Source: http://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section1211&num=0&edition=prelim
Timestamp: 2018-07-19 07:32:31
Document Index: 442442967

Matched Legal Cases: ['§ 1211', '§513', '§501', '§1401', '§102', '§301', '§1401', '§501', '§1401', '§513']

[USC03] 26 USC 1211: Limitation on capital losses
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26 USC 1211: Limitation on capital losses Text contains those laws in effect on July 18, 2018
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-
(Aug. 16, 1954, ch. 736, 68A Stat. 321 ; Pub. L. 91–172, title V, §513(a), Dec. 30, 1969, 83 Stat. 642 ; Pub. L. 94–455, title V, §501(b)(6), title XIV, §1401(a), (b), Oct. 4, 1976, 90 Stat. 1559 , 1731; Pub. L. 95–30, title I, §102(b)(14), May 23, 1977, 91 Stat. 138 ; Pub. L. 99–514, title III, §301(b)(10), Oct. 22, 1986, 100 Stat. 2217 .)
1986-Subsec. (b). Pub. L. 99–514 amended subsec. (b) generally, substituting present provisions for provisions which had declared in: par. (1), general rule for limitation on capital losses for taxpayer other than corporation; in par. (2), meaning of term "applicable amount"; and in par. (3), rule relating to computation of taxable income.
1977-Subsec. (b)(1)(A). Pub. L. 95–30 inserted "reduced (but not below zero) by the zero bracket amount" after "taxable year".
1976-Subsec. (b)(1)(B). Pub. L. 94–455, §1401(a), substituted "the applicable amount" for "$1,000".
Subsec. (b)(3). Pub. L. 94–455, §501(b)(6), struck out last sentence "If the taxpayer elects to pay the optional tax imposed by section 3, 'taxable income' as used in this subsection shall read as 'adjusted gross income'."
1969-Subsec. (b). Pub. L. 91–172 provided for only 50 percent of an individual's long-term capital losses to be offset against his ordinary income up to the $1,000 limit although short-term capital losses continue to be fully deductible within the $1,000 limit and the deduction of capital losses against ordinary income for married persons filing separate returns to be limited to $500 for each spouse rather than the $1,000 formerly allowed.
Pub. L. 94–455, title XIV, §1401(c), Oct. 4, 1976, 90 Stat. 1731 , provided that: "The amendments made by this section [amending this section] shall apply to taxable years beginning after December 31, 1976."
Pub. L. 91–172, title V, §513(d), Dec. 30, 1969, 83 Stat. 643 , provided that: "The amendments made by this section [amending this section and sections 1212 and 1222 of this title] shall apply to taxable years beginning after December 31, 1969."