Internal Revenue Code · 26 U.S.C.
§ 466. Repealed. Pub. L. 99–514, title VIII, § 823(a), Oct. 22, 1986, 100 Stat. 2373
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. § 466
At a glance
Read from the text, the source credit and the official notes. Not part of the law.
- Status
- Repealed
- Regulations
- 4 issued under this section
Repealed. Pub. L. 99–514, title VIII, § 823(a), Oct. 22, 1986, 100 Stat. 2373
Regulations under this section
Treasury regulations (26 CFR) issued under § 466
- § 1.466-1 Method of accounting for the redemption cost of qualified discount coupons.
- § 1.466-2 Special protective election for certain taxpayers.
- § 1.466-3 Manner of and time for making election under section 466.
- § 1.466-4 Manner of and time for making election under section 373(c) of the Revenue Act of 1978.
Where it sits in the Code
- Subtitle A Income Taxes
- Chapter 1 NORMAL TAXES AND SURTAXES
- Subchapter E Accounting Periods and Methods of Accounting
- Part II METHODS OF ACCOUNTING
- Subpart C Taxable Year for Which Deductions Taken
Nearby sections
- § 462 Repealed
- § 463 Repealed
- § 464 Limitations on deductions for certain farming expenses
- § 465 Deductions limited to amount at risk
- § 466 Repealed
- § 467 Certain payments for the use of property or services
- § 468 Special rules for mining and solid waste reclamation and closing costs
- § 468A Special rules for nuclear decommissioning costs
- § 468B Special rules for designated settlement funds
Official notes
Show the Law Revision Counsel's notes (amendments, effective dates)
Section, added Pub. L. 95–600, title III, § 373(a), Nov. 6, 1978, 92 Stat. 2863; amended Pub. L. 96–222, title I, § 103(a)(16), Apr. 1, 1980, 94 Stat. 214, related to qualified discount coupons redeemed after close of taxable year.
Statutory Notes and Related Subsidiaries
Effective Date of Repeal
Pub. L. 99–514, title VIII, § 823(c), Oct. 22, 1986, 100 Stat. 2374, provided:
“(1) In general.— The amendments made by this section [amending section 461 of this title and repealing this section] shall apply to taxable years beginning after December 31, 1986.“(2) Change in method of accounting.— In the case of any taxpayer who elected to have section 466 of the Internal Revenue Code of 1954 [now 1986] apply for such taxpayer’s last taxable year beginning before January 1, 1987, and is required to change its method of accounting by reason of the amendments made by this section for any taxable year—“(A) such change shall be treated as initiated by the taxpayer,“(B) such change shall be treated as having been made with the consent of the Secretary, and“(C) the net amount of adjustments required by section 481 of the Internal Revenue Code of 1986 to be taken into account by the taxpayer shall—“(i) be reduced by the balance in the suspense account under section 466(e) of such Code as of the close of such last taxable year, and“(ii) be taken into account over a period not longer than 4 years.”