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TITLE 26-INTERNAL REVENUE CODE pation in or cooperation with an international boycott under section 999(b)(1). (3) World-wide operations For purposes of this subsection, the term "world-wide operations" means operations in or related to countries other than the United States. (d) Determination with respect to particular oper- ations Upon a request made by the taxpayer, the Secretary shall issue a determination with re- spect to whether a particular operation of a person, or of a member of a controlled group which includes that person, constitutes partici- pation in or cooperation with an international boycott. The Secretary may issue such a deter- mination in advance of such operation in cases which are of such a nature that an advance de- termination is possible and appropriate under the circumstances. If the request is made before the operation is commenced, or before the end of a taxable year in which the oper- ation is carried out, the Secretary may decline to issue such- a determination before close of the taxable year. (e) Participation or cooperation by related persons If a person controls (within the meaning of section 304(c)) a corporation- (1) participation in or cooperation with an international boycott by such corporation shall be presumed to be such participation or cooperation by such person, and (2) participation in or cooperation with such a boycott by such person shall be pre- sumed to be such participation or cooperation by such corporation. (f) Willful failure to report Any person (within the meaning of section 6671(b)) required to report under this section who willfully fails to make such report shall, in addition to other penalties provided by law, be fined not more than $25,000, imprisoned for not more than one year, or both. (Added Pub. L. 94-455, title X, § 1064(a), Oct. 4, 1976, 90 Stat. 1650.) EFTc'vE DATE Section applicable to participation in or cooperation with an international boycott more than 30 days after Oct. 4, 1976, with special provisions for existing con- tracts, see section 1066(a) of Pub. L. 94-455, set out as an Effective Date of 1976 Amendment note under sec- tion 908 of this title. REPORTS BY SECRETARY Section 1067 of Pub. L. 94-455 provided that: "(a) Reports to the Congress.-As soon after the close of each calendar year as the data become avail- able, the Secretary shall transmit a report to the Com. mittee on Ways and Means of the House of Represen- tatives and to the Committee on Finance of the Senate setting forth, for that calendar year- "(1) the number of reports filed under section 999(a) of the Internal Revenue Code of 1954 [subsec. (a) of this section] for taxable years ending with or within such taxable year, "(2) the number of such reports on which the tax- payer indicated international boycott participation or cooperation (within the meaning of section 999(b)(3) of such Code [subsec. (b)(3) of this sec- tion]), and "(3) a detailed description of the manner in which the provisions of such Code relating to Internationcl boycott activity have been administered during such calendar year. "(b) Initial list.-The Secretary of the Treasury shall publish an initial list of those countries which may require participation in or cooperation with an in- ternational boycott as a condition of doing business within such country or with the government, a compa- ny, or a national of such country (within the meaning of section 999(b) of the Internal Revenue Code of 1954 [subsec. (b) of tnis section]) within 30 days after the enactment of this Act [Oct. 4, 1976]." SECTION REFERRE TO IN OTHER SECTIONS This section is referred to in sections 908, 952, 995 of this title. Subchapter O-Gain or Loss on Disposition of Property Part I. II. III. IV. V. VI. VII. VIII. Determination of amount of and recognition of gain or loss. Basis rules of general application. Common nontaxable exchanges. Special rules. Changes to effectuate F.C.C. policy. Exchanges in obedience to S.E.C. orders. Wash sales of stock or securities. Distributions pursuant to Bank Holding Compa- ny Act. AMENDMENTS 1976-Pub. L. 94-455, title XIX, § 1901(b)(32)(I), Oct. 4, 1976, 90 Stat. 1800, struck out Part IX "Distribu- tions pursuant to orders enforcing the antitrust laws". Pub. L. 94-452, § 2(c), Oct. 2, 1976, 90 Stat. 1512, struck out in Part VIII "of 1956" following "Bank Holding Company Act". 1962-Pub. L. 87-403, § 1(b), Feb. 2, 1962, 76 Stat. 5. added Part IX. 1956-Act May 9, 1956, ch. 240, § 10(b), 70 Stat. 146, added Part VIII. PART I-DETERMINATION OF AMOUNT OF AND RECOGNITION OF GAIN OR LOSS Sec. 1001. Determination of amount of and recognition of gain or loss. [1002. Repealed.] AmENDUENTS 1976-Pub. L. 94-455, title XIX, § 1901(b)(28)(B)(ii), Oct. 4, 1976, 90 Stat. 1799, struck out item 1002 "Rec- ognition of gain or loss". § 1001. Determination of amount of and recognition of gain or loss (a) Computation of gain or loss The gain from the sale or other disposition of property shall be the excess of the amount real- ized therefrom over the adjusted basis provided in section 1011 for determining gain, and the loss shall be the excess of the adjusted basis provided in such section for determining loss over the amount realized. (b) Amount realized The amount realized from the sale or other disposition of property shall be the sum of any money received plus the fair market value of the property (other than money) received. In determining the amount realized- (1) there shall not be taken into account any amount received as reimbursement for real property taxes which are treated under § 1001 Page 632