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us/statute/26/59/e/4/C — Partners and shareholders of S corporations · Axiom

Election

Official source

(A) In general

(A)In general#

An election may be made under paragraph (1) with respect to any portion of any qualified expenditure.

(B)Revocable only with consent#

Any election under this subsection may be revoked only with the consent of the Secretary.

(C)Partners and shareholders of S corporations#

In the case of a partnership, any election under paragraph (1) shall be made separately by each partner with respect to the partner’s allocable share of any qualified expenditure. A similar rule shall apply in the case of an S corporation and its shareholders.

in view

Whole section

▸rulespec code

Shown source

statutes/26/59.yaml

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This encoding covers the parent provision us/statute/26/59; no dedicated encoding exists for this exact provision yet.

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Rules

section_59_completed_special_rule_domain_is_satisfied

Derived

source: 26 USC 59(a), (e), (g), and (h), bounded completed-return domain

- name: section_59_completed_special_rule_domain_is_satisfied
  kind: derived
  entity: TaxUnit
  dtype: Judgment
  period: Year
  source: 26 USC 59(a), (e), (g), and (h), bounded completed-return domain
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/26/59/a/1
            excerpt: >-
              The alternative minimum tax foreign tax credit for any taxable year shall be the
              credit which would be determined under section 27
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/26/59/e
            excerpt: >-
              any qualified expenditure to which an election under this paragraph applies shall be
              allowed as a deduction ratably over the 10-year period
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/26/59/g
            excerpt: differently treated items shall be properly adjusted
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/26/59/h
            excerpt: shall be applied for purposes of computing the alternative minimum taxable income
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/26/59
  versions:
    - effective_from: '2026-01-01'
      effective_to: '2026-12-31'
      formula: |-
        (
          completed_alternative_minimum_tax_foreign_tax_credit >= 0
          and section_59_a_completed_credit_domain_is_satisfied
          and section_59_e_completed_adjustment_domain_is_satisfied
          and section_59_g_completed_adjustment_domain_is_satisfied
          and section_59_h_completed_adjustment_domain_is_satisfied
          and no_other_section_59_special_rule_affects_completed_individual_amt
        )

alternative_minimum_tax_foreign_tax_credit

Derived

source: 26 USC 59(a), guarded completed AMT foreign tax credit

- name: alternative_minimum_tax_foreign_tax_credit
  kind: derived
  entity: TaxUnit
  dtype: Money
  period: Year
  unit: USD
  source: 26 USC 59(a), guarded completed AMT foreign tax credit
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/26/59#section_59_completed_special_rule_domain_is_satisfied
            output: section_59_completed_special_rule_domain_is_satisfied
            hash: sha256:local
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/26/59/a/1
            excerpt: >-
              The alternative minimum tax foreign tax credit for any taxable year shall be the
              credit which would be determined under section 27
        - path: versions[0].formula
          kind: definition
          source:
            corpus_citation_path: us/statute/26/59/a/2
            excerpt: >-
              the term “pre-credit tentative minimum tax” means the amount determined under the
              first sentence of section 55(b)(1)(A)
  versions:
    - effective_from: '2026-01-01'
      effective_to: '2026-12-31'
      formula: |-
        if section_59_completed_special_rule_domain_is_satisfied:
          completed_alternative_minimum_tax_foreign_tax_credit
        else:
          0

section_59_e_qualified_expenditure_adjustment

Derived

source: 26 USC 59(e), guarded signed completed adjustment

- name: section_59_e_qualified_expenditure_adjustment
  kind: derived
  entity: TaxUnit
  dtype: Money
  period: Year
  unit: USD
  source: 26 USC 59(e), guarded signed completed adjustment
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/26/59#section_59_completed_special_rule_domain_is_satisfied
            output: section_59_completed_special_rule_domain_is_satisfied
            hash: sha256:local
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/26/59/e
            excerpt: >-
              any qualified expenditure to which an election under this paragraph applies shall be
              allowed as a deduction ratably over the 10-year period
  versions:
    - effective_from: '2026-01-01'
      effective_to: '2026-12-31'
      formula: |-
        if section_59_completed_special_rule_domain_is_satisfied:
          completed_section_59_e_qualified_expenditure_adjustment
        else:
          0

