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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

in plain englishAI-generated · not legal advice

This section addresses gains or losses from certain terminations. It states the rules, duties, permissions, procedures, limits, and exceptions provided in the section.

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

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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