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26 U.S.C. § 1211 — Limitation on capital losses
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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Stable record: federal_law:legal_authorities:record_usc_eb50c1152bddd062a95499a6
Source file: Laws/federal/codes/united-states-code/title-26/section-1211-limitation-on-capital-losses--21f199d1f3.md
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Source location: Title 26, Chapter 1, § 1211; chapter-001-normal-taxes-and-surtaxes.md
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**(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.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Imposition of tax table tax**
(1) **In general** — In lieu of the tax imposed by section 1, there is hereby imposed for each taxable year on the taxable income of every individual—
(A) who does not itemize his deductions for the taxable year, and
(B) whose taxable income for such taxable year does not exceed the ceiling amount,
a tax determined under tables, applicable to such taxable year, which shall be prescribed by the Secretary and which shall be in such form as he determines appropriate. In the table so prescribed, the amounts of the tax shall be computed on the basis of the rates prescribed by section 1.
(2) **Ceiling amount defined** — For purposes of paragraph (1), the term “ceiling amount” means, with respect to any taxpayer, the amount (not less than $20,000) determined by the Secretary for the tax rate category in which such taxpayer falls.
(3) **Authority to prescribe tables for taxpayers who itemize deductions** — The Secretary may provide that this section shall apply also for any taxable year to individuals who itemize their deductions. Any tables prescribed under the preceding sentence shall be on the basis of taxable income.
**(b) Section inapplicable to certain individuals** This section shall not apply to—
(1) an individual making a return under section 443(a)(1) for a period of less than 12 months on account of a change in annual accounting period, and
(2) an estate or trust.
**(c) Tax treated as imposed by section 1** For purposes of this title, the tax imposed by this section shall be treated as tax imposed by section 1.
**(d) Taxable income** Whenever it is necessary to determine the taxable income of an individual to whom this section applies, the taxable income shall be determined under section 63.
**(e) Cross reference**
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 3
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** For purposes of this subtitle, the term “adjusted gross income” means, in the case of an individual, gross income minus the following deductions:
(1) **Trade and business deductions** — The deductions allowed by this chapter (other than by part VII of this subchapter) which are attributable to a trade or business carried on by the taxpayer, if such trade or business does not consist of the performance of services by the taxpayer as an employee.
(2) **Certain trade and business deductions of employees**
(A) *Reimbursed expenses of employees* — The deductions allowed by part VI (section 161 and following) which consist of expenses paid or incurred by the taxpayer, in connection with the performance by him of services as an employee, under a reimbursement or other expense allowance arrangement with his employer. The fact that the reimbursement may be provided by a third party shall not be determinative of whether or not the preceding sentence applies.
(B) *Certain expenses of performing artists* — The deductions allowed by section 162 which consist of expenses paid or incurred by a qualified performing artist in connection with the performances by him of services in the performing arts as an employee.
(C) *Certain expenses of officials* — The deductions allowed by section 162 which consist of expenses paid or incurred with respect to services performed by an official as an employee of a State or a political subdivision thereof in a position compensated in whole or in part on a fee basis.
(D) *Certain expenses of elementary and secondary school teachers* — The deductions allowed by section 162 which consist of expenses, not in excess of $250, paid or incurred by an eligible educator—
(i) by reason of the participation of the educator
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 62
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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) 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
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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Federal law — U.S. Code and appendices · legal_authorities
Page 2318
TITLE 26—INTERNAL REVENUE CODE
§ 1211
SPECIAL RULE FOR PASS-THROUGH ENTITIES
Pub. L. 96–222, title I, § 104(a)(2)(C), Apr. 1, 1980, 94
Stat. 215, as amended by Pub. L. 99–514, § 2, Oct. 22, 1986,
100 Stat. 2095, provided that:
‘‘(i) IN
GENERAL.—In applying sections [former]
1201(c)(2)(A)(ii) and 1202(c)(1)(B) of the Internal Revenue
Code of 1986 [formerly I.R.C. 1954] with respect to any
pass-through entity, the determination of the period
for which gain or loss is properly taken into account
shall be made at the entity level.
‘‘(ii) PASS-THROUGH ENTITY DEFINED.—For purposes of
clause (i), the term ‘pass-through entity’ means—
‘‘(I) a regulated investment company,
‘‘(II) a real estate investment trust,
‘‘(III) an electing small business corporation,
‘‘(IV) a partnership,
‘‘(V) an estate or trust, and
‘‘(VI) a common trust fund.’’
PART II—TREATMENT OF CAPITAL LOSSES
Sec.
1211.
Limitation on capital losses.
1212.
Capital loss carrybacks and carryovers.
Editorial Notes
AMENDMENTS
1969—Pub. L. 91–172, title V, § 512(f)(2), Dec. 30, 1969, 83
Stat. 641, substituted ‘‘carrybacks and carryovers’’ for
‘‘carryover’’ in item 1212.
§ 1211. Limitation on capital losses
(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 ex-
changes.
(b) Other taxpayers
In the case of a taxpayer other than a corpora-
tion, 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 indi-
vidual filing a separate return), or
(2) the excess of such losses over such gains.
(Aug. 16, 1954,
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 1211
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