Source: https://irc.bloombergtax.com/public/uscode/doc/irc/1221
Timestamp: 2020-02-24 19:19:25
Document Index: 367535233

Matched Legal Cases: ['§ 1221', '§ 1221', '§ 1221', '§ 1221', '§ 1221', '§ 1221', '§ 1221', '§ 1221', '§ 1221', '§ 1221', '§ 1221', '§ 1221', '§ 1221', '§ 1221', '§ 1221', '§ 1221', '§ 1221', '§ 1221', '§ 1221', '§ 1221', '§ 1221', '§ 1221', '§ 1221', '§ 1221', '§ 1221', '§ 1221', '§ 1221', '§ 1221', '§ 1221', '§ 1221', '§ 1221', '§ 1221', '§ 1221', '§ 1221', '§ 1221']

Internal Revenue Code, § 1221. Capital Asset Defined
I.R.C. § 1221(a) In General —
I.R.C. § 1221(a)(1) —
I.R.C. § 1221(a)(2) —
I.R.C. § 1221(a)(3) —
a patent, invention, model or design (whether or not patented), a secret formula or process, a copyright, a literary, musical, or artistic composition, a letter or memorandum, or similar property, held by—
I.R.C. § 1221(a)(3)(A) —
I.R.C. § 1221(a)(3)(B) —
I.R.C. § 1221(a)(3)(C) —
I.R.C. § 1221(a)(4) —
I.R.C. § 1221(a)(5) —
I.R.C. § 1221(a)(5)(A) —
I.R.C. § 1221(a)(5)(B) —
I.R.C. § 1221(a)(6) —
I.R.C. § 1221(a)(6)(A) —
I.R.C. § 1221(a)(6)(B) —
such instrument is clearly identified in such dealer's records as being described in subparagraph (A) before the close of the day on which it was acquired, originated, or entered into (or such other time as the Secretary may by regulations prescribe);
I.R.C. § 1221(a)(7) —
I.R.C. § 1221(a)(8) —
I.R.C. § 1221(b) Definitions And Special Rules
I.R.C. § 1221(b)(1) Commodities Derivative Financial Instruments —
For purposes of subsection (a)(6)—
I.R.C. § 1221(b)(1)(A) Commodities Derivatives Dealer —
The term “commodities derivatives dealer” means a person which regularly offers to enter into, assume, offset, assign, or terminate positions in commodities derivative financial instruments with customers in the ordinary course of a trade or business.
I.R.C. § 1221(b)(1)(B) Commodities Derivative Financial Instrument
I.R.C. § 1221(b)(1)(B)(i) In General —
The term “commodities derivative financial instrument” means any contract or financial instrument with respect to commodities (other than a share of stock in a corporation, a beneficial interest in a partnership or trust, a note, bond, debenture, or other evidence of indebtedness, or a section 1256 contract (as defined in section 1256(b))), the value or settlement price of which is calculated by or determined by reference to a specified index.
I.R.C. § 1221(b)(1)(B)(ii) Specified Index —
I.R.C. § 1221(b)(1)(B)(ii)(I) —
I.R.C. § 1221(b)(1)(B)(ii)(II) —
which is based on any current, objectively determinable financial or economic information with respect to commodities which is not within the control of any of the parties to the contract or instrument and is not unique to any of the parties' circumstances.
I.R.C. § 1221(b)(2) Hedging Transaction
I.R.C. § 1221(b)(2)(A) In General —
For purposes of this section, the term “hedging transaction” means any transaction entered into by the taxpayer in the normal course of the taxpayer's trade or business primarily—
I.R.C. § 1221(b)(2)(A)(i) —
I.R.C. § 1221(b)(2)(A)(ii) —
I.R.C. § 1221(b)(2)(A)(iii) —
I.R.C. § 1221(b)(2)(B) Treatment Of Nonidentification Or Improper Identification Of Hedging Transactions —
Notwithstanding subsection (a)(7), the Secretary shall prescribe regulations to properly characterize any income, gain, expense, or loss arising from a transaction—
I.R.C. § 1221(b)(2)(B)(i) —
I.R.C. § 1221(b)(2)(B)(ii) —
I.R.C. § 1221(b)(3) Sale Or Exchange Of Self-Created Musical Works —
At the election of the taxpayer, paragraphs (1) and (3) of subsection (a) shall not apply to musical compositions or copyrights in musical works sold or exchanged by a taxpayer described in subsection (a)(3).
I.R.C. § 1221(b)(4) Regulations —
The Secretary shall prescribe such regulations as are appropriate to carry out the purposes of paragraph (6) and (7) of subsection (a) in the case of transactions involving related parties.
(Aug. 16, 1954, ch. 736, 68A Stat. 321 ; Dec. 30, 1969, Pub. L. 91-172, title V, 514(a), 83 Stat. 643; Oct. 4, 1976, Pub. L. 94-455, title XIX, 1901(c)(9), title XXI, 2132(a), 90 Stat. 1803, 1925; Aug. 13, 1981, Pub. L. 97-34, title V, 505(a), 95 Stat. 331; Dec. 17, 1999, Pub. L. 106-170, title V, 532(a), 113 Stat. 1860; June 7, 2001, Pub. L. 107-16, title V, Sec. 542, 115 Stat. 38; Mar. 9, 2002, Pub. L. 107-147, title IV, Sec. 417(20), 116 Stat. 21; May 17, 2006, Pub. L. 109-222, title II, Sec. 204(a), 120 Stat. 345; Dec. 20, 2006, Pub. L. 109-432, div. A, title IV, Sec. 412(a), 120 Stat. 2922; Pub. L. 111-312, title III, Sec. 301(a), Dec. 17, 2010, 124 Stat. 3296; Pub. L. 115-97, title I, Sec. 13314(a), Dec. 22, 2017, 131 Stat. 2054.)
