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TITLE 26-INTERNAL REVENUE CODE section 164(d) as Imposed on the purchaser, and (2) there shall be taken into account amounts representing real property taxes which are treated under section 164(d) as im- posed on the taxpayer if such taxes are to be paid by the purchaser. (c) Recognition of gain or loss Except as otherwise provided in this subtitle, the entire amount of the gain or loss, deter- mined under this section, on the sale or ex- change of property shall be recognized. (d) Installment sales Nothing in this section shall be construed to prevent (in the case of property sold under con- tract providing for payment in installments) the taxation of that portion of any ins.-lment payment representing gain or profit in the year in which such payment is received. (e) Certain term interests (1) In general In determining gain or loss from the sale or other disposition of a term interest in proper- ty, that portion of the adjusted basis of such interest which is determined pursuant to sec- tion 1014 or 1015 (to the extent that such ad- justed basis is a portion of the entire adjusted basis of the property) shall be disregarded. (2) Term Interest in property defined For purposes of paragraph (1), the term "term interest in property" means- (A) a life interest in property, (B) an interest in property for a term of years, or (C) an income interest in a trust. (3) Exception Paragraph (1) shall not apply to a sale or other disposition which is a part of a transac- tion in which the entire interest in property is transferred to any person or persons. (f) Cross reference For treatment of certain expenses incident to the sale of a residence which were deducted as moving expenses by the taxpayer or his spouse under section 217(a), see section 217(e). (Aug. 16, 1954, ch. 736, 68A Stat. 295; Dec. 30, 1969, Pub. L. 91-172, title II, § 231(c)(2), title V. § 516(a), 83 Stat. 579, 646; Oct. 4, 1976, Pub. L. 94-455, title XIX, § 1901(a)(121). 90 Stat. 1784.) AMENDMENTS 1976-Subsec. (c). Pub. L. 94-455 substituted provi- sion recognizing the entire amount of gain or loss, except as otherwise provided, for provision referring to section 1002 for the determination of the extent of gain or loss to be recognized. 1969-Subsec. (e). Pub. L. 91-172, §516(a), added subsec. (e). Subsec. (f). Pub. L. 91-172, § 231(c)(2), added subsec. (f). EFFEcTivE DATE OF 1976 AMENDMiENT Amendment of subsec. (c) by Pub. L. 94-455 effective for taxable years beginning after Dec. 31, 1976, see sec- tion 1901(d) of Pub. L. 94-455, set out as an Effective Date of 1976 Amendment note under section 2 of this title. EcTmcrxvz DATE OF 1969 AmINDMENT Section 516(d) of Pub. L. 91-172 provided that: "(1) The amendment made by subsection (a) [amending this section] shall apply to sales or other dispositions after October 9, 1969. "(2) The amendment made by subsection (b) (amending section 1231 of this title] shall apply to taxable years beginning after December 31, 1969. "(3) The amendments made by subsection (c) [enact- ing section 1253 and amending sections 162 and 1016 of this title] shall apply to transfers after December 31, 1989, except that section 1253(d)(1) of the Internal Revenue Code of 1954 [section 1253(d)(1) of this title] (as added by subsection (c) shall, at the election of the taxpayer (made at such time and in such manner as the Secretary or his delegate may by regulations pre- scribe), apply to transfers before January 1, 1970, but only with respect to payments made in taxable years ending after December 31, 1969, and beginning before January 1. 1980." Amendment of section by section 231(c)(2) of Pub. L. 91-172 applicable to taxable years beginning after Dec. 31, 1969, see section 231(d) of Pub. L. 91-172, set out as an Effective Date of 1969 Amendment note under sec- tion 217 of this title. CROSS REFERENCES Gain or loss to shareholders in corporate liquida- tions, see section 331 of this title. Installment method of accounting, see section 453 of this title. Recognition of gain or loss on transfer of obsolete vessels under Merchant Marine Act, section 1101 et seq. of Title 46. see section 1160 of Title 46, Shipping. SECTION RErnz TO IN OTHER SECTIONS This section is referred to in sections 331, 368 of this title. [§1002. Repealed. Pub. L. 94-455, title XIX, § 1901(b)(28)(B)(i), Oct. 4, 1976, 90 Stat. 17991 Section, act Aug. 16, 1954, ch. 736, 68A Stat. 295, re- lated to the recognition of the entire amount of gain or loss determined under section 1001 on the sale or exchange of property. EFFETIvE DATE OF REPEAL Repeal of section effective for taxable years begin- ning after Dec. 31, 1976, see section 1901(d) of Pub. L. 94-455, set out as an Effective Date of 1976 Amend- ment note under section 2 of this title. PART II-BASIS RULES OF GENERAL APPLICATION SM. 1011. Adjusted basis for determining gain or loss. 1012. Basis of property-cost. 1013. Basis of property included in inventory. 1014. Basis of property acquired from a decedent. 1015. Basis of property acquired by gifts and trans- fers in trust. 1016. Adjustments to basis. 1017. Discharge of indebtedness. 1018. Adjustment of capital structure before Sep- tember 22, 1938. 1019. Property on which lessee has made Improve- ments. [1020. Repealed.] 1021. Sale of annuities. [1022. Repealed.] 1023. Carryover basis for certain property acquired from a decedent dying after December 31, 1976. 1024. Cross references. AMENDMENTs 1976-Pub. L. 94-455, title XIX, § 1901(b)(29)(B), (30)(C), title XX, § 2005(e)(1). Oct. 4, 1976, 90 Stat. 1799, 1878, struck out item 1020 "Election in respect of depreciation, etc., allowed before 1952". and item 1022 "Increase in basis with respect to certain foreign per- Page 633 § 1002