Internal Revenue Code · 26 U.S.C.
§ 272. Disposal of coal or domestic iron ore
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. § 272
At a glance
Read from the text, the source credit and the official notes. Not part of the law.
- Status
- In force
- Enacted
- February 26, 1964 by Pub. L. 88–272
- Length
- 145 words · about 1 min to read
- Cross-references
- cites 3; cited by 2 Code sections and 4 other regulations
- Regulations
- 1 issued under this section
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.
(Aug. 16, 1954, ch. 736, 68A Stat. 82; Pub. L. 88–272, title II, § 227(a)(3), (b)(3), Feb. 26, 1964, 78 Stat. 98.)
Regulations under this section
Treasury regulations (26 CFR) issued under § 272
Cross-references
Computed from the citations in the text of Title 26 and 26 CFR.
This section cites 3 other sections
- § 631 Gain or loss in the case of timber, coal, or domestic iron ore
- § 1231 Property used in the trade or business and involuntary conversions
- § 165(a) Losses
Cited by 2 Code sections
- § 631(c) Gain or loss in the case of timber, coal, or domestic iron ore
- § 1016(a)(15) Adjustments to basis
Cited in 4 regulations not issued under it
Amendment history
From the source credit and the official notes, newest first.
- Enacted by Pub. L. 88–272
Where it sits in the Code
- Subtitle A Income Taxes
- Chapter 1 NORMAL TAXES AND SURTAXES
- Subchapter B Computation of Taxable Income
- Part IX ITEMS NOT DEDUCTIBLE
Nearby sections
- § 269A Personal service corporations formed or availed of to avoid or evade income tax
- § 269B Stapled entities
- § 270 Repealed
- § 271 Debts owed by political parties, etc.
- § 272 Disposal of coal or domestic iron ore
- § 273 Holders of life or terminable interest
- § 274 Disallowance of certain entertainment, etc., expenses
- § 275 Certain taxes
- § 276 Certain indirect contributions to political parties
Official notes
Show the Law Revision Counsel's notes (amendments, effective dates)
Editorial Notes
Amendments
1964—Pub. L. 88–272 inserted “or domestic iron ore” in section catchline, and “or iron ore” wherever appearing in text.
Statutory Notes and Related Subsidiaries
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 631, 1016, 1231, and 1402 and section 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.”