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TITLE 26-INTERNAL REVENUE CODE (2) Limitation Paragraph (1) shall apply only to a taxpay- er whose principal trade or business is farm- ing (within the meaning of section 6420(c)(3)). (Aug. 16, 1954, ch. 736, 68A Stat. 152; July 30, 1965, Pub. L. 89-97, title III, 1 313(b), 79 Stat. 382; Dec. 30, 1969, Pub. L. 91-172, title II, § 215(a), 83 Stat. 573; Oct. 4, 1976, Pub. L. 94- 455, title XIX, § 1906(b)(13)(A), title XXI, §§ 2102(a), (b), 2141(a), 90 Stat. 1834, 1900, 1933.) REFERENCES IN TEXT The Agricultural Act of 1949, as amended, referred to in subsec. (d), is act Oct. 31, 1949, ch. 792. 63 Stat. 1051, as amended, which is classified principally to chapter 35A (§ 1421 et seq.) of Title 7, Agriculture. For complete classification of this Act to the Code, see Short Title note set out under section 1421 of Title 7 and Tables volume. AMENDMENTS 1976-Subsec. d). Pub. L. 94-455, §§ 1906(b)(13)(A), 2102(a), (b), added reference to disaster payments in the subsec. catchline, provided that payments received under the Agricultural Act of 1949, as amended, be treated as insurance proceeds received as a result of destruction or damage to crops if the payments are re- ceived as the result of destruction or damage from drought, flood, or other natural disaster, or as the result of inability to plant crops because of drought, flood, or other natural disaster, and struck out "or his delegate" following "Secretary". Subsec. Ce). Pub. L. 94-455, § 2141(a), added subsec. (e). 1969-Subsec. d). Pub. L. 91-172 added subsec. d). 1965-Subsec. (c). Pub. L 89-97 added subsec. (c). EFFECTIVE DATE OF 1976 AMENDMENT Section 2102(c) of Pub. L. 94-455 provided that: "The amendments made by this section [amending subsec. Cd) of this section] shall apply to payments re- ceived after December 31, 1973, in taxable years ending after such date". Section 2141(b) of Pub. L. 94-455 provided that: "The amendment made by this section (adding subsec. (e) of this section] applies to taxable years beginning after December 31, 1975". EFFECTrV DATE OF 1969 AEmaENTr Section 215(b) of Pub. L. 91-172 provided that: "The amendment made by subsection (a) [adding subsec. (d) of this section] shall apply to taxable years ending after the date of the enactment of this Act [Dec. 30, 19691." EFFECTIVE DATE OF 1965 AmENDMENT Subsec. (c) of this section applicable only with re- spect to tips received by employees after 1965, see sec- tion 313(f) of Pub. L. 89-97, set out as an Effective Date note under section 6053 of this title. CRoss REFERENCES General rule for taxable year of deduction or credit, see section 461 of this title. Items specifically included in gross income, see sec- tion 71 et seq. of this title. Obligations issued at discount, see section 454 of this title. Time for filing returns, see sections 6072, 6081 of this title. Year in which partnership income is includible, see section 706 of this title. SECTION REFERRD TO IN OTHER SECTIONS This section is referred to in sections 455, 456 of this title. [§ 452. Repealed. June 15, 1955, ch. 143, § 1(a), 69 Stat. 1341 Section, act Aug. 16, 1954, ch. 736, 68A Stat. 152, re- lated to prepaid income, EFFECTIVE DATE OF REPEAL Repeal of this section effective with respect to tax- able years beginning after Dec. 31, 1953, and ending after Aug. 16, 1954, see section 3 of Act June 15, 1955, set out as an Effective Date of 1955 Amendment note under section 381 of this title. SAVINGS PROVISIONS For provisions concerning increase in tax in any tax- able year ending on or before June 15, 1955 by reason of enactment of act June 15, 1955, see section 4 of act June 15, 1955, set out as a Savings Provisions note under section 381 of this title. § 453. Installment method (a) Dealers in personal property (1) In general Under regulations prescribed by the Secre- tary, a person who regularly sells or other- wise disposes of personal property on the in- stallment plan may return as income there- from in any taxable year that proportion of the installment payments actually received in that year which the gross profit, realized or to be realized when payment is completed, bears to the total contract price. (2) Total contract price For purposes of paragraph (1), the total contract price of all sales of personal property on the installment plan includes the amount of carrying charges or interest which is deter- mined with respect to such sales and is added on the books of account of the seller to the established cash selling price of such proper- ty. This paragraph shall not apply with re- spect to sales of personal property under a re- volving credit type plan or with respect to sales or other dispositions of property the income from which Is, under subsection (b), returned on the basis and in the manner pre- scribed in paragraph (1). (b) Sales of realty and casual sales of personalty (1) General rule Income from- (A) a sale or other disposition of real property, or (B) a casual sale or other casual disposi- tion of personal property (other than prop- erty of a kind which would properly be in- cluded in the inventory of the taxpayer if on hand at the close of the taxable year) for a price exceeding $1,000, may (under regulations prescribed by the Sec- retary) be returned on the basis and in the manner prescribed in subsection (a). (2) Limitation Paragraph (1) shall apply only if in the tax- able year of the sale or other disposition- (A) there are no payments, or (B) the payments (exclusive of evidences of indebtedness of the purchaser) do not exceed 30 percent of the selling price. § 452 Page 358