Summary: H.R.15195 — 93rd Congress (1973-1974)All Information (Except Text)

There is one summary for H.R.15195. Bill summaries are authored by CRS.

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Introduced in House (06/05/1974)

Redefines, under the Internal Revenue Code, long and short-term capital gains and losses.

States that, in the case of a taxpayer other than a corporation, the excess of the net long-term capital loss over the net short-term capital gain for a taxable year shall be allowed only to the extent of whichever of the following is the smaller: (1) the taxable income for the taxable year; or (2) $4,000.

Provides that if a taxpayer other than a corporation has a net capital loss for any taxable year, and such loss is not otherwise carried back the amount by which the excess of the net short-term capital loss over the net long-term capital gain for such year exceeds taxable income computed without regard to such excess shall be a short-term capital loss in the succeeding taxable year, and the excess of the net long-term capital loss over the net short-term capital gain for such year shall be a long-term capital loss in the succeeding taxable year.

States that if a taxpayer other than a corporation has a net capital loss for any taxable year at the election of the taxpayer such net capital loss shall be a capital loss carryback to each of the 3 taxable years preceding the loss year, but only to the extent the carryback of such loss does not increase or produce a net operating loss for that taxable year to which it is being carried back.