Taxable Years Sec. 117. (e) (2) Rule for application of capital loss over from 1941. Same as 1944. Sec. 117. (e) (2) Rule for ap Section originated 1942 as Sec. 117 (e) (2), I. R. C. For any amendments prior to 1944, see Ninth Edition, p. 308. Sec. 117. (e) (2) Rule for apcarry-plication of capital loss carry-plication of capital loss carryover from 1941.-The amount of over from 1941. the net short-term capital loss of the last taxable year beginning in 1941 (computed without regard to amounts treated as short-term capital losses from the preceding taxable year), which is not in excess of the net income for such taxable year, shall, to the extent of the net short-term capital gain for the succeeding taxable year (computed without regard to this paragraph), be a short-term capital loss of such succeeding taxable year. Taxable Years Beginning in 1949 Sec. 117. (h) (1) In determining the period for which the taxpayer has held property received on an exchange there shall be included the period for which he held the property exchanged, if under the provisions of section 113, the property received has, for the purpose of determining gain or loss from a sale or exchange, the same basis in whole or in part in his hands as the property exchanged. For the purposes of this paragraph, an involuntary conversion described in section 112 (f) shall be considered an exchange of the property converted for the property acquired. Sec. 117. (h) (2) In determining the period for which the taxpayer has held property however acquired there shall be included the period for which such property was held by any other person, if under the provisions of section 113, such property has, for the purpose of determining gain or loss from a sale or exchange, the same basis in whole or in part in his hands as it would have in the hands of such other person. Sec. 117. (h) (3) In determining the period for which the taxpayer has held stock or securities received upon a distribution where no gain was recognized to the distributee under the provisions of section 112 (g) of the Revenue Act of 1928, 45 Stat. 818, or the Revenue Act of 1932, 48 Stat. 705, or under the provisions of section 371 (c) of the Revenue Act of 1938 or this chapter, there shall be included the period for which he held the stock or securities in the distributing corporation prior to the receipt of the stock or securities upon such distribution. Sec. 117. (h) (4) In determining the period for which the taxpayer has held stock or securities the acquisition of which (or the contract or option to acquire which) resulted in the nondeductibility (under section 118 of this chapter or section 118 of the Revenue Act of 1928, 45 Stat. 826, or the Revenue Act of 1932, 47 Stat. 208, or the Revenue Act of 1934, 48 Stat. 715, or the Revenue Act of 1936, 49 Stat. 1692, or the Revenue Act Sec. 117. (h) (1) In determining the period for which the taxpayer has held property received on an exchange there shall be included the period for which he held the property exchanged, if under the provisions of section 113, the property received has, for the purpose of determining gain or loss from a sale or exchange, the same basis in whole or in part in his hands as the property exchanged. For the purposes of this paragraph, an involuntary conversion described in section 112 (f) shall be considered an exchange of the property converted for the property acquired. Sec. 117. (h) (2) In determining the period for which the taxpayer has held property however acquired there shall be included the period for which such property was held by any other person, if under the provisions of section 113, such property has, for the purpose of determining gain or loss from a sale or exchange, the same basis in whole or in part in his hands as it I would have in the hands of such other person. Sec. 117. (h) (3) In determining the period for which the taxpayer has held stock or securities received upon a distribution where no gain was recognized to the distributee under the provisions of section 112 (g) of the Revenue Act of 1928, 45 Stat. 818, or the Revenue Act of 1932, 48 Stat. 705, or under the provisions of section 371 (c) of the Revenue Act of 1938 or this chapter, there shall be included the period for which he held the stock or securities in the distributing corporation prior to the receipt of the stock or securities upon such distribution. Sec. 117. (h) (4) In determining the period for which the taxpayer has held stock or securities the acquisition of which (or the contract or option to acquire which) resulted in the nondeductibility (under section 118 of this chapter or section 118 of the