2015 US Code
Title 26 - Internal Revenue Code (Sections 1 - 9834)
Subtitle A - Income Taxes (Sections 1 - 1564)
Chapter 1 - Normal Taxes and Surtaxes (Sections 1 - 1400U-3)
Subchapter P - Capital Gains and Losses (Sections 1201 - 1298)
Part IV - Special Rules for Determining Capital Gains and Losses (Sections 1231 - 1260)
Sec. 1243 - Loss of small business investment company
Publication Title | United States Code, 2012 Edition, Supplement 3, Title 26 - INTERNAL REVENUE CODE |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 26 - INTERNAL REVENUE CODE Subtitle A - Income Taxes CHAPTER 1 - NORMAL TAXES AND SURTAXES Subchapter P - Capital Gains and Losses PART IV - SPECIAL RULES FOR DETERMINING CAPITAL GAINS AND LOSSES Sec. 1243 - Loss of small business investment company |
Contains | section 1243 |
Date | 2015 |
Laws In Effect As Of Date | January 3, 2016 |
Positive Law | No |
Disposition | standard |
Source Credit | Added Pub. L. 85-866, title I, §57(a), Sept. 2, 1958, 72 Stat. 1645; amended Pub. L. 91-172, title IV, §433(b), Dec. 30, 1969, 83 Stat. 624; Pub. L. 94-455, title XIX, §1901(b)(3)(F), Oct. 4, 1976, 90 Stat. 1793. |
Statutes at Large References | 72 Stat. 1645, 689 83 Stat. 624 90 Stat. 1793 |
Public and Private Laws | Public Law 85-699, Public Law 85-866, Public Law 91-172, Public Law 94-455 |
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In the case of a small business investment company operating under the Small Business Investment Act of 1958, if—
(1) a loss is on stock received pursuant to the conversion privilege of convertible debentures acquired pursuant to section 304 of the Small Business Investment Act of 1958, and
(2) such loss would (but for this section) be a loss from the sale or exchange of a capital asset,
then such loss shall be treated as an ordinary loss.
(Added Pub. L. 85–866, title I, §57(a), Sept. 2, 1958, 72 Stat. 1645; amended Pub. L. 91–172, title IV, §433(b), Dec. 30, 1969, 83 Stat. 624; Pub. L. 94–455, title XIX, §1901(b)(3)(F), Oct. 4, 1976, 90 Stat. 1793.)
REFERENCES IN TEXTThe Small Business Investment Act of 1958, referred to in text, is Pub. L. 85–699, Aug. 21, 1958, 72 Stat. 689, as amended, which is classified principally to chapter 14B (§661 et seq.) of Title 15, Commerce and Trade. Section 304 of the Small Business Investment Act of 1958, is classified to section 684 of Title 15. For complete classification of this Act to the Code, see Short Title note set out under section 661 of Title 15 and Tables.
AMENDMENTS1976—Pub. L. 94–455 substituted "an ordinary loss" for "a loss from the sale or exchange of property which is not a capital asset".
1969—Par. (1). Pub. L. 91–172 substituted "stock received pursuant to the conversion privilege of convertible debentures" for "convertible debentures (including stock received pursuant to the conversion privilege)".
EFFECTIVE DATE OF 1976 AMENDMENTAmendment by Pub. L. 94–455 applicable with respect to taxable years beginning after Dec. 31, 1976, see section 1901(d) of Pub. L. 94–455, set out as a note under section 2 of this title.
EFFECTIVE DATE OF 1969 AMENDMENTAmendment by Pub. L. 91–172 applicable to taxable years beginning after July 11, 1969, see section 433(d) of Pub. L. 91–172, set out as a note under section 582 of this title.
EFFECTIVE DATESection applicable with respect to taxable years beginning after Sept. 2, 1958, see section 57(d) of Pub. L. 85–866, set out as an Effective Date of 1958 Amendment note under section 243 of this title.
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