What about ordinary income? Can I offset that?

In many cases, it may be possible.  Check with your tax advisor, as CapGain Solutions does not give tax advice.

For a discussion of this question from the AAII Journal, visit http://www.aaii.com/journal/article/capital-pains-rules-for-capital-losses.touch

If you are an individual or partnership that purchased 1244 stock in an IPO, read this http://www.wisegeek.com/what-is-1244-stock.htm

and this

http://www.law.cornell.edu/uscode/text/26/1244