net section 1256 contract gain
Defined in 1 place of the United States Code.
The term “net section 1256 contract gain” means the lesser of—
(i) the capital gain net income for the taxable year determined by taking into account only gains and losses from section 1256 contracts, or
(ii) the capital gain net income for the taxable year.
Source
- 1994–present26 U.S.C. § 1212Internal Revenue Code · Capital loss carrybacks and carryovers · in this section