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APPENDIX
SEC. 465(c). Activities to Which Section Applies.--
(1) Types of activities.--This section applies to
any taxpayer engaged in the activity of--
(A) holding, producing, or distributing
motion picture films or video tapes,
(B) farming (as defined in section 464(e)),
(C) leasing any section 1245 property
(as defined in section 1245(a)(3)),
(D) exploring for, or exploiting, oil
and gas resources or
(E) exploring for, or exploiting,
geothermal deposits (as defined in section
613(e)(2))
as a trade or business or for the production of income.
(2) Separate activities.--For purposes of this
section--
(A) In general.--Except as provided in
subparagraph (B), a taxpayer's activity with
respect to each--
(i) film or video tape,
(ii) section 1245 property
which is leased or held for
leasing,
(iii) farm,
(iv) oil and gas property (as
defined under section 614), or
(v) geothermal property (as
defined under section 614),
shall be treated as a separate activity.
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