Where the disposal of coal or iron ore is covered by section
631, no deduction shall be allowed for expenditures attributable to the making and administering of the contract under which such disposition occurs and to the preservation of the economic interest retained under such contract, except that if in any taxable year such expenditures plus the adjusted depletion basis of the coal or iron ore disposed of in such taxable year exceed the amount realized under such contract, such excess, to the extent not availed of as a reduction of gain under section
1231, shall be a loss deductible under section
165(a). This section shall not apply to any taxable year during which there is no income under the contract.
1964—Pub. L. 88–272inserted “or domestic iron ore” in section catchline, and “or iron ore” wherever appearing in text.
Effective Date of 1964 Amendment
Pub. L. 88–272, title II, § 227(c),Feb. 26, 1964, 78 Stat. 98, provided that: “The amendments made by this section [amending this section and sections
411 of Title
42, The Public Health and Welfare] shall apply with respect to amounts received or accrued in taxable years beginning after December 31, 1963, attributable to iron ore mined in such taxable years.”
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
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Description of Change
Statutes at Large
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