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26 U.S.C. § 1091 — Loss from wash sales of stock or securities
Federal law — U.S. Code and appendices · legal_authorities
**(a) Disallowance of loss deduction** In the case of any loss claimed to have been sustained from any sale or other disposition of shares of stock or securities where it appears that, within a period beginning 30 days before the date of such sale or disposition and ending 30 days after such date, the taxpayer has acquired (by purchase or by an exchange on which the entire amount of gain or loss was recognized by law), or has entered into a contract or option so to acquire, substantially identical stock or securities, then no deduction shall be allowed under section 165 unless the taxpayer is a dealer in stock or securities and the loss is sustained in a transaction made in the ordinary course of such business. For purposes of this section, the term “stock or securities” shall, except as provided in regulations, include contracts or options to acquire or sell stock or securities.
**(b) Stock acquired less than stock sold** If the amount of stock or securities acquired (or covered by the contract or option to acquire) is less than the amount of stock or securities sold or otherwise disposed of, then the particular shares of stock or securities the loss from the sale or other disposition of which is not deductible shall be determined under regulations prescribed by the Secretary.
**(c) Stock acquired not less than stock sold** If the amount of stock or securities acquired (or covered by the contract or option to acquire) is not less than the amount of stock or securities sold or otherwise disposed of, then the particular shares of stock or securities the acquisition of which (or the contract or option to acquire which) resulted in the nondeductibility of the loss shall be determined under regulations prescribed by the Secretary.
**(d) Unadjusted basis in case of wash s
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Source file: Laws/federal/codes/united-states-code/title-26/section-1091-loss-from-wash-sales-of-stock-or-securities--dd11639667.md
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Source location: Title 26, Chapter 1, § 1091; chapter-001-normal-taxes-and-surtaxes.md
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**(a) Disallowance of loss deduction** In the case of any loss claimed to have been sustained from any sale or other disposition of shares of stock or securities where it appears that, within a period beginning 30 days before the date of such sale or disposition and ending 30 days after such date, the taxpayer has acquired (by purchase or by an exchange on which the entire amount of gain or loss was recognized by law), or has entered into a contract or option so to acquire, substantially identical stock or securities, then no deduction shall be allowed under section 165 unless the taxpayer is a dealer in stock or securities and the loss is sustained in a transaction made in the ordinary course of such business. For purposes of this section, the term “stock or securities” shall, except as provided in regulations, include contracts or options to acquire or sell stock or securities.
**(b) Stock acquired less than stock sold** If the amount of stock or securities acquired (or covered by the contract or option to acquire) is less than the amount of stock or securities sold or otherwise disposed of, then the particular shares of stock or securities the loss from the sale or other disposition of which is not deductible shall be determined under regulations prescribed by the Secretary.
**(c) Stock acquired not less than stock sold** If the amount of stock or securities acquired (or covered by the contract or option to acquire) is not less than the amount of stock or securities sold or otherwise disposed of, then the particular shares of stock or securities the acquisition of which (or the contract or option to acquire which) resulted in the nondeductibility of the loss shall be determined under regulations prescribed by the Secretary.
**(d) Unadjusted basis in case of wash sale of stock** If the property consists of stock or securities the acquisition of which (or the contract or option to acquire which) resulted in the nondeductibility (under this section or corresponding provisions of prior internal revenue laws) of the loss from the sale or other disposition of substantially identical stock or securities, then the basis shall be the basis of the stock or securities so sold or disposed of, increased or decreased, as the case may be, by the difference, if any, between the price at which the property was acquired and the price at which such substantially identical stock or securities were sold or otherwise disposed of.
**(e) Certain short sales of stock or securities and securities futures contracts to sell** Rules similar to the rules of subsection (a) shall apply to any loss realized on the closing of a short sale of (or the sale, exchange, or termination of a securities futures contract to sell) stock or securities if, within a period beginning 30 days before the date of such closing and ending 30 days after such date—
(1) substantially identical stock or securities were sold, or
(2) another short sale of (or securities futures contracts to sell) substantially identical stock or securities was entered into.
