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26 U.S.C. § 1211 — Limitation on capital losses

submitted 72 years ago by ch. 736 to r/title-26-INTERNAL-REVENUE-CODE · 100 words · no verdicts yet

in plain englishAI-generated · not legal advice

A translation hasn’t been published for this section yet. The official text below is complete and authoritative.

the actual law source: uscode.house.gov ↗public domain
(a) Corporations

In the case of a corporation, losses from sales or exchanges of capital assets shall be allowed only to the extent of gains from such sales or exchanges.

(b) Other taxpayers

In the case of a taxpayer other than a corporation, losses from sales or exchanges of capital assets shall be allowed only to the extent of the gains from such sales or exchanges, plus (if such losses exceed such gains) the lower of—

(1)

$3,000 ($1,500 in the case of a married individual filing a separate return), or

(2)

the excess of such losses over such gains.

Source credit: (Aug. 16, 1954, ch. 736, 68A Stat. 321; Pub. L. 91–172, title V, § 513(a), Dec. 30, 1969, 83 Stat. 642; Pub. L. 94–455, title V, § 501(b)(6), title XIV, § 1401(a), (b), Oct. 4, 1976, 90 Stat. 1559, 1731; Pub. L. 95–30, title I, § 102(b)(14), May 23, 1977, 91 Stat. 138; Pub. L. 99–514, title III, § 301(b)(10), Oct. 22, 1986, 100 Stat. 2217.)

history & why it existsrecord from the source credit
  • 1954Enacted · Act of Aug. 16, 1954, ch. 736
  • 1969Amended · Pub. L. 91-172 · 83 Stat. 642
  • 1976Amended · Pub. L. 94-455 · 90 Stat. 1559, 1731
  • 1977Amended · Pub. L. 95-30 · 91 Stat. 138
  • 1986Amended · Pub. L. 99-514 · 100 Stat. 2217

A history note hasn’t been published yet. The record shows enactment by ch. 736 on 1954-08-16.

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