net section 1256 contracts loss
Defined in 1 place of the United States Code.
For purposes of paragraph (1), the term “net section 1256 contracts loss” means the lesser of—
(A) the net capital loss for the taxable year determined by taking into account only gains and losses from section 1256 contracts, or
(B) the sum of the amounts which, but for paragraph (6)(A), would be treated as capital losses in the succeeding taxable year under subparagraphs (A) and (B) of subsection (b)(1).
Source
- 1994–present26 U.S.C. § 1212Internal Revenue Code · Capital loss carrybacks and carryovers · in this section