...property held by the taxpayer other than certain listed exceptions. A principal exception applies to "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."58 This exception is intended...

...Title 31, §754). SEC. 117. CAPITAL GAINS AND LOSSES. (a) DEFINITIONS. — As used in thisl chapter — (1) CAPITAL ASSETS. — The term "capital assets"...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...

...generating ordinary income on sale, include the following (enumerated to conform to Code Sec. 1221 (a)): (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;4 (2) property, used in his trade...

...Regardless of use in an active trade or business, section 367(a)(l) shall apply to the transfer of — (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 its trade or business; and (2) A copyright, a literary,...

...by 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...