26 U.S.C. § 1071
Section 1071 · Repealed. Pub. L. 1047, 2(a), Apr. 11, 1995, 109 Stat. 93]
Amended 3 times on record
Applied in 18 court decisions — leading case Metro Broadcasting, Inc. v. Federal Communications Commission (1990)
Most recently applied in Suffness v. United States (October 1992)
How often courts cite this section
Court decisions citing this, by year.Markers show enactment, consequential amendments, and circuit splits over this section — watch for a citation surge after a change or a disagreement. The dip in the last several years is a data-coverage gap, not a real trend — our corpus holds fewer opinions from the most recent years, so recent citations are undercounted.
If the sale or exchange of property (including stock in a corporation) is certified by the Federal Communications Commission to be necessary or appropriate to effectuate a change in a policy of, or the adoption of a new policy by, the Commission with respect to the ownership and control of radio broadcasting stations, such sale or exchange shall, if the taxpayer so elects, be treated as an involuntary conversion of such property within the meaning of section 1033. For purposes of such section as made applicable by the provisions of this section, stock of a corporation operating a radio broadcasting station, whether or not representing control of such corporation, shall be treated as property similar or related in service or use to the property so converted. The part of the gain, if any, on such sale or exchange to which section 1033 is not applied shall nevertheless not be recognized, if the taxpayer so elects, to the extent that it is applied to reduce the basis for determining gain or loss on sale or exchange of property, of a character subject to the allowance for depreciation under section 167, remaining in the hands of the taxpayer immediately after the sale or exchange, or acquired in the same taxable year. The manner and amount of such reduction shall be determined under regulations prescribed by the Secretary. Any election made by the taxpayer under this section shall be made by a statement to that effect in his return for the taxable year in which the sale or exchange takes place, and such election shall be binding for the taxable year and all subsequent taxable years.
For basis of property acquired on a sale or exchange treated as an involuntary conversion under subsection (a), see section 1033(b).
Editorial notes U.S. Code · Office of the Law Revision Counsel
Amendments
1976—Subsec. (a). Pub. L. 94–455, §1906(b)(13)(A), struck out “or his delegate” after “Secretary”.
Subsec. (b). Pub. L. 94–455, §1901(b)(31)(E), substituted “section 1033(b)” for “section 1033(c)”.
1958—Subsec. (a). Pub. L. 85–866 substituted “to effectuate a change in a policy of, or the adoption of a new policy by, the Commission” for “to effectuate the policies of the Commission”.
Effective Date of 1976 Amendment
Amendment by section 1901(b)(31)(E) of Pub. L. 94–455 effective for taxable years beginning after Dec. 31, 1976, see section 1901(d) of Pub. L. 94–455, set out as a note under section 2 of this title.
Effective Date of 1958 Amendment
Section 48(b) of Pub. L. 85–866 provided that: “The amendment made by subsection (a) [amending this section] shall apply with respect to any sale or exchange after December 31, 1957”.