
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 26USC278]

 
                     TITLE 26--INTERNAL REVENUE CODE
 
                        Subtitle A--Income Taxes
 
                  CHAPTER 1--NORMAL TAXES AND SURTAXES
 
               Subchapter B--Computation of Taxable Income
 
                      PART IX--ITEMS NOT DEDUCTIBLE
 
[Sec. 278. Repealed. Pub. L. 99-514, title VIII, Sec. 803(b)(6), 
        Oct. 22, 1986, 100 Stat. 2356]
        
    Section, added Pub. L. 91-172, title II, Sec. 216(a), Dec. 30, 1969, 
83 Stat. 573; amended Pub. L. 91-680, Sec. 1(a), (b), (d), Jan. 12, 
1971, 84 Stat. 2064; Pub. L. 94-455, title II, Sec. 207(b)(1), (2), Oct. 
4, 1976, 90 Stat. 1538, related to capital expenditures incurred in 
planting and developing citrus and almond groves, and certain capital 
expenditures of farming syndicates.


                        Effective Date of Repeal

    If any interest costs incurred after Dec. 31, 1986, are attributable 
to costs incurred before Jan. 1, 1987, the repeal of this section is 
applicable to such interest costs only to the extent such interest costs 
are attributable to costs which were required to be capitalized under 
section 263 of the Internal Revenue Code of 1954 and which would have 
been taken into account in applying section 189 of the Internal Revenue 
Code of 1954 (as in effect before its repeal by section 803 of Pub. L. 
99-514) or, if applicable, section 266 of such Code, see section 
7831(d)(2) of Pub. L. 101-239, set out as an Effective Date note under 
section 263A of this title.
    Repeal applicable to costs incurred after Dec. 31, 1986, in taxable 
years ending after such date, except as otherwise provided, see section 
803(d) of Pub. L. 99-514, set out as an Effective Date note under 
section 263A of this title.
