{"identifier":"/us/usc/t26/s1222","title":26,"num":"\u00a7\u202f1222.","heading":"Other terms relating to capital gains and losses","text":"\u00a7\u202f1222.\nOther terms relating to capital gains and losses\nFor purposes of this subtitle\u2014\n(1)\nShort-term capital gain\nThe term \u201cshort-term capital gain\u201d 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.\n(2)\nShort-term capital loss\nThe term \u201cshort-term capital loss\u201d 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.\n(3)\nLong-term capital gain\nThe term \u201clong-term capital gain\u201d 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.\n(4)\nLong-term capital loss\nThe term \u201clong-term capital loss\u201d 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.\n(5)\nNet short-term capital gain\nThe term \u201cnet short-term capital gain\u201d means the excess of short-term capital gains for the taxable year over the short-term capital losses for such year.\n(6)\nNet short-term capital loss\nThe term \u201cnet short-term capital loss\u201d means the excess of short-term capital losses for the taxable year over the short-term capital gains for such year.\n(7)\nNet long-term capital gain\nThe term \u201cnet long-term capital gain\u201d means the excess of long-term capital gains for the taxable year over the long-term capital losses for such year.\n(8)\nNet long-term capital loss\nThe term \u201cnet long-term capital loss\u201d means the excess of long-term capital losses for the taxable year over the long-term capital gains for such year.\n(9)\nCapital gain net income\nThe term \u201ccapital gain net income\u201d means the excess of the gains from sales or exchanges of capital assets over the losses from such sales or exchanges.\n(10)\nNet capital loss\nThe term \u201cnet capital loss\u201d 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.\n(11)\nNet capital gain\nThe term \u201cnet capital gain\u201d means the excess of the net long-term capital gain for the taxable year over the net short-term capital loss for such year.","url":"https://projectusc.org/usc/t26/s1222.html","content":[{"t":"sec","id":"/us/usc/t26/s1222","children":[{"t":"num","text":"\u00a7\u202f1222."},{"t":"heading","text":"Other terms relating to capital gains and losses","tail":"\n"},{"t":"chapeau","text":"For purposes of this subtitle\u2014"},{"t":"para","id":"/us/usc/t26/s1222/1","children":[{"t":"num","text":"(1)"},{"t":"heading","text":"Short-term capital gain"},{"t":"content","children":[{"t":"p","text":"The term \u201cshort-term capital gain\u201d 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.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t26/s1222/2","children":[{"t":"num","text":"(2)"},{"t":"heading","text":"Short-term capital loss"},{"t":"content","children":[{"t":"p","text":"The term \u201cshort-term capital loss\u201d 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.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t26/s1222/3","children":[{"t":"num","text":"(3)"},{"t":"heading","text":"Long-term capital gain"},{"t":"content","children":[{"t":"p","text":"The term \u201clong-term capital gain\u201d 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.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t26/s1222/4","children":[{"t":"num","text":"(4)"},{"t":"heading","text":"Long-term capital loss"},{"t":"content","children":[{"t":"p","text":"The term \u201clong-term capital loss\u201d 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.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t26/s1222/5","children":[{"t":"num","text":"(5)"},{"t":"heading","text":"Net short-term capital gain"},{"t":"content","children":[{"t":"p","text":"The term \u201cnet short-term capital gain\u201d means the excess of short-term capital gains for the taxable year over the short-term capital losses for such year.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t26/s1222/6","children":[{"t":"num","text":"(6)"},{"t":"heading","text":"Net short-term capital loss"},{"t":"content","children":[{"t":"p","text":"The term \u201cnet short-term capital loss\u201d means the excess of short-term capital losses for the taxable year over the short-term capital gains for such year.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t26/s1222/7","children":[{"t":"num","text":"(7)"},{"t":"heading","text":"Net long-term capital gain"},{"t":"content","children":[{"t":"p","text":"The term \u201cnet long-term capital gain\u201d means the excess of long-term capital gains for the taxable year over the long-term capital losses for such year.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t26/s1222/8","children":[{"t":"num","text":"(8)"},{"t":"heading","text":"Net long-term capital loss"},{"t":"content","children":[{"t":"p","text":"The term \u201cnet long-term capital loss\u201d means the excess of long-term capital losses for the taxable year over the long-term capital gains for such year.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t26/s1222/9","children":[{"t":"num","text":"(9)"},{"t":"heading","text":"Capital gain net income"},{"t":"content","children":[{"t":"p","text":"The term \u201ccapital gain net income\u201d means the excess of the gains from sales or exchanges of capital assets over the losses from such sales or exchanges.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t26/s1222/10","children":[{"t":"num","text":"(10)"},{"t":"heading","text":"Net capital loss"},{"t":"content","children":[{"t":"p","text":"The term \u201cnet capital loss\u201d 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.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t26/s1222/11","children":[{"t":"num","text":"(11)"},{"t":"heading","text":"Net capital gain"},{"t":"content","children":[{"t":"p","text":"The term \u201cnet capital gain\u201d means the excess of the net long-term capital gain for the taxable year over the net short-term capital loss for such year.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"text","text":"\n"},{"t":"text","text":"\n"}]}]}