section_59_g_tax_benefit_rule_adjustment

Derived

source: 26 USC 59(g), guarded signed completed adjustment

- name: section_59_g_tax_benefit_rule_adjustment
  kind: derived
  entity: TaxUnit
  dtype: Money
  period: Year
  unit: USD
  source: 26 USC 59(g), guarded signed completed adjustment
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/26/59#section_59_completed_special_rule_domain_is_satisfied
            output: section_59_completed_special_rule_domain_is_satisfied
            hash: sha256:local
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/26/59/g
            excerpt: differently treated items shall be properly adjusted
  versions:
    - effective_from: '2026-01-01'
      effective_to: '2026-12-31'
      formula: |-
        if section_59_completed_special_rule_domain_is_satisfied:
          completed_section_59_g_tax_benefit_rule_adjustment
        else:
          0

section_59_h_limitation_coordination_adjustment

Derived

source: 26 USC 59(h), guarded signed completed adjustment

- name: section_59_h_limitation_coordination_adjustment
  kind: derived
  entity: TaxUnit
  dtype: Money
  period: Year
  unit: USD
  source: 26 USC 59(h), guarded signed completed adjustment
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/26/59#section_59_completed_special_rule_domain_is_satisfied
            output: section_59_completed_special_rule_domain_is_satisfied
            hash: sha256:local
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/26/59/h
            excerpt: shall be applied for purposes of computing the alternative minimum taxable income
  versions:
    - effective_from: '2026-01-01'
      effective_to: '2026-12-31'
      formula: |-
        if section_59_completed_special_rule_domain_is_satisfied:
          completed_section_59_h_limitation_coordination_adjustment
        else:
          0

section_59_j_kiddie_exemption_limit_applies

Derived

source: 26 USC 59(j)

- name: section_59_j_kiddie_exemption_limit_applies
  kind: derived
  entity: TaxUnit
  dtype: Judgment
  period: Year
  source: 26 USC 59(j)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: exception
          source:
            corpus_citation_path: us/statute/26/55/d/4
            excerpt: subsection (j) of section 59 shall not apply
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/26/59/j
            excerpt: In the case of a child to whom section 1(g) applies
  versions:
    - effective_from: '2018-01-01'
      formula: 'false'

loading…

Election

Official source

(A) In general

(A)In general#

An election may be made under paragraph (1) with respect to any portion of any qualified expenditure.

(B)Revocable only with consent#

Any election under this subsection may be revoked only with the consent of the Secretary.

(C)Partners and shareholders of S corporations#

in view

Whole section

▸rulespec code

Shown source

statutes/26/59.yaml

Displaying the canonical repository encoding.

This encoding covers the parent provision us/statute/26/59; no dedicated encoding exists for this exact provision yet.

View on GitHub

Rules

section_59_completed_special_rule_domain_is_satisfied

Derived

source: 26 USC 59(a), (e), (g), and (h), bounded completed-return domain

- name: section_59_completed_special_rule_domain_is_satisfied
  kind: derived
  entity: TaxUnit
  dtype: Judgment
  period: Year
  source: 26 USC 59(a), (e), (g), and (h), bounded completed-return domain
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/26/59/a/1
            excerpt: >-
              The alternative minimum tax foreign tax credit for any taxable year shall be the
              credit which would be determined under section 27
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/26/59/e
            excerpt: >-
              any qualified expenditure to which an election under this paragraph applies shall be
              allowed as a deduction ratably over the 10-year period
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/26/59/g
            excerpt: differently treated items shall be properly adjusted
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/26/59/h
            excerpt: shall be applied for purposes of computing the alternative minimum taxable income
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/26/59
  versions:
    - effective_from: '2026-01-01'
      effective_to: '2026-12-31'
      formula: |-
        (
          completed_alternative_minimum_tax_foreign_tax_credit >= 0
          and section_59_a_completed_credit_domain_is_satisfied
          and section_59_e_completed_adjustment_domain_is_satisfied
          and section_59_g_completed_adjustment_domain_is_satisfied
          and section_59_h_completed_adjustment_domain_is_satisfied
          and no_other_section_59_special_rule_affects_completed_individual_amt
        )

