26 U.S.C. § 1287. Denial of capital gain treatment for gains on certain obligations not in registered form

1. (a)
   (a)

   In general

   If any registration-required obligation is not in registered form, any gain on the sale or other disposition of such obligation shall be treated as ordinary income (unless the issuance of such obligation was subject to tax under section 4701).
2. (b)
   (b)

   Definitions

   For purposes of subsection (a)—

   1. (1)
      (b)(1)

      Registration-required obligation

      The term “registration-required obligation” has the meaning given to such term by section 163(f)(2).
   2. (2)
      (b)(2)

      Registered form

      The term “registered form” has the same meaning as when used in section 163(f).