For purposes of this subsection, the term “securities futures contract” has the meaning provided by section 1234B(c).
**(f) Cash settlement** This section shall not fail to apply to a contract or option to acquire or sell stock or securities solely by reason of the fact that the contract or option settles in (or could be settled in) cash or property other than such stock or securities.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Allowance of deductions** In the case of an individual, the exemptions provided by this section shall be allowed as deductions in computing taxable income.
**(b) Taxpayer and spouse** An exemption of the exemption amount for the taxpayer; and an additional exemption of the exemption amount for the spouse of the taxpayer if a joint return is not made by the taxpayer and his spouse, and if the spouse, for the calendar year in which the taxable year of the taxpayer begins, has no gross income and is not the dependent of another taxpayer.
**(c) Additional exemption for dependents** An exemption of the exemption amount for each individual who is a dependent (as defined in section 152) of the taxpayer for the taxable year.
**(d) Exemption amount** For purposes of this section—
(1) **In general** — Except as otherwise provided in this subsection, the term “exemption amount” means $2,000.
(2) **Exemption amount disallowed in case of certain dependents** — In the case of an individual with respect to whom a deduction under this section is allowable to another taxpayer for a taxable year beginning in the calendar year in which the individual’s taxable year begins, the exemption amount applicable to such individual for such individual’s taxable year shall be zero.
(3) **Phaseout**
(A) *In general* — In the case of any taxpayer whose adjusted gross income for the taxable year exceeds the applicable amount in effect under section 68(b),11 See References in Text note below. the exemption amount shall be reduced by the applicable percentage.
(B) *Applicable percentage* — For purposes of subparagraph (A), the term “applicable percentage” means 2 percentage points for each $2,500 (or fraction thereof) by which the taxpayer’s adjusted gross income for the taxable year e
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Federal law — U.S. Code and appendices · legal_authorities
Page 2303
TITLE 26—INTERNAL REVENUE CODE
§ 1091
‘‘(A) sales and exchanges on or after January 17,
1995, and
‘‘(B) sales and exchanges before such date if the
FCC tax certificate with respect to such sale or ex-
change is issued on or after such date.
‘‘(2) BINDING CONTRACTS.—
‘‘(A) IN GENERAL.—The amendments made by this
section shall not apply to any sale or exchange pursu-
ant to a written contract which was binding on Janu-
ary 16, 1995, and at all times thereafter before the sale
or exchange, if the FCC tax certificate with respect
to such sale or exchange was applied for, or issued, on
or before such date.
‘‘(B) SALES
CONTINGENT
ON
ISSUANCE
OF
CERTIFI-
CATE.—
‘‘(i) IN GENERAL.—A contract shall be treated as
not binding for purposes of subparagraph (A) if the
sale or exchange pursuant to such contract, or the
material terms of such contract, were contingent,
at any time on January 16, 1995, on the issuance of
an FCC tax certificate. The preceding sentence
shall not apply if the FCC tax certificate for such
sale or exchange is issued on or before January 16,
1995.
‘‘(ii) MATERIAL TERMS.—For purposes of clause (i),
the material terms of a contract shall not be treat-
ed as contingent on the issuance of an FCC tax cer-
tificate solely because such terms provide that the
sales price would, if such certificate were not
issued, be increased by an amount not greater than
10 percent of the sales price otherwise provided in
the contract.
‘‘(3) FCC TAX CERTIFICATE.—For purposes of this sub-
section, the term ‘FCC tax certificate’ means any cer-
tificate of the Federal Communications Commission for
the effectuation of section 1071 of the Internal Revenue
Code of 1986 (as in effect on the day before the date of
the enactment of this Act [Apr. 11, 1995
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 1091
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