alternative_minimum_tax_foreign_tax_credit

Derived

source: 26 USC 59(a), guarded completed AMT foreign tax credit

- name: alternative_minimum_tax_foreign_tax_credit
  kind: derived
  entity: TaxUnit
  dtype: Money
  period: Year
  unit: USD
  source: 26 USC 59(a), guarded completed AMT foreign tax credit
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/26/59#section_59_completed_special_rule_domain_is_satisfied
            output: section_59_completed_special_rule_domain_is_satisfied
            hash: sha256:local
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/26/59/a/1
            excerpt: >-
              The alternative minimum tax foreign tax credit for any taxable year shall be the
              credit which would be determined under section 27
        - path: versions[0].formula
          kind: definition
          source:
            corpus_citation_path: us/statute/26/59/a/2
            excerpt: >-
              the term “pre-credit tentative minimum tax” means the amount determined under the
              first sentence of section 55(b)(1)(A)
  versions:
    - effective_from: '2026-01-01'
      effective_to: '2026-12-31'
      formula: |-
        if section_59_completed_special_rule_domain_is_satisfied:
          completed_alternative_minimum_tax_foreign_tax_credit
        else:
          0

section_59_e_qualified_expenditure_adjustment

Derived

source: 26 USC 59(e), guarded signed completed adjustment

- name: section_59_e_qualified_expenditure_adjustment
  kind: derived
  entity: TaxUnit
  dtype: Money
  period: Year
  unit: USD
  source: 26 USC 59(e), guarded signed completed adjustment
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/26/59#section_59_completed_special_rule_domain_is_satisfied
            output: section_59_completed_special_rule_domain_is_satisfied
            hash: sha256:local
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/26/59/e
            excerpt: >-
              any qualified expenditure to which an election under this paragraph applies shall be
              allowed as a deduction ratably over the 10-year period
  versions:
    - effective_from: '2026-01-01'
      effective_to: '2026-12-31'
      formula: |-
        if section_59_completed_special_rule_domain_is_satisfied:
          completed_section_59_e_qualified_expenditure_adjustment
        else:
          0

section_59_g_tax_benefit_rule_adjustment

Derived

source: 26 USC 59(g), guarded signed completed adjustment

- name: section_59_g_tax_benefit_rule_adjustment
  kind: derived
  entity: TaxUnit
  dtype: Money
  period: Year
  unit: USD
  source: 26 USC 59(g), guarded signed completed adjustment
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/26/59#section_59_completed_special_rule_domain_is_satisfied
            output: section_59_completed_special_rule_domain_is_satisfied
            hash: sha256:local
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/26/59/g
            excerpt: differently treated items shall be properly adjusted
  versions:
    - effective_from: '2026-01-01'
      effective_to: '2026-12-31'
      formula: |-
        if section_59_completed_special_rule_domain_is_satisfied:
          completed_section_59_g_tax_benefit_rule_adjustment
        else:
          0

section_59_h_limitation_coordination_adjustment

Derived

source: 26 USC 59(h), guarded signed completed adjustment

- name: section_59_h_limitation_coordination_adjustment
  kind: derived
  entity: TaxUnit
  dtype: Money
  period: Year
  unit: USD
  source: 26 USC 59(h), guarded signed completed adjustment
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/26/59#section_59_completed_special_rule_domain_is_satisfied
            output: section_59_completed_special_rule_domain_is_satisfied
            hash: sha256:local
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/26/59/h
            excerpt: shall be applied for purposes of computing the alternative minimum taxable income
  versions:
    - effective_from: '2026-01-01'
      effective_to: '2026-12-31'
      formula: |-
        if section_59_completed_special_rule_domain_is_satisfied:
          completed_section_59_h_limitation_coordination_adjustment
        else:
          0

section_59_j_kiddie_exemption_limit_applies

Derived

source: 26 USC 59(j)

- name: section_59_j_kiddie_exemption_limit_applies
  kind: derived
  entity: TaxUnit
  dtype: Judgment
  period: Year
  source: 26 USC 59(j)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: exception
          source:
            corpus_citation_path: us/statute/26/55/d/4
            excerpt: subsection (j) of section 59 shall not apply
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/26/59/j
            excerpt: In the case of a child to whom section 1(g) applies
  versions:
    - effective_from: '2018-01-01'
      formula: 'false'