Revenue Act of 1928, 45 Stat. 826, or the Revenue Act of 1932, 47 Stat. 208, or the Revenue Act of 1934, 48 Stat. 715, or the Revenue Act of 1936, 49 Stat. 1692, or the Revenue Act Taxable Years Beginning before 1944 For any amendments prior to 1944, see Eighth Edition, p. 206, Taxable Years Beginning in 1949 of 1938, 52 Stat. 503, relating to wash sales) of the loss from the sale or other disposition of substantially identical stock or securities, there shall be included the period for which he held the stock or securities the loss from the sale or other disposition of which was not deductible. Sec. 117. (h) (5) In determining the period for which the taxpayer has held stock or rights to acquire stock received upon a distribution, if the basis of such stock or rights is determined under section 113 (a) (19) (A), there shall (under regulations prescribed by the Commissioner with the approval of the Secretary) be included the period for which he held the stock in the distributing corporation prior to the receipt of such stock or rights upon such distribution. Sec. 117. (h) (6) In determining the period for which the taxpayer has held stock or securities acquired from a corporation by the exercise of rights to acquire such stock or securities, there shall be included only the period beginning with the date upon which the right to acquire was exercised. Sec. 117. (i) Bond, etc., losses Taxable Years Beginning in 1948 Sec. 117. (i) Bond, etc., losses of banks. For the purposes of of banks. this chapter, in the case of a bank, as defined in section 104, if the losses of the taxable year from sales or exchanges of bonds, debentures, notes, or certificates, or other evidence of indebtedness issued by any corporation (including one issued by a government or political subdivision thereof) with interest coupons or in registered form, exceed the gains of the taxable year from such sales or exchanges, no such sale or exchange shall be considered a sale or exchange of a capital asset. Sec. 117. (j) Gains and losses from involuntary conversion and from the sale or exchange of certain property used in the trade or business. Same as 1944. Sec. 117. (j) Gains and losses from involuntary conversion and from the sale or exchange of certain property used in the trade or business. Sec. 117. (j) (1) Definition of Sec. 117. (j) (1) Definition of property used in the trade or property used in the trade or business. For the purposes of this business. subsection, the term "property Same as 1944. Taxable Years Beginning in 1946 and 1947 Sec. 117. (i) Bond, etc., losses of banks. Same as 1944. Sec. 117. (j) Gains and losses from involuntary conversion and from the sale or exchange of certain property used in the trade or business. Sec. 117. (j) (1) Definition of property used in the trade or business. Same as 1944. Taxable Years Sec. 117. (1) Bond, etc., losses of banks. Same as 1944. Sec. 117. (j) Gains and losses Taxable Years of 1938, 52 Stat. 503, relating to Sec. 117. (h) (5) In determining the period for which the taxpayer has held stock or rights to acquire stock received upon a distribution, if the basis of such stock or rights is determined under section 113 (a) (19) (A), there shall (under regulations prescribed by the Commissioner with the approval of the Secretary) be included the period for which he held the stock in the distributing corporation prior to the receipt of such stock or rights upon such distribution. Sec. 117. (h) (6) In determining the period for which the taxpayer has held stock or securities acquired from a corporation by the exercise of rights to acquire such stock or securities, there shall be included only the period beginning with the date upon which the right to acquire was exercised. Sec. 117. (1) Bond, etc., losses Sec. 117. (j) Gains and losses from involuntary conversion and from involuntary conversion from the sale or exchange of certain property used in the trade or business. Sec. 117. (j) (1) Definition of property used in the trade or business. Same as 1944. and from the sale or exchange trade or business. Sec. 117. (j) (1) Definition of property used in the trade or business. For the purposes of this subsection, the term "property Taxable Years Beginning before 1944 Sec. 117. (i) Bond, etc., losses banks. Section originated 1942 as Sec. 117 (1), I. R. C. For any amendments prior to 1944, see Ninth Edition, p. 312. Sec. 117. (3) Gains and losses from involuntary conversion and from the sale or exchange of certain property used in the trade or business. Sec. 117. (j) (1) Definition of property used in the trade or business. Section originated 1942 as Sec. 117 (j) (1), I. R. C. |