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26 U.S.C. § 1222 — Other terms relating to capital gains and losses
Federal law — U.S. Code and appendices · legal_authorities
For purposes of this subtitle—
(1) **Short-term capital gain** — The term “short-term capital gain” means gain from the sale or exchange of a capital asset held for not more than 1 year, if and to the extent such gain is taken into account in computing gross income.
(2) **Short-term capital loss** — The term “short-term capital loss” means loss from the sale or exchange of a capital asset held for not more than 1 year, if and to the extent that such loss is taken into account in computing taxable income.
(3) **Long-term capital gain** — The term “long-term capital gain” means gain from the sale or exchange of a capital asset held for more than 1 year, if and to the extent such gain is taken into account in computing gross income.
(4) **Long-term capital loss** — The term “long-term capital loss” means loss from the sale or exchange of a capital asset held for more than 1 year, if and to the extent that such loss is taken into account in computing taxable income.
(5) **Net short-term capital gain** — The term “net short-term capital gain” means the excess of short-term capital gains for the taxable year over the short-term capital losses for such year.
(6) **Net short-term capital loss** — The term “net short-term capital loss” means the excess of short-term capital losses for the taxable year over the short-term capital gains for such year.
(7) **Net long-term capital gain** — The term “net long-term capital gain” means the excess of long-term capital gains for the taxable year over the long-term capital losses for such year.
(8) **Net long-term capital loss** — The term “net long-term capital loss” means the excess of long-term capital losses for the taxable year over the long-term capital gains for such year.
(9) **Capital gain net income** — The term “capita
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1222
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Source file: Laws/federal/codes/united-states-code/title-26/section-1222-other-terms-relating-to-capital-gains-and-losses--7172064238.md
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Source location: Title 26, Chapter 1, § 1222; chapter-001-normal-taxes-and-surtaxes.md
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For purposes of this subtitle—
(1) **Short-term capital gain** — The term “short-term capital gain” means gain from the sale or exchange of a capital asset held for not more than 1 year, if and to the extent such gain is taken into account in computing gross income.
(2) **Short-term capital loss** — The term “short-term capital loss” means loss from the sale or exchange of a capital asset held for not more than 1 year, if and to the extent that such loss is taken into account in computing taxable income.
(3) **Long-term capital gain** — The term “long-term capital gain” means gain from the sale or exchange of a capital asset held for more than 1 year, if and to the extent such gain is taken into account in computing gross income.
(4) **Long-term capital loss** — The term “long-term capital loss” means loss from the sale or exchange of a capital asset held for more than 1 year, if and to the extent that such loss is taken into account in computing taxable income.
(5) **Net short-term capital gain** — The term “net short-term capital gain” means the excess of short-term capital gains for the taxable year over the short-term capital losses for such year.
(6) **Net short-term capital loss** — The term “net short-term capital loss” means the excess of short-term capital losses for the taxable year over the short-term capital gains for such year.
(7) **Net long-term capital gain** — The term “net long-term capital gain” means the excess of long-term capital gains for the taxable year over the long-term capital losses for such year.
(8) **Net long-term capital loss** — The term “net long-term capital loss” means the excess of long-term capital losses for the taxable year over the long-term capital gains for such year.
(9) **Capital gain net income** — The term “capital gain net income” means the excess of the gains from sales or exchanges of capital assets over the losses from such sales or exchanges.
(10) **Net capital loss** — The term “net capital loss” means the excess of the losses from sales or exchanges of capital assets over the sum allowed under section 1211. In the case of a corporation, for the purpose of determining losses under this paragraph, amounts which are short-term capital losses under section 1212(a)(1) shall be excluded.
(11) **Net capital gain** — The term “net capital gain” means the excess of the net long-term capital gain for the taxable year over the net short-term capital loss for such year.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Requirements applicable to regulated investment companies** The provisions of this part (other than subsection (c) of this section) shall not be applicable to a regulated investment company for a taxable year unless—
(1) the deduction for dividends paid during the taxable year (as defined in section 561, but without regard to capital gain dividends) equals or exceeds the sum of—
(A) 90 percent of its investment company taxable income for the taxable year determined without regard to subsection (b)(2)(D); and
(B) 90 percent of the excess of (i) its interest income excludable from gross income under section 103(a) over (ii) its deductions disallowed under sections 265 and 171(a)(2), and
(2) either—
(A) the provisions of this part applied to the investment company for all taxable years ending on or after November 8, 1983, or
(B) as of the close of the taxable year, the investment company has no earnings and profits accumulated in any taxable year to which the provisions of this part (or the corresponding provisions of prior law) did not apply to it.
