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26 U.S.C. § 1242 — Losses on small business investment company stock

submitted 68 years ago by Pub. L. 85-866 to r/title-26-INTERNAL-REVENUE-CODE · 92 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

If—

(1)

a loss is on stock in a small business investment company operating under the Small Business Investment Act of 1958, and

(2)

such loss would (but for this section) be a loss from the sale or exchange of a capital asset,

then such loss shall be treated as an ordinary loss. For purposes of section 172 (relating to the net operating loss deduction) any amount of loss treated by reason of this section as an ordinary loss shall be treated as attributable to a trade or business of the taxpayer.

Source credit: (Added Pub. L. 85–866, title I, § 57(a), Sept. 2, 1958, 72 Stat. 1645; amended Pub. L. 94–455, title XIX, § 1901(b)(3)(F), Oct. 4, 1976, 90 Stat. 1793.)

history & why it existsrecord from the source credit
  • 1958Enacted · Pub. L. 85-866 · 72 Stat. 1645
  • 1976Amended · Pub. L. 94-455 · 90 Stat. 1793

A history note hasn’t been published yet. The record shows enactment by Pub. L. 85-866 on 1958-09-02.

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