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15 U.S.C. § 636c — Age of applicant for disaster loans
Federal law — U.S. Code and appendices · legal_authorities
In the administration of any Federal disaster loan program under the authority of section 636a 11 See References in Text note below. of this title, section 4452 1 of title 42, or section 233 of Public Law 91–606, the age of any adult loan applicant shall not be considered in determining whether such loan should be made or the amount of such loan.
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Stable record: federal_law:legal_authorities:record_usc_668bda400b920c297f7c98b3
Source file: Laws/federal/codes/united-states-code/title-15/section-636c-age-of-applicant-for-disaster-loans--b76ecc09f3.md
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Source location: Title 15, Chapter 14A, § 636c; chapter-14a-aid-to-small-business.md
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In the administration of any Federal disaster loan program under the authority of section 636a 11 See References in Text note below. of this title, section 4452 1 of title 42, or section 233 of Public Law 91–606, the age of any adult loan applicant shall not be considered in determining whether such loan should be made or the amount of such loan.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** There shall be allowed as a deduction any loss sustained during the taxable year and not compensated for by insurance or otherwise.
**(b) Amount of deduction** For purposes of subsection (a), the basis for determining the amount of the deduction for any loss shall be the adjusted basis provided in section 1011 for determining the loss from the sale or other disposition of property.
**(c) Limitation on losses of individuals** In the case of an individual, the deduction under subsection (a) shall be limited to—
(1) losses incurred in a trade or business;
(2) losses incurred in any transaction entered into for profit, though not connected with a trade or business; and
(3) except as provided in subsection (h), losses of property not connected with a trade or business or a transaction entered into for profit, if such losses arise from fire, storm, shipwreck, or other casualty, or from theft.
**(d) Wagering losses**
(1) **In general** — For purposes of losses from wagering transactions, the amount allowed as a deduction for any taxable year—
(A) shall be equal to 90 percent of the amount of such losses during such taxable year, and
(B) shall be allowed only to the extent of the gains from such transactions during such taxable year.
(2) **Special rule** — For purposes of paragraph (1), the term “losses from wagering transactions” includes any deduction otherwise allowable under this chapter incurred in carrying on any wagering transaction.
**(e) Theft losses** For purposes of subsection (a), any loss arising from theft shall be treated as sustained during the taxable year in which the taxpayer discovers such loss.
**(f) Capital losses** Losses from sales or exchanges of capital assets shall be allowed only to the extent allowed in sections
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 165
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section, Pub. L. 91–606, title II, § 232, Dec. 31, 1970, 84 Stat. 1753, provided for emergency farm loans. See [section 1961 of Title 7](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1961&num=0&edition=prelim), Agriculture.
Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 4452
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section, Pub. L. 91–606, title II, § 231, Dec. 31, 1970, 84 Stat. 1752; Pub. L. 92–385, § 6, Aug. 16, 1972, 86 Stat. 559, related to small business disaster loans.
#### Effective Date of Repeal
Repeal effective Aug. 13, 1981, but not to affect any financing made, obligated, or committed under this chapter or chapter 14B of this title prior to Aug. 13, 1981, see section 1918 of Pub. L. 97–35, set out as an Effective Date of 1981 Amendment note under [section 631 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section631&num=0&edition=prelim).
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 636a
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
#### Codification
Section 4453, Pub. L. 91–606, title II, § 234, Dec. 31, 1970, 84 Stat. 1754, which related to disaster loan interest rates, was transferred to [section 636b of Title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section636b&num=0&edition=prelim), Commerce and Trade.
Section 4454, Pub. L. 91–606, title II, § 235, Dec. 31, 1970, 84 Stat. 1754, which related to prohibition on consideration of age of applicant for disaster loans, was transferred to [section 636c of Title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section636c&num=0&edition=prelim).
Section 4455(a), Pub. L. 91–606, title II, § 236(a), Dec. 31, 1970, 84 Stat. 1754, which related to authority of the Secretary of Agriculture to reschedule and refinance Federal loans under the Rural Electrification Administration, was transferred to [section 912a of Title 7](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section912a&num=0&edition=prelim), Agriculture.
Section 4455(b), Pub. L. 91–606, title II, § 236(b), Dec. 31, 1970, 84 Stat. 1754, which related to authority of the Secretary of Housing and Urban Development to reschedule and refinance Federal loans, was transferred to [section 3538 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section3538&num=0&edition=prelim).
Section 4456, Pub. L. 91–606, title II, § 237, Dec. 31, 1970, 84 Stat. 1754, which related to disaster aid to major sources of employment, was transferred to [section 636d of Title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section636d&num=0&edition=prelim), Commerce and Trade.
Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 4453 to 4456
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Federal law — U.S. Code and appendices · legal_authorities
Page 878
TITLE 15—COMMERCE AND TRADE
§ 636c
1 See References in Text note below.
1 See References in Text note below.
1 See References in Text note below.
terest at a rate determined by the Secretary of
the Treasury, taking into consideration the cur-
rent average market yield on outstanding mar-
ketable obligations of the United States with re-
maining periods to maturity of ten to twelve
years reduced by not to exceed 2 per centum per
annum. In no event shall any loan made under
this section bear interest at a rate in excess of
6 per centum per annum.
(Pub. L. 91–606, title II, § 234, Dec. 31, 1970, 84
Stat. 1754.)
Editorial Notes
REFERENCES IN TEXT
Section 636a of this title, referred to in text, was re-
pealed by Pub. L. 97–35, title XIX, § 1917, Aug. 13, 1981,
95 Stat. 781.
Section 4452 of title 42, referred to in text, was re-
pealed by Pub. L. 93–24, § 7, Apr. 20, 1973, 87 Stat. 25.
CODIFICATION
Section was enacted as part of the Disaster Relief Act
of 1970, and not as part of the Small Business Act which
comprises this chapter. Section was formerly classified
to section 4453 of Title 42, The Public Health and Wel-
fare.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE
Section effective Dec. 31, 1970, see section 304 of Pub.
L. 91–606, set out as an Effective Date of 1970 Amend-
ment note under section 165 of Title 26, Internal Rev-
enue Code.
§ 636c. Age of applicant for disaster loans
In the administration of any Federal disaster
loan program under the authority of section
636a 1 of this title, section 4452 1 of title 42, or
section 233 of Public Law 91–606, the age of any
adult loan applicant shall not be considered in
determining whether such loan should be made
or the amount of such loan.
(Pub. L. 91–606, title II, § 23
Source: Supplied 2024 U.S. Code historical extraction · 15 U.S.C. § 636c
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