...includes timber with respect to which subsection (k) (1) or (2) Is applicable. (2) GENERAL EI LI. — If, during the taxable year, the recognized gains...gains do not exceed such losses, such gains and losses •hall not be considered as gains and losses from sales or exchanges of capital assets. For the purposes...

...whole or in part, theft or seizure, or an exercise of the power of requisition or condemnation or tbe threat or imminence thereof) of property used In the...capital assets. For the purposes of this paragraph : (A) In determining under this paragraph whether gains exceed losses, the gains and losses described...

...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. . . ." (Italics supplied.) See 26 USC §117(j). 544 Opinion of the Court. Assuming...

...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. . . ." (Italics supplied.) See 26 USC § 117 (j). taxpayer to demonstrate that §...

...involuntary conversion of property used in the trade or business and capital assets held for more man six months into other property or money, exceed the recognized...or exchanges of capital assets held for more than six months. If such gains do not exceed such losses, such gains and losses shall not be considered...

...income tax liability. The petitioner makes other contentions which will be referred to hereinafter. or Imminence thereof) of property used In the trade...capital assets. For the purposes of this paragraph : (A) In determining under this paragraph whether gains exceed losses, the gains and losses described...

...or business and capital assets held for more than 6 months into other property or money, exceed tbe recognized losses from such sales, exchanges, and...considered as gains and losses from sales or exchanges of capital assets. * * * Section 324 of the Revenue Act of 1051 provides that the sentence dealing...

...in part, theft or seizure, or an exercise of tbe power of requisition or condemnation or the throat or Imminence thereof) of property used In the trade...considered as gains and losses from sales or exchanges of capital assets. • • • by section 151 (b) of the Revenue Act of 1942, and are subject to the...

...business, plus the recognized gains from the compulsory or Involuntary conversion • • • of property used In the trade or business and capital assets held...considered as gains and losses from sales or exchanges of capital assets. to do the actual hauling. The petitioner charges its customers a fixed tariff and...

...• 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. • • • 8 27 TAX COURT OF UNITED STATES REPORTS. (99) tax noncapital security...