capital gain net income

(2) Capital gain net income (A) In general The term “capital gain net income” has the meaning given such term by section 1222(9) (determined by treating the calendar year as the trust’s taxable year). (B) Reduction for net ordinary loss The amount determined under subparagraph (A) shall be reduced by the amount of the trust’s net ordinary loss for the taxable year. (C) Net ordinary loss For purposes of this paragraph, the net ordinary loss for the calendar year is the amount which would be net operating loss of the trust for the calendar year if the amount of such loss were determined in the same manner as ordinary income is determined under paragraph (1).

Source

26 USC § 4981(e)(2)


Scoping language

For purposes of this paragraph
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