...1960-2, 166. Section 1221 of the Internal Revenue Code of 1954 provides that the term "capital asset" means property held by the taxpayer (whether or not...taxable year, or property held by the taxpayer primarily for sale to customers in the ordinary course of his trade or business. Section 1236 of the Code provides...

...DerixmosB. — A* used in this chapter — (1) Ciprr.ii. ASjaars. — The term "capital assets" neon* property held by the taxpayer 'whether or not connected...taxable year, or property held by the taxpayer primarily for sale to customers In the ordinary coarse of his trade or business, or property, used In the trade...

...(a). Section 1221 of the Code, as far as is pertinent, defines the term "capital asset" as meaning property held by the taxpayer (whether or not connected...taxable year, or property held by the taxpayer primarily for sale to customers in the ordinary course of his trade or business. In Mauldin v. Commissioner,...

...assets" means property held by the taxpayer (whether or not connected with his trade or business), bnt 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, or property, used In the trade...

...the taxpayer for more than two years (whether or not connected with his trade or business), but do not include stock in trade of the taxpayer or other...taxable year, or property held by the taxpayer primarily for sale to customers in the ordinary course of his trade or business.] "(2) For the purpose of determining...

...held by the Payer (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...

...acquired in the ordinary course of trade or business for services rendered or (2) from the sale of the 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. In Burbank Liquidating Corporation,...

...APPENDIX III SEC. 117. CAPITAL GAINS AND LOSSES [1939 Code], (a) DEFINITIONS.— As used in this title— (1) CAPITAL ASSETS.— The term "capital assets" means...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...

...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; * * * [Emphasis added.] The...

...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...