Long-term Gain

Long-term Gain means:
the profit (loss) on securities or capital assets and Section 1231 assets when the interval between purchase and sale is longer than 12 months. A net long-term capital gain (LTCG) is taxed at a maximum of 28% for individuals. Only up to $3,000 of a net long-term or short-term capital loss is deductible per year by an individual. For a corporation, a net LTCG is taxed as ordinary income, and a net LTCL and STCL are not deductible; though it may be carried back 3 years or forward 5 years, it may not cause a net operating loss.

See also Capital Gain in the American Legal Encyclopedia and Capital Gain in the World Legal Encyclopedia.