The deduction for excess capital losses for individual taxpayers is limited to the lower of an absolute amount of (a) $3,000 or (b) the taxable income for the year, before the deduction.

Name: The deduction for excess capital losses for individual taxpayers is limited to the lower of an absolute amount of (a) $3,000 or (b) the taxable income for the year, before the deduction.
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Quizplus · Accepted Answer

This is correct as per the rules specified in the IRS tax code section 1211.

The Deduction for Excess Capital Losses for Individual Taxpayers Is