 1019. Property on which lessee has made improvements
 
      Neither the basis nor the adjusted basis of any portion of real
    property shall, in the case of the lessor of such property, be
    increased or diminished on account of income derived by the lessor
    in respect of such property and excludable from gross income under
    section 109 (relating to improvements by lessee on lessor's
    property).  If an amount representing any part of the value of real
    property attributable to buildings erected or other improvements
    made by a lessee in respect of such property was included in gross
    income of the lessor for any taxable year beginning before January
    1, 1942, the basis of each portion of such property shall be
    properly adjusted for the amount so included in gross income.

Sources

    (Aug. 16, 1954, ch. 736, 68A Stat. 301.)
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