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" 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 299
by United States, Walter Elbert Barton - 1944 - 1242 pages
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Reports of the United States Tax Court, Volume 89

United States. Tax Court - 1988
...types of property from capital asset status. The first two statutory exceptions are as follows: (1) 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; (2) property, used in his trade...
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Code of Federal Regulations: Containing a Codification of Documents of ...

1973
...capital losses (whether or not connected with his trade or business), but does not include (1) 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; (2) Property, used in his trade...
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Code of Federal Regulations

1966
...the taxpayer (whether or not connected with his trade or business ) , but does not include ( 1 ) 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; (2) Property, used in his trade...
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Code of Federal Regulations: Containing a Codification of Documents of ...

1970
...the taxpayer (whether or not connected with his trade or business), but does not include ( 1 ) 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; (2) Property, used in his trade...
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Tax Treatment of Thrift Partnership: Joint Hearing Before the Subcommittee ...

United States. Congress. Senate. Committee on Finance. Subcommittee on Taxation and Debt Management - 1982 - 152 pages
...thrift partnership would not be capital assets. Code S 1221(1) provides that the term "capital asset" does not include "stock in trade of the taxpayer or...taxable year, or property held by the taxpayer primarily for sale to customers in the ordinary course of his trade or business ...". As a result, any gain or...
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A Guide to Federal Income Tax for Timber Owners

1982 - 74 pages
...the taxpayer (whether or not connected with his trade or business), but does not include ( 1 ) 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; (2) property, used in his trade...
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Replacement of domestic international sales corporations (DISCs ...

United States. Congress. Joint Committee on Taxation - 1983
...indebtedness arising out of the disposition of property described in section 1221(1) (which includes 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), or the performance of services,...
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Foreign Sales Corporation Act: Hearings Before the Committee on Finance ...

United States. Congress. Senate. Committee on Finance - 1984
...indebtedness arising out of the disposition of property described in section 1221(1) (which includes 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), or the performance of services,...
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Federal Taxation of S Corporations

Deborah H. Schenk - 2017 - 750 pages
...1362(d)(3)(C)(ii): 26 LI.SC l362(d)(3)(C)(ii). Inventory is defined in IRC 1221(1), 26 USC 1221(1) as "stock in trade of the taxpayer or other property...taxable year, or property held by the taxpayer primarily for sale to customers in the ordinary course of his trade or business." "* Treas. Reg. 1.1362-2(c)(5)(ii)(D)(2);...
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Federal Taxation of Real Estate

Allan J. Samansky, James Charles Smith - 2017 - 750 pages
...five state exceptions.30 For real estate the two most important exceptions are the following: "(1) 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; "(2) property, used in his trade...
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