The Secretary may waive the requirements of paragraph (1) for any taxable year if the regulated investment company establishes to the satisfaction of the Secretary that it was unable to meet such requirements by reason of distributions previously made to meet the requirements of section 4982.
**(b) Method of taxation of companies and shareholders**
(1) **Imposition of tax on regulated investment companies** — There is hereby imposed for each taxable year upon the investment company taxable income of every regulated investment company a tax computed as provided in section 11, as though the investment company taxable income were the taxable income referred to in section 11.
(2) **Investment company taxable
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 852
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Corporations**
(1) **In general** — If a corporation has a net capital loss for any taxable year (hereinafter in this paragraph referred to as the “loss year”), the amount thereof shall be—
(A) a capital loss carryback to each of the 3 taxable years preceding the loss year, but only to the extent—
(i) such loss is not attributable to a foreign expropriation capital loss, and
(ii) the carryback of such loss does not increase or produce a net operating loss (as defined in section 172(c)) for the taxable year to which it is being carried back;
(B) except as provided in subparagraph (C), a capital loss carryover to each of the 5 taxable years succeeding the loss year; and
(C) a capital loss carryover to each of the 10 taxable years succeeding the loss year, but only to the extent such loss is attributable to a foreign expropriation loss,
and shall be treated as a short-term capital loss in each such taxable year. The entire amount of the net capital loss for any taxable year shall be carried to the earliest of the taxable years to which such loss may be carried, and the portion of such loss which shall be carried to each of the other taxable years to which such loss may be carried shall be the excess, if any, of such loss over the total of the capital gain net income for each of the prior taxable years to which such loss may be carried. For purposes of the preceding sentence, the capital gain net income for any such prior taxable year shall be computed without regard to the net capital loss for the loss year or for any taxable year thereafter. In the case of any net capital loss which cannot be carried back in full to a preceding taxable year by reason of clause (ii) of subparagraph (A), the capital gain net income for such prior taxable year sha
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1212
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Married individuals filing joint returns and surviving spouses** There is hereby imposed on the taxable income of—
(1) every married individual (as defined in section 7703) who makes a single return jointly with his spouse under section 6013, and
(2) every surviving spouse (as defined in section 2(a)),
a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $36,90015% of taxable income. Over $36,900 but not over $89,150$5,535, plus 28% of the excess over $36,900. Over $89,150 but not over $140,000$20,165, plus 31% of the excess over $89,150. Over $140,000 but not over $250,000$35,928.50, plus 36% of the excess over $140,000. Over $250,000$75,528.50, plus 39.6% of the excess over $250,000.
**(b) Heads of households** There is hereby imposed on the taxable income of every head of a household (as defined in section 2(b)) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $29,60015% of taxable income. Over $29,600 but not over $76,400$4,440, plus 28% of the excess over $29,600. Over $76,400 but not over $127,500$17,544, plus 31% of the excess over $76,400. Over $127,500 but not over $250,000$33,385, plus 36% of the excess over $127,500. Over $250,000$77,485, plus 39.6% of the excess over $250,000.
**(c) Unmarried individuals (other than surviving spouses and heads of households)** There is hereby imposed on the taxable income of every individual (other than a surviving spouse as defined in section 2(a) or the head of a household as defined in section 2(b)) who is not a married individual (as defined in section 7703) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $22,10015% of taxable income. Over $22,100 but not over $53,50
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Definition of surviving spouse**
(1) **In general** — For purposes of section 1, the term “surviving spouse” means a taxpayer—
(A) whose spouse died during either of his two taxable years immediately preceding the taxable year, and
(B) who maintains as his home a household which constitutes for the taxable year the principal place of abode (as a member of such household) of a dependent (i) who (within the meaning of section 152, determined without regard to subsections (b)(1), (b)(2), and (d)(1)(B) thereof) is a son, stepson, daughter, or stepdaughter of the taxpayer, and (ii) with respect to whom the taxpayer is entitled to a deduction for the taxable year under section 151.
(2) **Limitations** — Notwithstanding paragraph (1), for purposes of section 1 a taxpayer shall not be considered to be a surviving spouse—
(A) if the taxpayer has remarried at any time before the close of the taxable year, or
(B) unless, for the taxpayer’s taxable year during which his spouse died, a joint return could have been made under the provisions of section 6013 (without regard to subsection (a)(3) thereof).
