§ 1222. Other terms relating to capital gains and losses

For purposes of this subtitle—

• (1) The term “short-term capital gain” means gain from the sale or exchange of a capital asset held for not more than 1 year, if and to the extent such gain is taken into account in computing gross income.
• (2) The term “short-term capital loss” means loss from the sale or exchange of a capital asset held for not more than 1 year, if and to the extent that such loss is taken into account in computing taxable income.
• (3) The term “long-term capital gain” means gain from the sale or exchange of a capital asset held for more than 1 year, if and to the extent such gain is taken into account in computing gross income.
• (4) The term “long-term capital loss” means loss from the sale or exchange of a capital asset held for more than 1 year, if and to the extent that such loss is taken into account in computing taxable income.
• (5) The term “net short-term capital gain” means the excess of short-term capital gains for the taxable year over the short-term capital losses for such year.
• (6) The term “net short-term capital loss” means the excess of short-term capital losses for the taxable year over the short-term capital gains for such year.
• (7) The term “net long-term capital gain” means the excess of long-term capital gains for the taxable year over the long-term capital losses for such year.
• (8) The term “net long-term capital loss” means the excess of long-term capital losses for the taxable year over the long-term capital gains for such year.
• (9) The term “capital gain net income” means the excess of the gains from sales or exchanges of capital assets over the losses from such sales or exchanges.
• (10) The term “net capital loss” means the excess of the losses from sales or exchanges of capital assets over the sum allowed under section 1211. In the case of a corporation, for the purpose of determining losses under this paragraph, amounts which are short-term capital losses under section 1212(a)(1) shall be excluded.
• (11) The term “net capital gain” means the excess of the net long-term capital gain for the taxable year over the net short-term capital loss for such year.