26 U.S.C. § 1287
Section 1287 · Denial of capital gain treatment for gains on certain obligations not in registered form
Amended 2 times on record
Applied in 10 court decisions — leading case Short v. United States (1937)
Most recently applied in Hall v. United States (February 1940)
How often courts cite this section
Court decisions citing this, by year.Markers show enactment, consequential amendments, and circuit splits over this section — watch for a citation surge after a change or a disagreement. The dip in the last several years is a data-coverage gap, not a real trend — our corpus holds fewer opinions from the most recent years, so recent citations are undercounted.
If any registration-required obligation is not in registered form, any gain on the sale or other disposition of such obligation shall be treated as ordinary income (unless the issuance of such obligation was subject to tax under section 4701).
For purposes of subsection (a)—
(1) Registration-required obligation
The term “registration-required obligation” has the meaning given to such term by section 163(f)(2).
(2) Registered form
The term “registered form” has the same meaning as when used in section 163(f).
Editorial notes U.S. Code · Office of the Law Revision Counsel
Amendments
2010—Subsec. (b)(1). Pub. L. 111–147 struck out “except that clause (iv) of subparagraph (A), and subparagraph (B), of such section shall not apply” before period.
Effective Date of 2010 Amendment
Amendment by Pub. L. 111–147 applicable to obligations issued after the date which is 2 years after Mar. 18, 2010, see section 502(f) of Pub. L. 111–147, set out as a note under section 149 of this title.
Effective Date
Section applicable to taxable years ending after July 18, 1984, except as otherwise provided, see section 44 of Pub. L. 98–369, set out as a note under section 1271 of this title.