2017--Subsec. (a)(3). Pub. L. 115-97, Sec. 13314(a), amended par. (3) by inserting “a patent, invention, model or design (whether or not patented), a secret formula or process,” before ‘‘a copyright’’.
2010--Subsec. (a)(3)(C). Pub. L. 111-312, Sec. 301(a), amended Sec. 1221(a)(3)(C) to read as it would read if subtitle E of title V of Pub. L. 107-16 had never been enacted. Sec. 1221(a)(3)(C), as amended by Pub. L. 107-16, Sec. 542(e)(2), would have read as follows:
“(C) a taxpayer in whose hands the basis of such property is determined (other than by reason of section 1022), for purposes of determining gain from a sale or exchange, in whole or part by reference to the basis of such property in the hands of a taxpayer described in subparagraph (A) or (B);”.
2006—Subsec. (b)(3). Pub. L. 109-432, Sec. 412(a), amended par. (3) by striking “before January 1, 2011”.
Subsec. (b)(3). Pub. L. 109-222, Sec. 204(a), redesignated par. (3) as par. (4) and added a new par. (3).
2002—Subsec. (b)(1)(B)(i). Pub. L. 107-147, Sec. 417(20), amended clause (i) by substituting “1256)))” for “1256))”.
2001--Subsec. (a)(3)(C). Pub. L. 107-16, Sec. 542(e)(2), amended subpar. (C) by inserting “(other than by reason of section 1022)” after “is determined”.
1999--Section 1221. Pub. L. 106-170, Sec. 532(a) inserted “(a) In General.--For purposes” for “For purposes”.
Subsec. (a)(5). Pub. L. 106-170 substituted at the end of paragraph (5) a “;" for a “.”.
Subsec. (a)(6)-(8). Pub. L. 106-170, Sec. 532(a), added new paragraphs (6)-(8).
Subsec. (b). Pub. L. 106-170, Sec. 532(a), added subsec. (b).
1981--Pars. (5), (6). Pub. L. 97-34 redesignated par. (6) as (5) and struck out former par. (5), which excluded from definition of “capital asset” an obligation of the United States or any of its possessions, or of a State or any political subdivision thereof, or of the District of Columbia, issued on or after March 1, 1941, on a discount basis and payable without interest at a fixed maturity date not exceeding one year from the date of issue, and is covered by section 1232(a)(4)(B) of this title.
1976--Par. (5). Pub. L. 94-455, 1901(c)(9), struck out “or Territory,” after “State”.
Par. (6). Pub. L. 94-455, 2132(a), added par. (6).
1969--Par. (3). Pub. L. 91-172 inserted reference to a letter or memorandum, added subpar. (B) dealing with a letter or memorandum, and redesignated former subpar. (B) as (C).
Amendment by Pub. L. 115-97, Sec. 13314(a), effective for dispositions after December 31, 2017.
Amendment by Sec. 301(a) of Pub. L. 111-312 effective for estates of decedents dying, and transfers made, after December 31, 2009. Section 304 of Pub. L. 111-312, which was struck by Pub. L. 112-240, Sec. 101(a)(2), provided the following sunset provision:
Amendment by Sec. 412(a) of Pub. L. 109-432 applicable as if included in section 204 of the Tax Increase Prevention and Reconciliation Act of 2005 [Pub. L. 109-222].
Amendments by Sec. 204(a) of Pub. L. 109-222 applicable to sales and exchanges in taxable years beginning after the date of the enactment of this Act [Enacted: May 17, 2006].
Amendment by Sec. 417(20) of Pub. L. 107-147 applicable on the date of the enactment of this Act [enacted: Mar. 9, 2002].
Amendment by Sec. 542(e)(2) of Pub. L. 107-16 shall apply to estates of decedents dying after December 31, 2009.
Amendments by Sec. 532(a) of Pub. L. 106-170 shall apply to any instrument held, acquired, or entered into, any transaction entered into, and supplies held or acquired on or after the enactment date of this Act [Enacted: Dec. 17, 1999].
Amendment by Pub. L. 97-34 applicable to property acquired and positions established by the taxpayer after June 23, 1981, in taxable years ending after such date, and applicable when so elected with respect to property held on June 23, 1981, see section 508 of Pub. L. 97-34, set out as an Effective Date note under section 1092 of this title.
Section 2132(b) of Pub. L. 94-455 provided that: “The amendment made by subsection (a) [amending this section] shall apply to sales, exchanges, and contributions made after the date of enactment of this Act [Oct. 4, 1976].”
Section 514(c) of Pub. L. 91-172 provided that: “The amendments made by this section [amending sections 341, 1221, and 1231 of this title] shall apply to sales and other dispositions occurring after July 25, 1969.”