26 U.S.C. § 280B
§ 280B. Demolition of structures
No plain-English explainer yet. Below is the official text. Explainers are being added section by section.
History
Added in 1976 by the Tax Reform Act of 1976. Last changed July 18, 1984 by the Deficit Reduction Act of 1984.
Every change, newest first (5)
- July 18, 1984Deficit Reduction Act of 1984
- August 13, 1981Economic Recovery Tax Act of 1981
- December 17, 1980Public Law 96-541
- November 6, 1978Revenue Act of 1978
- October 4, 1976Tax Reform Act of 1976 · added this section
The law as written
Current through Public Law 119-102. Amendment notes omitted.
In the case of the demolition of any structure—
(1)
no deduction otherwise allowable under this chapter shall be allowed to the owner or lessee of such structure for—
(A)
any amount expended for such demolition, or
(B)
any loss sustained on account of such demolition; and
(2)
amounts described in paragraph (1) shall be treated as properly chargeable to capital account with respect to the land on which the demolished structure was located.