...follows (68A Stat. 325) : "(a) GENERAL RULE. — If, during the taxable year, the recognized gains on sales or exchanges of property used in the trade or...losses from sales or exchanges of capital assets. For purposes of this subsection — "(0 in determining under this subsection whether gains exceed losses,...

...taxable year, the recognized gains on sales or eichanges of property used In the trade or business, plug the recognized gains from the compulsory or Involuntary...considered as gains and losses from sales or exchanges of capital assets. • • * • * * * • • • (b) DEFINITION OP PROPERTY USED IN THE TRADE OR...

...In the trade or business, plus the recognized gnlus from the compulsory or involuntary conversation (as a result of destruction In whole or In part, theft...capital assets held for more than 6 months. If such gams do not exceed such losses, such gains and losses shall not be considered as gains and losses from...

...INVOLUNTARY CONVERSION AND FBOM THE SALE OB EXCHANGI OF CERTAIN PROPERTY USED IN THE TRADE OR BUSINESS. — (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 gaini described therein...

...(a) of the Code provides, in part, as follows: If, during the taxable year, the recognized gains on sales or exchanges of property used in the trade or...considered as gains and losses from sales or exchanges of capital assets. Section 1231 (b) of the Code defines property "used in the trade or business" for...

...upon sales or exchanges of property used In the trade or business, plus the recognized gains from tlie compulsory or Involuntary conversion (as a result...considered as gains and losses from sales or exchanges of capital assets. • • * by section 151 (b) of the Revenue Act of 1042, and are subject to the...

...AND INVOLUNTARY CONVERSIONS. (a) GENERAL RULE.—If, during the taxable year, the recognized gains on sales or exchanges of property used In the trade or...capital assets held for more than 6 months. If such Stains do not exceed such losses, such gains and losses shall not be considered as sains and losses...

...pertinent part, as follows: (a) GENERAL RULE.— If, during the taxable year, the recognized gains on sales or exchanges of property used in the trade or...or exchanges of capital assets held for more than 6 months. * • • Section 1238 of the Code provides that gain from the sale or exchange of property,...

...hereinafter. or Imminence thereof) of property used In the trade or business and capital assets held (or more than 6 months Into other property or money, exceed...capital assets. For the purposes of this paragraph : (A) In determining under this paragraph whether gains exceed losses, the trains and losses described...

...business, plus the recognized gains 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. * • • a In Corn Product! Co. V. Commisiloner, 350 US 46, the Supreme Court stated In part...