26 U.S.C. § 1211
§ 1211. Limitation on capital losses
No plain-English explainer yet. Below is the official text. Explainers are being added section by section.
History
Part of the code since 1954. Last changed October 22, 1986 by the Tax Reform Act of 1986.
Every change, newest first (5)
- October 22, 1986Tax Reform Act of 1986
- May 23, 1977Public Law 95-30
- October 4, 1976Tax Reform Act of 1976
- December 30, 1969Tax Reform Act of 1969
- August 16, 1954Internal Revenue Code of 1954 (original text)
The law as written
Current through Public Law 119-102. Amendment notes omitted.
Structure
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.
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—
$3,000 ($1,500 in the case of a married individual filing a separate return), or
the excess of such losses over such gains.