No Capital Gains Allowance for American Adversaries Act

This bill changes U.S. tax rules for investments tied to specific countries. It treats gains from selling stocks or assets in companies from "countries of concern" (China, Russia, Belarus, Iran, North Korea) as ordinary income - not capital gains - starting in 2026. The Securities and Exchange Commission must create a public list of affected securities and require sellers to notify buyers about the tax treatment. It also extends this rule to dividends and inherited property from these countries. This directly impacts U.S. investors holding assets in companies linked to the listed nations.