Internal Revenue Code · 26 U.S.C.
§ 1055. Redeemable ground rents
Official text, no changes From the Office of the Law Revision Counsel, release point 119-121 (current through Public Law 119-121 (October 9, 2026)). Compare it with the official text at uscode.house.gov (external site).
Cite as 26 U.S.C. § 1055
At a glance
Read from the text, the source credit and the official notes. Not part of the law.
- Status
- In force
- Added
- April 10, 1963 by Pub. L. 88–9
- Length
- 4 subsections · 421 words · about 2 min to read
- Defines
- 1 term
- Cross-references
- cites 1; cited by 2 Code sections and 2 other regulations
- Regulations
- 4 issued under this section
In the case of a redeemable ground rent reserved or created on or before the date of the enactment of this section in connection with a transfer of the right to hold real property subject to liabilities under such ground rent, the basis of such ground rent after such date in the hands of the person who reserved or created the ground rent shall be the amount taken into account in respect of such ground rent for Federal income tax purposes as consideration for the disposition of such real property. If no such amount was taken into account, such basis shall be determined as if this section had not been enacted.
For treatment of rentals under redeemable ground rents as interest, see section 163(c).
(Added Pub. L. 88–9, § 1(b), Apr. 10, 1963, 77 Stat. 7.)
Terms defined here
Where the text says “the term … means”. Select a term to jump to its definition.
Regulations under this section
Treasury regulations (26 CFR) issued under § 1055
- § 1.1055-1 General rule with respect to redeemable ground rents.
- § 1.1055-2 Determination of amount realized on the transfer of the right to hold real property subject to liabilities under a redeemable ground rent.
- § 1.1055-3 Basis of real property held subject to liabilities under a redeemable ground rent.
- § 1.1055-4 Basis of redeemable ground rent reserved or created in connection with transfers of real property before April 11, 1963.
Cross-references
Computed from the citations in the text of Title 26 and 26 CFR.
This section cites 1 other section
Cited by 2 Code sections
Cited in 2 regulations not issued under it
Amendment history
From the source credit and the official notes, newest first.
- Added by Pub. L. 88–9
Where it sits in the Code
- Subtitle A Income Taxes
- Chapter 1 NORMAL TAXES AND SURTAXES
- Subchapter O Gain or Loss on Disposition of Property
- Part IV SPECIAL RULES
Nearby sections
- § 1051 Repealed
- § 1052 Basis established by the Revenue Act of 1932 or 1934 or by the Internal Revenue Code of 1939
- § 1053 Property acquired before March 1, 1913
- § 1054 Certain stock of Federal National Mortgage Association
- § 1055 Redeemable ground rents
- § 1056 Repealed
- § 1057 Repealed
- § 1058 Transfers of securities under certain agreements
- § 1059 Corporate shareholder’s basis in stock reduced by nontaxed portion of extraordinary dividends
Official notes
Show the Law Revision Counsel's notes (amendments, effective dates)
Editorial Notes
References in Text
Date of the enactment of this section, referred to in subsec. (b)(1), (3), means Apr. 10, 1963, the date of approval of Pub. L. 88–9.
Prior Provisions
A prior section 1055 was renumbered section 1063 of this title.
Statutory Notes and Related Subsidiaries
Effective Date
Pub. L. 88–9, § 2, Apr. 10, 1963, 77 Stat. 8, provided that: “The amendments made by subsection (a) of the first section of this Act [amending section 163 of this title] shall take effect as of January 1, 1962, and shall apply with respect to taxable years ending on or after such date. The amendments made by subsection (b) of the first section of this Act [enacting this section] shall take effect on the day after the date of the enactment of this Act [Apr. 10, 1963] and shall apply with respect to taxable years ending after such date of enactment.”