{"identifier":"/us/usc/t26/s1234A","title":26,"num":"\u00a7\u202f1234A.","heading":"Gains or losses from certain terminations","text":"\u00a7\u202f1234A.\nGains or losses from certain terminations\nGain or loss attributable to the cancellation, lapse, expiration, or other termination of\u2014\n(1) a right or obligation (other than a securities futures contract, as defined in section 1234B) with respect to property which is (or on acquisition would be) a capital asset in the hands of the taxpayer, or\n(2) a section 1256 contract (as defined in section 1256) not described in paragraph (1) which is a capital asset in the hands of the taxpayer,\nshall be treated as gain or loss from the sale of a capital asset. The preceding sentence shall not apply to the retirement of any debt instrument (whether or not through a trust or other participation arrangement).","url":"https://projectusc.org/usc/t26/s1234A.html","content":[{"t":"sec","id":"/us/usc/t26/s1234A","children":[{"t":"num","text":"\u00a7\u202f1234A."},{"t":"heading","text":"Gains or losses from certain terminations","tail":"\n"},{"t":"chapeau","text":"Gain or loss attributable to the cancellation, lapse, expiration, or other termination of\u2014"},{"t":"para","id":"/us/usc/t26/s1234A/1","children":[{"t":"num","text":"(1)"},{"t":"content","text":" a right or obligation (other than a securities futures contract, as defined in section 1234B) with respect to property which is (or on acquisition would be) a capital asset in the hands of the taxpayer, or","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t26/s1234A/2","children":[{"t":"num","text":"(2)"},{"t":"content","text":" a section 1256 contract (as defined in section 1256) not described in paragraph (1) which is a capital asset in the hands of the taxpayer,","tail":"\n"}],"tail":"\n\n"},{"t":"continuation","text":"shall be treated as gain or loss from the sale of a capital asset. The preceding sentence shall not apply to the retirement of any debt instrument (whether or not through a trust or other participation arrangement).","tail":"\n"},{"t":"text","text":"\n"},{"t":"text","text":"\n"}]}]}