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We have already seen that § 61(a)(3) includes within the scope of “gross income” “gains derived from dealings in property.” Section 1001(a) informed us that taxpayer measures such gains (and losses) by subtracting “adjusted basis” from “amount realized.” Gains from the sale or exchange of “capital assets” might be subject to tax rates lower than those applicable to “ordinary income.”
So we begin with a definition of “capital asset.”
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