§1211. Limitation on capital losses — Inbound Citations
26 U.S.C. § 1211
Cited by 10 provisions in release 119-102.
Citations to 26 U.S.C. § 1211 as a whole
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(f) Losses from sales or exchanges of capital assets shall be allowed only to the extent allowed in sections 1211 and 1212.
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(4) For purposes of sections 1(h), 1202, and 1211, the amount taken into account with respect to any item described in subsection (a)(1) shall be reduced (but not below zero) by the amount of the deduction allowable under paragraph (1) of this subsection with respect to such item.
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(ii) the section 1231 losses shall be included only if and to the extent taken into account in computing taxable income, except that section 1211 shall not apply.
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(1) The term “reportable transaction understatement” means the sum of—(A) the product of—(i) the amount of the increase (if any) in taxable income which results from a difference between the proper tax treatment of an item to which this section applies and the taxpayer’s treatment of such item (as shown on the taxpayer’s return of tax), and(ii) the highest rate of tax imposed by section 1 (section 11 in the case of a taxpayer which is a corporation), and(B) the amount of the decrease (if any) in the aggregate amount of credits determined under subtitle A which results from a difference between the taxpayer’s treatment of an item to which this section applies (as shown on the taxpayer’s return of tax) and the proper tax treatment of such item.For purposes of subparagraph (A), any reduction of the excess of deductions allowed for the taxable year over gross income for such year, and any reduction in the amount of capital losses which would (without regard to section 1211) be allowed for such year, shall be treated as an increase in taxable income.