Per Diem Rates from the U.S. General Services Administration
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Rates are set by fiscal year, effective October 1 each year. Find current rates in the continental United States ("CONUS Rates").
Deducting a Loss on Small Business Stock (Section 1244)
IRC Section 1244 deals with the tax treatment of losses on small business stock issued by a corporation. Only individuals may claim an ordinary loss deduction on Section 1244 stock.
If you own stock in a qualifying small corporation and the business fails, causing its stock to become worthless, you may claim an ordinary loss up to certain limits against your other sources of income.
You must be the original purchaser of the stock to qualify for ordinary loss treatment.
The Section 1244 Stock Tax Benefit
The tax benefit of Section 1244 stock is the ability to deduct a loss on such stock as an ordinary loss rather than as a capital loss. An ordinary loss if fully deductible in the year of the loss, while a net capital loss has an annual deduction limit of $3,000 (any excess over $3,000 must be carried over to the following tax year.