...year, the recognized gains upon sales or exchanges of property used in the trade or business . . . exceed the recognized losses from such sales, exchanges,...considered as gains and losses from sales or exchanges of capital assets. . . ." 56 Stat. 846, 26 USC § 117 (j). 544 MINTON, J., dissenting. and in the absence...

...year, the recognized gains upon sales or exchanges of property used In the trade or business, plus tbe recognized gains from the compulsory or Involuntary...of capital assets held for more than 6 months. If snch gains do not exceed such losses, such gains and losses shall not be considered as gains and losses...

...recognized gains Opinion of the Court from the compulsory or involuntary conversion * * * of property used in the trade or business and capital assets held...or exchanges of capital assets held for more than 6 months. * * * It is undisputed that the two vessels sold by the partnership in 1941 had been owned...

...date of acquisition. Such term does not include poultry. §117 TITLE 26.— INTERNAL REVENUE CODE 1117 (2) General rule. If, during the taxable year, the...or exchanges of capital assets held for more than в months. If such gains do not exceed such losses, such gains and losses shall not be considered as...

...INVOLUNTARY CONVERSIONS. (a) GENERAL RULI. — If, during the taxable year, the recognized (fains on sales or exchanges of property used In the trade or...considered as gains and losses from sales or exchanges of capital assets. • • • • • * • • • • (b) DEFINITION or PROPERTY USED in HIE TBADB...

...term also includes timber with respect to which subsection (k) (1) or (2) is applicable. (2) GENEEAL RULE. — If, during the taxable year, the recognized...capital assets. For the purposes of this paragraph — (A) In determining under this paragraph whether gains exceed losses, the gains and losses described...

...exchanges, and conversions such gains and losses shall be considered as gains and losses fror 75 sales or exchanges of capital assets held .for more than...capital assets. For the purposes of this paragraph — (A) In determining under this paragraph whether gains exceed losses, the gains and losses described...

...business. Such term also includes timber with respect to which subsection (k) (1) or (2) is applicable. (2) GENERAL RULE. — If, during the taxable year,...capital assets. For the purposes of this paragraph — (A) In determining under this paragraph whether gains exceed losses, the gains and losses described...

...Imminence thereof) of property used in the trade or business and capital assets held for more than 0 months into other property or money, exceed the recognized...capital assets. For the purposes of this paragraph : "(A) In determining under this paragraph whether gains exceed losses, the gains and losses described...

...exchanges, and conversions, such gains and losses shall be considered as gains and loon from sales or exchanges of capital assets held for more than...capital assets. For the purposes of this paragraph ; (A) In determining under this paragraph whether gains exceed losses, the gains and losses described...