excess business loss
Defined in 1 place of the United States Code.
The term “excess business loss” means the excess (if any) of—
(i) the aggregate deductions of the taxpayer for the taxable year which are attributable to trades or businesses of such taxpayer (determined without regard to whether or not such deductions are disallowed for such taxable year under paragraph (1) and without regard to any deduction allowable under section 172 or 199A), over
(ii) the sum of—
(I) the aggregate gross income or gain of such taxpayer for the taxable year which is attributable to such trades or businesses, plus
(II) $250,000 (200 percent of such amount in the case of a joint return).
Source
- 2022–present26 U.S.C. § 461Internal Revenue Code · General rule for taxable year of deduction · in this section
The term "excess business loss" means the excess (if any) of—
(i) the aggregate deductions of the taxpayer for the taxable year which are attributable to trades or businesses of such taxpayer (determined without regard to whether or not such deductions are disallowed for such taxable year under paragraph (1) and without regard to any deduction allowable under section 172 or 199A), over
(ii) the sum of—
(I) the aggregate gross income or gain of such taxpayer for the taxable year which is attributable to such trades or businesses, plus
(II) $250,000 (200 percent of such amount in the case of a joint return).
Such excess shall be determined without regard to any deductions, gross income, or gains attributable to any trade or business of performing services as an employee.
Source
- 2021–202226 U.S.C. § 461Internal Revenue Code · General rule for taxable year of deduction · in this section
The term "excess business loss" means the excess (if any) of—
(i) the aggregate deductions of the taxpayer for the taxable year which are attributable to trades or businesses of such taxpayer (determined without regard to whether or not such deductions are disallowed for such taxable year under paragraph (1)), over
(ii) the sum of—
(I) the aggregate gross income or gain of such taxpayer for the taxable year which is attributable to such trades or businesses, plus
(II) $250,000 (200 percent of such amount in the case of a joint return).
Source
- 2017–202126 U.S.C. § 461Internal Revenue Code · General rule for taxable year of deduction · in this section