26 U.S. Code § 1221 - Capital asset defined

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Source

(Aug. 16, 1954, ch. 736, 68A Stat. 321; Pub. L. 91–172, title V, § 514(a),Dec. 30, 1969, 83 Stat. 643; Pub. L. 94–455, title XIX, § 1901(c)(9), title XXI, § 2132(a),Oct. 4, 1976, 90 Stat. 1803, 1925; Pub. L. 97–34, title V, § 505(a),Aug. 13, 1981, 95 Stat. 331; Pub. L. 106–170, title V, § 532(a),Dec. 17, 1999, 113 Stat. 1928; Pub. L. 107–16, title V, § 542(e)(2)(A),June 7, 2001, 115 Stat. 85; Pub. L. 107–147, title IV, § 417(20),Mar. 9, 2002, 116 Stat. 57; Pub. L. 109–222, title II, § 204(a),May 17, 2006, 120 Stat. 350; Pub. L. 109–432, div. A, title IV, § 412(a),Dec. 20, 2006, 120 Stat. 2963; Pub. L. 111–312, title III, § 301(a),Dec. 17, 2010, 124 Stat. 3300.)
Amendments

2010—Subsec. (a)(3)(C). Pub. L. 111–312amended subsec. (a)(3)(C) to read as if amendment by Pub. L. 107–16, § 542(e)(2)(A), had never been enacted. See 2001 Amendment note below.
2006—Subsec. (b)(3). Pub. L. 109–432struck out “before January 1, 2011,” after “exchanged”.
Pub. L. 109–222added par. (3). Former par. (3) redesignated (4).
Subsec. (b)(4). Pub. L. 109–222redesignated par. (3) as (4).
2002—Subsec. (b)(1)(B)(i). Pub. L. 107–147substituted “1256(b)))” for “1256(b))”.
2001—Subsec. (a)(3)(C). Pub. L. 107–16, § 542(e)(2)(A), inserted “(other than by reason of section 1022)” after “is determined”.
1999—Pub. L. 106–170designated existing provisions as subsec. (a), inserted heading, and added pars. (6) to (8) and subsec. (b).
1981—Pars. (5), (6). Pub. L. 97–34redesignated par. (6) as (5) and struck out former par. (5), which excluded from definition of “capital asset” an obligation of the United States or any of its possessions, or of a State or any political subdivision thereof, or of the District of Columbia, issued on or after March 1, 1941, on a discount basis and payable without interest at a fixed maturity date not exceeding one year from the date of issue, and is covered by section 1232 (a)(4)(B) of this title.
1976—Par. (5). Pub. L. 94–455, § 1901(c)(9), struck out “or Territory,” after “State”.
Par. (6). Pub. L. 94–455, § 2132(a), added par. (6).
1969—Par. (3). Pub. L. 91–172inserted reference to a letter or memorandum, added subpar. (B) dealing with a letter or memorandum, and redesignated former subpar. (B) as (C).
Effective Date of 2010 Amendment

Amendment by Pub. L. 111–312applicable to estates of decedents dying, and transfers made after Dec. 31, 2009, except as otherwise provided, see section 301(e) ofPub. L. 111–312, set out as an Effective and Termination Dates of 2010 Amendment note under section 121 of this title.
Effective Date of 2006 Amendment

Pub. L. 109–432, div. A, title IV, § 412(b),Dec. 20, 2006, 120 Stat. 2963, provided that: “The amendment made by this section [amending this section] shall take effect as if included in section 204 of the Tax Increase Prevention and Reconciliation Act of 2005 [Pub. L. 109–222].”
Amendment by Pub. L. 109–222applicable to sales and exchanges in taxable years beginning after May 17, 2006, see section 204(c) ofPub. L. 109–222, set out as a note under section 170 of this title.
Effective Date of 2001 Amendment

Amendment by Pub. L. 107–16applicable to estates of decedents dying after Dec. 31, 2009, see section 542(f)(1) ofPub. L. 107–16, set out as a note under section 121 of this title.
Effective Date of 1999 Amendment

Amendment by Pub. L. 106–170applicable to any instrument held, acquired, or entered into, any transaction entered into, and supplies held or acquired on or after Dec. 17, 1999, see section 532(d) ofPub. L. 106–170, set out as a note under section 170 of this title.
Effective Date of 1981 Amendment

Amendment by Pub. L. 97–34applicable to property acquired and positions established by the taxpayer after June 23, 1981, in taxable years ending after such date, and applicable when so elected with respect to property held on June 23, 1981, see section 508 ofPub. L. 97–34, set out as an Effective Date note under section 1092 of this title.
Effective Date of 1976 Amendment

Pub. L. 94–455, title XXI, § 2132(b),Oct. 4, 1976, 90 Stat. 1925, provided that: “The amendment made by subsection (a) [amending this section] shall apply to sales, exchanges, and contributions made after the date of enactment of this Act [Oct. 4, 1976].”
Effective Date of 1969 Amendment

Pub. L. 91–172, title V, § 514(c),Dec. 30, 1969, 83 Stat. 643, provided that: “The amendments made by this section [amending this section and sections 341 and 1231 of this title] shall apply to sales and other dispositions occurring after July 25, 1969.”

The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.

The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013

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26 USCDescription of ChangeSession YearPublic LawStatutes at Large

 

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