(3) **Special rule where deceased spouse was in missing status** — If an individual was in a missing status (within the meaning of section 6013(f)(3)) as a result of service in a combat zone (as determined for purposes of section 112) and if such individual remains in such status until the date referred to in subparagraph (A) or (B), then, for purposes of paragraph (1)(A), the date on which such individual died shall be treated as the earlier of the date determined under subparagraph (A) or the date determined under subparagraph (B):
(A) the date on which the determination is made under [section 556 of title 37](https://uscode.house.gov/view.xhtml?req=granuleid:
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 2
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule**
(1) **Wholly worthless debts** — There shall be allowed as a deduction any debt which becomes worthless within the taxable year.
(2) **Partially worthless debts** — When satisfied that a debt is recoverable only in part, the Secretary may allow such debt, in an amount not in excess of the part charged off within the taxable year, as a deduction.
**(b) Amount of deduction** For purposes of subsection (a), the basis for determining the amount of the deduction for any bad debt shall be the adjusted basis provided in section 1011 for determining the loss from the sale or other disposition of property.
**(c) Repealed. Pub. L. 99–514, title VIII, § 805(a), Oct. 22, 1986, 100 Stat. 2361]**
**(d) Nonbusiness debts**
(1) **General rule** — In the case of a taxpayer other than a corporation—
(A) subsection (a) shall not apply to any nonbusiness debt; and
(B) where any nonbusiness debt becomes worthless within the taxable year, the loss resulting therefrom shall be considered a loss from the sale or exchange, during the taxable year, of a capital asset held for not more than 1 year.
(2) **Nonbusiness debt defined** — For purposes of paragraph (1), the term “nonbusiness debt” means a debt other than—
(A) a debt created or acquired (as the case may be) in connection with a trade or business of the taxpayer; or
(B) a debt the loss from the worthlessness of which is incurred in the taxpayer’s trade or business.
**(e) Worthless securities** This section shall not apply to a debt which is evidenced by a security as defined in section 165(g)(2)(C).
**(f) Cross references**
(1) For disallowance of deduction for worthlessness of debts owed by political parties and similar organizations, see section 271.
(2) For special rule for banks with respect
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 166
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Corporations** In the case of a corporation, losses from sales or exchanges of capital assets shall be allowed only to the extent of gains from such sales or exchanges.
**(b) Other taxpayers** In the case of a taxpayer other than a corporation, losses from sales or exchanges of capital assets shall be allowed only to the extent of the gains from such sales or exchanges, plus (if such losses exceed such gains) the lower of—
(1) $3,000 ($1,500 in the case of a married individual filing a separate return), or
(2) the excess of such losses over such gains.
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1211
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Federal law — U.S. Code and appendices · legal_authorities
Page 2325
TITLE 26—INTERNAL REVENUE CODE
§ 1222
exchanges, and contributions made after the date of en-
actment of this Act [Oct. 4, 1976].’’
EFFECTIVE DATE OF 1969 AMENDMENT
Pub. L. 91–172, title V, § 514(c), Dec. 30, 1969, 83 Stat.
643, provided that: ‘‘The amendments made by this sec-
tion [amending this section and sections 341 and 1231 of
this title] shall apply to sales and other dispositions oc-
curring after July 25, 1969.’’
§ 1222. Other terms relating to capital gains and
losses
For purposes of this subtitle—
(1) Short-term capital gain
The term ‘‘short-term capital gain’’ means
gain from the sale or exchange of a capital
asset held for not more than 1 year, if and to
the extent such gain is taken into account in
computing gross income.
(2) Short-term capital loss
The term ‘‘short-term capital loss’’ means
loss from the sale or exchange of a capital
asset held for not more than 1 year, if and to
the extent that such loss is taken into account
in computing taxable income.
(3) Long-term capital gain
The term ‘‘long-term capital gain’’ means
gain from the sale or exchange of a capital
asset held for more than 1 year, if and to the
extent such gain is taken into account in com-
puting gross income.
(4) Long-term capital loss
The term ‘‘long-term capital loss’’ means
loss from the sale or exchange of a capital
asset held for more than 1 year, if and to the
extent that such loss is taken into account in
computing taxable income.
(5) Net short-term capital gain
The term ‘‘net short-term capital gain’’
means the excess of short-term capital gains
for the taxable year over the short-term cap-
ital losses for such year.
(6) Net short-term capital loss
The term ‘‘net short-term capital loss’’
means the excess of short-term capital losses
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 1222
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