111–240, §2011(b), inserted "certain periods in" before "2010" in heading and substituted "on or before the date of the enactment of the Creating Small Business Jobs Act of 2010" for "before January 1, 2011" in text. 114–113 substituted "and thereafter" for ", 2011, 2012, 2013, and 2014" in heading and struck out "and before January 1, 2015" after "of the Creating Small Business Jobs Act of 2010" in introductory provisions.Ģ014-Subsec. 2216, 2218, applicable to taxable years beginning after Dec. 214, authorized deduction for capital gains, prior to repeal by Pub. PRIOR PROVISIONSĪ prior section 1202, acts Aug.
(c)(2)(B)(ii), was classified to section 681(d) of Title 15, Commerce and Trade, prior to repeal by Pub. Section 301(d) of the Small Business Investment Act of 1958, referred to in subsec. (c)(1) and (d)(1)(A), is the date of enactment of Pub. The date of the enactment of the Revenue Reconciliation Act of 1993, referred to in subsecs. (a)(3), (4), is the date of enactment of Pub. The date of the enactment of the Creating Small Business Jobs Act of 2010, referred to in subsec. The date of the enactment of this paragraph, referred to in subsec. (a)(2)(A), is the date of enactment of Pub. The Secretary shall prescribe such regulations as may be appropriate to carry out the purposes of this section, including regulations to prevent the avoidance of the purposes of this section through split-ups, shell corporations, partnerships, or otherwise. I read this also, but don't have a reference at the moment: "Generally, all transfers of §1244 stock by the shareholder, whether in a taxable or nontaxable transaction, whether by death, gift, sale or exchange, terminate §1244 status.For purposes of the preceding sentence, any reference to the taxpayer shall be treated as including a reference to any person who is related (within the meaning of section 267(b) or 707(b)) to the taxpayer. ETA - Margaret, you're probably out of luck with your client's situation. I don't have any firsthand experience to say whether there is any exception to the reg I posted or not.
Section 1244 stock gain 2017 code#
Margaret, try some research on that code and transfers of stock as property settlements incident to divorce. An individual who acquires stock from a shareholder by purchase, gift, devise, or in any other manner is not entitled to an ordinary loss under section 1244 with respect to this stock.įinally, here's a link to The Tax Advisor article: A corporation, trust, or estate is not entitled to ordinary loss treatment under section 1244 regardless of how the stock was acquired. In order to claim a deduction under section 1244 the individual, or the partnership, sustaining the loss must have continuously held the stock from the date of issuance.