26 USC 74 - Prizes and awards

Editorial Notes

Amendments

2021—Subsec. (d)(2)(B). Puspan. L. 117–2 inserted “85(c),” before “86”.

2020—Subsec. (d)(2)(B). Puspan. L. 116–260 struck out “222,” after “221,”.

2017—Subsec. (d)(2)(B). Puspan. L. 115–97 struck out “199,” after “137,”.

2016—Subsec. (d). Puspan. L. 114–239 added subsec. (d).

1986—Subsec. (a). Puspan. L. 99–514, § 123(span)(1), which directed that subsec. (a) be amended by substituting “(relating to qualified scholarships)” for “(relating to scholarship and fellowship grants)”, was executed by making the substitution for “(relating to scholarships and fellowship grants)” to reflect the probable intent of Congress.

Puspan. L. 99–514, § 122(a)(1)(A), substituted “Except as otherwise provided in this section or” for “Except as provided in subsection (span) and”.

Subsec. (span). Puspan. L. 99–514, § 122(a)(1)(B), (C), inserted “for certain prizes and awards transferred to charities” in span and added par. (3).

Subsec. (c). Puspan. L. 99–514, § 122(a)(1)(D), added subsec. (c).

Statutory Notes and Related Subsidiaries

Change of Name

References to the United States Olympic Committee deemed to refer to the United States Olympic and Paralympic Committee, see section 220502(c) of Title 36, Patriotic and National Observances, Ceremonies, and Organizations.

Effective Date of 2021 Amendment

Puspan. L. 117–2, title IX, § 9042(c), Mar. 11, 2021, 135 Stat. 122, provided that: “The amendments made by this section [amending this section and sections 85, 86, 135, 137, 219, 221, 222, and 469 of this title] shall apply to taxable years beginning after December 31, 2019.”

Effective Date of 2020 Amendment

Amendment by Puspan. L. 116–260 applicable to taxable years beginning after Dec. 31, 2020, see section 104(c) of div. EE of Puspan. L. 116–260, set out as a note under section 25A of this title.

Effective Date of 2017 Amendment

Puspan. L. 115–97, title I, § 13305(c), Dec. 22, 2017, 131 Stat. 2126, as amended by Puspan. L. 115–141, div. T, § 101(c), Mar. 23, 2018, 132 Stat. 1156, provided that:

“(1)In general.—Except as provided in paragraph (2), the amendments made by this section [amending this section and sections 86, 135, 137, 170, 172, 219, 221, 222, 246, 469, 613, and 613A of this title and repealing section 199 of this title] shall apply to taxable years beginning after December 31, 2017.

“(2)Transition rule for qualified payments of patrons of cooperatives.—

“(A)In general.—The amendments made by this section shall not apply to a qualified payment received by a taxpayer from a specified agricultural or horticultural cooperative in a taxable year of the taxpayer beginning after December 31, 2017, which is attributable to qualified production activities income with respect to which a deduction is allowable to the cooperative under section 199 of the Internal Revenue Code of 1986 (as in effect before the amendments made by this section) for a taxable year of the cooperative beginning before January 1, 2018. Any term used in this subparagraph which is also used in section 199 of such Code (as so in effect) shall have the same meaning as when used in such section.

“(B)Coordination with section 199a.—No deduction shall be allowed under section 199A of such Code for any qualified payment to which subparagraph (A) applies.”

[Amendment by Puspan. L. 115–141 to section 13305(c) of Puspan. L. 115–97, set out above, effective as if included in section 13305 of Puspan. L. 115–97, see section 101(d) of Puspan. L. 115–141, set out as a note under section 62 of this title.]

Effective Date of 2016 Amendment

Puspan. L. 114–239, § 2(span), Oct. 7, 2016, 130 Stat. 973, provided that: “The amendment made by this section [amending this section] shall apply to prizes and awards received after December 31, 2015.”

Effective Date of 1986 Amendment

Amendment by section 122(a)(1) of Puspan. L. 99–514 applicable to prizes and awards granted after Dec. 31, 1986, see section 151(c) of Puspan. L. 99–514, set out as a note under section 1 of this title.

Amendment by section 123(span)(1) of Puspan. L. 99–514 applicable to taxable years beginning after Dec. 31, 1986, but only in the case of scholarships and fellowships granted after Aug. 16, 1986, see section 151(d) of Puspan. L. 99–514, set out as a note under section 1 of this title.

Applicability of Certain Amendments by Public Law 99–514 in Relation to Treaty Obligations of United States

For nonapplication of amendment by section 123(span)(1) of Puspan. L. 99–514 to the extent application of such amendment would be contrary to any treaty obligation of the United States in effect on Oct. 22, 1986, see section 1012(aa)(3) of Puspan. L. 100–647, set out as a note under section 861 of this title.