 capital assets" means property held by the taxpayer (whether or not connected with his trade or business), but does not include stock in trade of the taxpayer or other property of a kind which would properly be included in the inventory of the taxpayer...  Federal Income, Estate and Gift Tax Laws, Correlated - Page 299by United States, Walter Elbert Barton - 1944 - 1242 pagesFull view - About this book
 | United States. Supreme Court - 1958 - 876 pages
...was taxable as ordinary income, subject to depletion. 4 Section 117 (a)(1) provides in relevant part: "The term 'capital assets' means property held by...taxable year, or property held by the taxpayer primarily for sale to customers in the ordinary course of his trade or business, or property, used in the trade... | |
 | Congress. Internal Revenue Taxation Joint Committee - 1959 - 220 pages
...burdens on gains resulting from a conversion of capital 4 Section 117 (a) (1) provides in relevant part: "The term 'capital assets' means property held by...taxable year, or property held by the taxpayer primarily for sale to customers in the ordinary course of his trade or business, or property, used in the trade... | |
 | United States. Congress. House. Committee on Ways and Means - 1959 - 760 pages
...all-important exclusions from "capital assets."' The first is that, in section 1221 ( 1 ) , of — stock in trade of the taxpayer or other property of...taxable year, or property held by the taxpayer primarily for sale to customers inthe ordinary course of his trade or business. * * * * The main objective of... | |
 | United States. Tax Court - 1959 - 1372 pages
...by the taxpayer (whether or not connected with his trade or business), but does not Include— (A) stock In trade of the taxpayer or other property of...taxable year, or property held by the taxpayer primarily for sale to customers in the ordinary coarse of his trade or buslnesi ; from the sale of stock of Canyon... | |
 | United States. Court of Claims, Audrey Bernhardt - 1960 - 1044 pages
...by the taxpayer (whether or not connected with his trade or business), bat does not include — "(A) stock in trade of the taxpayer or other property of...taxable year, or property held by the taxpayer primarily for sale to customers in the ordinary course of his trade or business ; "(B) property, used in hla... | |
 | United States, United States. Congress. Joint Committee on Internal Revenue Taxation - 1961 - 1208 pages
...by the taxpayer (whether or not connected with his trade or business), but does not include— (1) TSIDE SALESMEN. — The deductions allowed by part...as an employee and if such trade or business is to for sale to customers in the ordinary course of his trade or business ; (2) property, used in his trade... | |
 | United States. Tax Court - 1945 - 1518 pages
...they are subject to the limitation as determined by the Commissioner. Section 117 (a) (1) provides: The term "capital assets" means property held by the...taxable year, or property held by the taxpayer primarily for sale to customers in the ordinary course of his trade or business, or property, used in the trade... | |
 | United States. Tax Court - 1947 - 1642 pages
...117. CAPITAL GAINS AND LOSSES. (a) DEFINITIONS.—As used In this chapter— (1) CAPITAL ASSETS.—The term "capital assets" means property held by the taxpayer...taxable year, or property held by the taxpayer primarily for sale to customers In the ordinary course of his trade or business, or property, used In the trade... | |
 | United States. Tax Court - 1950 - 1678 pages
...CAPITAL GAINS AND LOSSES. (a) DEFINITIONS.—A8 used In this chapter.— (1) CAPITAL ASSETS.—The term "capital assets" means property held by the taxpayer...taxable year, or property held by the taxpayer primarily for sale to customers In the ordinary course of hla trade or business • • •. Both petitioners... | |
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