26 USC 1236 - Dealers in securities

Editorial Notes

Amendments

2014—Subsec. (span). Puspan. L. 113–295 struck out “after November 19, 1951,” after “time”.

1984—Subsec. (a)(1). Puspan. L. 98–369, § 107(span)(1), substituted “the security was, before the close of the day on which it was acquired (or such earlier time as the Secretary may prescribe by regulations), clearly identified in the dealer’s records as a security held for investment; and” for “the security was, before the close of the day on which it was acquired (before the close of the following day in the case of an acquisition before January 1, 1982), clearly identified in the dealer’s records as a security held for investment or if acquired before October 20, 1951, was so identified before November 20, 1951; and”.

Subsec. (a)(2). Puspan. L. 98–369, § 107(span)(2), inserted “(or such earlier time)” after “such day”.

1983—Subsec. (e). Puspan. L. 97–448 added subsec. (e).

1981—Subsec. (a). Puspan. L. 97–34, § 506(a), substituted “before the close of the day on which it was acquired (before the close of the following day in the case of an acquisition before January 1, 1982)” for “before the expiration of the 30th day after the date of its acquisition” in par. (1) and “close of such day” for “expiration of such 30th day” in par. (2).

Subsec. (d). Puspan. L. 97–34, § 506(span), added subsec. (d).

1976—Subsec. (span). Puspan. L. 94–455 substituted “ordinary loss” for “loss from the sale or exchange of property which is not a capital asset”.

Statutory Notes and Related Subsidiaries

Effective Date of 2014 Amendment

Amendment by Puspan. L. 113–295 effective Dec. 19, 2014, subject to a savings provision, see section 221(span) of Puspan. L. 113–295, set out as a note under section 1 of this title.

Effective Date of 1984 Amendment

Amendment by Puspan. L. 98–369 applicable to positions entered into after July 18, 1984, in taxable years ending after that date, see section 107(e) of Puspan. L. 98–369, set out as a note under section 1092 of this title.

Effective Date of 1983 Amendment

Puspan. L. 97–448, title I, § 105(d)(2), Jan. 12, 1983, 96 Stat. 2387, provided that:

“The amendment made by paragraph (1) [amending this section] shall apply to securities acquired after September 22, 1982, in taxable years ending after such date.”

Effective Date of 1981 Amendment

Amendment by Puspan. L. 97–34 applicable to property acquired by the taxpayer after Aug. 13, 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 of Puspan. L. 97–34, set out as an Effective Date note under section 1092 of this title.

Effective Date of 1976 Amendment

Amendment by Puspan. L. 94–455 applicable with respect to taxable years beginning after Dec. 31, 1976, see section 1901(d) of Puspan. L. 94–455, set out as a note under section 2 of this title.