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net income from foreclosure property

Defined in 2 places of the United States Code.

For purposes of this part, the term “net income from foreclosure property” means the amount which would be the REMIC's net income from foreclosure property under section 857(b)(4)(B) if the REMIC were a real estate investment trust.

Source

For purposes of this part, the term “net income from foreclosure property” means the excess of—

(i) gain from the sale or other disposition of foreclosure property described in section 1221(1) and the gross income for the taxable year derived from foreclosure property (as defined in section 856(e)), but only to the extent such gross income is not described in subparagraph (A), (B), (C), (D), (E), or (G) of section 856(c)(3), over

(ii) the deductions allowed by this chapter which are directly connected with the production of the income referred to in clause (i).

Source

  • 1994–199926 U.S.C. § 857Internal Revenue Code · Taxation of real estate investment trusts and their beneficiaries · for purposes of this part

For purposes of this part, the term “net income from foreclosure property” means the excess of—

(i) gain from the sale or other disposition of foreclosure property described in section 1221(a)(1) and the gross income for the taxable year derived from foreclosure property (as defined in section 856(e)), but only to the extent such gross income is not described in subparagraph (A), (B), (C), (D), (E), or (G) of section 856(c)(3), over

(ii) the deductions allowed by this chapter which are directly connected with the production of the income referred to in clause (i).

Source

  • 1999–200826 U.S.C. § 857Internal Revenue Code · Taxation of real estate investment trusts and their beneficiaries · for purposes of this part

For purposes of this part, the term “net income from foreclosure property” means the excess of—

(i) gain (including any foreign currency gain, as defined in section 988(b)(1)) from the sale or other disposition of foreclosure property described in section 1221(a)(1) and the gross income for the taxable year derived from foreclosure property (as defined in section 856(e)), but only to the extent such gross income is not described in (or, in the case of foreign currency gain, not attributable to gross income described in) section 856(c)(3) other than subparagraph (F) thereof, over

(ii) the deductions allowed by this chapter which are directly connected with the production of the income referred to in clause (i).

Source