Internal Revenue Code (Title 26 U.S.C.)
26 U.S.C. § 1234A
Gains or losses from certain terminations
Gain or loss attributable to the cancellation, lapse, expiration, or other termination of—
# (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
# (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,
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).
Source: view the official text
Nearby sections (25 sections)
- 1111 · [§1111. Repealed. Pub. L. 94–455, title XIX, §1901(a)(134), Oct.…
- 1201 · [§1201. Repealed. Pub. L. 115–97, title I, §13001(b)(2)(A), Dec.…
- 1202 · Partial exclusion for gain from certain small business stock
- 1211 · Limitation on capital losses
- 1212 · Capital loss carrybacks and carryovers
- 1221 · Capital asset defined
- 1222 · Other terms relating to capital gains and losses
- 1223 · Holding period of property
- 1231 · Property used in the trade or business and involuntary…
- 1232 · [§§1232 to 1232B. Repealed. Pub. L. 98–369, div. A, title I,…
- 1233 · Gains and losses from short sales
- 1234 · Options to buy or sell
- 1234A · Gains or losses from certain terminations
- 1234B · Gains or losses from securities futures contracts
- 1235 · Sale or exchange of patents
- 1236 · Dealers in securities
- 1237 · Real property subdivided for sale
- 1238 · [§1238. Repealed. Pub. L. 101–508, title XI, §11801(a)(35), Nov.…
- 1239 · Gain from sale of depreciable property between certain related…
- 1240 · [§1240. Repealed. Pub. L. 94–455, title XIX, §1901(a)(139), Oct.…
- 1241 · Cancellation of lease or distributor's agreement
- 1242 · Losses on small business investment company stock
- 1243 · Loss of small business investment company
- 1244 · Losses on small business stock
- 1245 · Gain from dispositions of certain depreciable property