26-U.S.C.-123
§123 – Amounts Received Under Insurance Contracts For Certain Living Expenses
Pathway
Title 26 > Subtitle A > Chapter 1 > Subchapter B > Part III > Section 123
Details
- Reference: Section 123
- Legend: §123 – Amounts Received Under Insurance Contracts For Certain Living Expenses
- USCode Year: 2013
Provision Content
(a) General rule
In the case of an individual whose principal residence is damaged or destroyed by fire, storm, or other casualty, or who is denied access to his principal residence by governmental authorities because of the occurrence or threat of occurrence of such a casualty, gross income does not include amounts received by such individual under an insurance contract which are paid to compensate or reimburse such individual for living expenses incurred for himself and members of his household resulting from the loss of use or occupancy of such residence.
(b) Limitation
Subsection (a) shall apply to amounts received by the taxpayer for living expenses incurred during any period only to the extent the amounts received do not exceed the amount by which—
(1) the actual living expenses incurred during such period for himself and members of his household resulting from the loss of use or occupancy of their residence, exceed
(2) the normal living expenses which would have been incurred for himself and members of his household during such period.
(Added Pub. L. 91–172, title IX, §901(a), Dec. 30, 1969, 83 Stat. 709.)
Prior Provisions
A prior section 123 was renumbered section 140 of this title.
Effective Date
Pub. L. 91–172, title IX, §901(c), Dec. 30, 1969, 83 Stat. 709, provided that: The amendments made by this section [enacting this section] shall apply with respect to amounts received on or after January 1, 1969.
U.S. Encyclopedia of Law Coverage
26-U.S.C.-123 in the Legal Encyclopedia: Income Taxes
In this entry about 26-U.S.C.-123, find legal reference material, bibliographies and premiere content related to income taxes in the American Encyclopedia of Law, presenting a comprehensive view of the United States income taxes-specific issues, written by authorities in the field.
26-U.S.C.-113 in the Legal Encyclopedia: Tax Liability
In this entry about 26-U.S.C.-113, find legal reference material, bibliographies and premiere content related to tax liability in the American Encyclopedia of Law, presenting a comprehensive view of the United States tax liability-specific issues, written by authorities in the field.
26-U.S.C.-119 in the Legal Encyclopedia: Taxation
In this entry about 26-U.S.C.-119, find legal reference material, bibliographies and premiere content related to taxation in the American Encyclopedia of Law, presenting a comprehensive view of the United States taxation-specific issues, written by authorities in the field.
26-U.S.C.-114 in the Legal Encyclopedia: Liability
In this entry about 26-U.S.C.-114, find legal reference material, bibliographies and premiere content related to liability in the American Encyclopedia of Law, presenting a comprehensive view of the United States liability-specific issues, written by authorities in the field.
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