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A business-use car held long-term and sold at a loss is treated as what

2017: subsection. (b)(1)(c). pub. I 115-97 inserted “a patent, invention, model or design (patent or not), a secret formula or process”, before “a copyright”.

2014—subsection. (c)(2)(a). pub. I 113-295 crossed out “as of December 31, 1981” after “years”.

Reading: A business-use car held long-term and sold at a loss is treated as what

1999—subsection. (b)(1)(c), (d). pub. I 106-170 replaced “section 1221(a)” with “section 1221”.

1984—subsection. (a). pub. I 98-369, §1001(b)(15), (e), substituted “6 months” for “1 year” wherever it appears, applicable to property acquired after June 22, 1984, and before January 1 1984. 1, 1988. See 1984 amendment notice effective date below.

bar. I 98-369, §711(c)(2)(a)(iii), amended subsec. (a) generally, substituting pars. (1) to (4), for “if, during the taxable year, the profits recognized on the sale or exchange of goods used in the industry or business, plus the profits recognized from the forced or involuntary conversion (as a result of the destruction in whole or in part, theft or seizure, or the exercise of the power of requisition or expropriation or the threat or imminence thereof) of property used in trade or business and capital assets held for more than 1 year in other property or money, exceed recognized losses from such sales, exchanges and conversions, such gains and losses shall be deemed gains and losses from sales or exchanges of capital assets held for more than 1 year. if such gains do not exceed such losses, such gains and losses shall not be considered as gains and losses on sales or exchanges of capital assets. for purposes of this subsection—

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“(1) in determining under this subsection whether gains exceed losses, gains described therein shall be included only if and to the extent that they are taken into account in calculating gross income and losses described therein shall be included only if and to the extent taken into account in calculating taxable income, except that section 1211 shall not apply; and

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“(2) losses (including losses not compensated by insurance or otherwise) from the destruction, in whole or in part, theft or seizure, or requisition or expropriation of (a) property used in trade or business or (b) Capital assets held for more than 1 year will be considered losses due to forced or involuntary conversion.

in the event of any involuntary conversion (subject to the provisions of this subsection but for this sentence) arising from fire, storm, shipwreck, or other act of God, or from theft, of any property used in trade or business or of any capital asset held for more than 1 year, this subsection shall not apply to such conversion (whether resulting in gain or loss) if during the fiscal year the recognized losses from such conversions exceed the recognized gains from such conversions. ”

subsection (b)(1), (4). pub. I 98-369, §1001(b)(15), (e), substituted “6 months” for “1 year,” applicable to property acquired after June 22, 1984, and before January 1. 1, 1988. See 1984 amendment note effective date below.

subsection (c). pub. I 98-369, §176(a), additional paragraph. (c).

1981—subsection. (b)(1)(d). pub. I 97-34 replaced “paragraph (5)” with “paragraph (6)”.

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1978—subsection. (b)(1)(d). pub. I 95-600 subpar added. (d).

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1976: subsec. (a), (b)(1), (4). pub. I 94-455, §1402(b)(2), provided that “9 months” is changed to “1 year” wherever it appears.

bar. I 94-455, §1402(b)(1)(r), provided that in subsections. (a), first and last sentence, (a)(2) and (b)(1), (4), “6 months” would be changed to “9 months” for fiscal years beginning in 1977.

1969—subsection. (a). pub. I 91-172, §516(b), provided that casualty (or theft) losses with respect to depreciable property and real property used in trade or business and capital property held for the production of income , as well as personal property, are consolidated with casualty (or theft) gains with respect to this type of property and if the casualty losses exceed the casualty gains, the net loss is treated as an ordinary loss without taking into account into account if there may be non-casualty gains under this section, but, if the casualty gains exceed the casualty losses, the net gain is treated as a gain under this section and must be consolidated with other gains and losses under this section.

subsection (b)(1)(c). pub. I 91-172, §514(b)(2), inserted reference to letter or memorandum.

subsection (b)(3). pub. I 91-172, §212(b)(1), redesignated existing provisions as subpar. (b) and subpar. (a).

1964—subsection. (b)(2). pub. I 88-272 inserted a reference to iron ore in the text and to domestic iron ore in the header.

1958—subsection. (a). pub. I 85-866 inserted a provision regarding casualty losses sustained on certain uninsured property.

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