26 U.S.C. § 1234A — Gains or losses from certain terminations

submitted 45 years ago by Pub. L. 97-34 to r/title-26-INTERNAL-REVENUE-CODE · 113 words · no verdicts yet

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the actual law source: uscode.house.gov ↗public domain

Gain or loss attributable to the cancellation, lapse, expiration, or other termination of—

(1)

a right or obligation (other than a securities futures contract, as defined in section 1234B) with respect to property which is (or on acquisition would be) a capital asset in the hands of the taxpayer, or

(2)

a section 1256 contract (as defined in section 1256) not described in paragraph (1) which is a capital asset in the hands of the taxpayer,

shall be treated as gain or loss from the sale of a capital asset. The preceding sentence shall not apply to the retirement of any debt instrument (whether or not through a trust or other participation arrangement).

Source credit: (Added Pub. L. 97–34, title V, § 507(a), Aug. 13, 1981, 95 Stat. 333; amended Pub. L. 97–448, title I, § 105(e), Jan. 12, 1983, 96 Stat. 2387; Pub. L. 98–369, div. A, title I, § 102(e)(4), (9), July 18, 1984, 98 Stat. 624, 625; Pub. L. 105–34, title X, § 1003(a)(1), Aug. 5, 1997, 111 Stat. 909; Pub. L. 106–554, § 1(a)(7) [title IV, § 401(b)], Dec. 21, 2000, 114 Stat. 2763, 2763A–648; Pub. L. 107–147, title IV, § 412(d)(1)(A), Mar. 9, 2002, 116 Stat. 53.)

history & why it existsrecord from the source credit

1981Enacted · Pub. L. 97-34 · 95 Stat. 333
1983Amended · Pub. L. 97-448 · 96 Stat. 2387
1984Amended · Pub. L. 98-369 · 98 Stat. 624, 625
1997Amended · Pub. L. 105-34 · 111 Stat. 909
2000Amended · Pub. L. 106-554 · 114 Stat. 2763, 2763
2002Amended · Pub. L. 107-147 · 116 Stat. 53

A history note hasn’t been published yet. The record shows enactment by Pub. L. 97-34 on 1981-08-13.

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