For purposes of this subtitle—

((1)) ** Short-term capital gain** 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)) ** Short-term capital loss** 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)) ** Long-term capital gain** 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)) ** Long-term capital loss** 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)) ** Net short-term capital gain** 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)) ** Net short-term capital loss** 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)) ** Net long-term capital gain** 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)) ** Net long-term capital loss** 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)) ** Capital gain net income** 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)) ** Net capital loss** 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)) ** Net capital gain** 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.