<!-- TTST:[268]: TTC:[I]: TTSC:[A]: TTT:[r]: TTS:[1.268-1]: TTCP:[Items attributable to an unharvested crop sold with the land]: TTCI:[Reg. 1.268-1]: TTB:[1d.php?v=sr&s=1.267(f)-1]: TTA:[1d.php?v=sr&s=1.269-1]: TTD:[4794]: -->

TREASURY REGULATIONS


Index  » Subchapter A  » Reg. 1.268-1

Reg. 1.268-1
Items attributable to an unharvested crop sold with the land

January 14, 2024


§ 1.267(f)-1 « Browse » § 1.269-1

See related I.R.C. 268

Treas. Reg. § 1.268-1.  Items attributable to an unharvested crop sold with the land

In computing taxable income no deduction shall be allowed in respect of items attributable to the production of an unharvested crop which is sold, exchanged, or involuntarily converted with the land and which is considered as property used in the trade or business under section 1231(b)(4). Such items shall be so treated whether or not the taxable year involved is that of the sale, exchange, or conversion of such crop and whether they are for expenses, depreciation, or otherwise. If the taxable year involved is not that of the sale, exchange, or conversion of such crop, a recomputation of the tax liability for such year shall be made; such recomputation should be in the form of an “amended return” if necessary. For the adjustments to basis as a result of such disallowance, see section 1016(a)(11) and the regulations thereunder.

 

The preliminary Code is a preliminary release of the Internal Revenue Code of 1986 (the "Code") by the Office of the Law Revision Counsel and is subject to further revision before it is released again as a final version. The source of the preliminary Code used in TouchTax is available here: https://uscode.house.gov/download/download.shtml. The Code is a consolidation and codification by subject matter of the general and permanent laws of the U.S. prepared by the Office of the Law Revision Counsel of the U.S. House of Representatives. The Treasury Regulations are a codification of the general and permanent rules published in the Federal Register by the departments and agencies of the federal government. The version of the Treasury Regulations available within TouchTax is part of the Electronic Code of Federal Regulations which is not an official legal edition of the Code of Federal Regulations but is an editorial compilation of CFR material and Federal Register amendments produced by the National Archives and Records Administration's Office of the Federal Register (OFR) and the Government Publishing Office. The source of the CFR used in TouchTax is available here: https://www.govinfo.gov/bulkdata/ECFR/title-26. Those using TouchTax for legal research should verify their results against the printed versions of the Code and Treasury Regulations. TouchTax is copyright 2024 by Com-Lab (Mobile). Learn more at http://touchtax.edrich.de.