### Question
How does the law define late-year ordinary loss?


### Answer
Under *26 U.S.C. § 852*, **late-year ordinary loss** is defined as:

> the sum of any post-October specified loss and any post-December ordinary loss

#### Citation:
  - *26 U.S.C. § 852*
  - Heading: **Subtitle A-Income Taxes > CHAPTER 1-NORMAL TAXES AND SURTAXES > Subchapter M-Regulated Investment Companies and Real Estate Investment Trusts > PART I-REGULATED INVESTMENT COMPANIES**

