Internal Revenue Code:Sec. 64. Ordinary income defined

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Contents


Location in Internal Revenue Code


     TITLE 26 - INTERNAL REVENUE CODE
      Subtitle A - Income Taxes
       CHAPTER 1 - NORMAL TAXES AND SURTAXES
        Subchapter B - Computation of Taxable Income
         PART I - DEFINITION OF GROSS INCOME, ADJUSTED GROSS INCOME, TAXABLE
               INCOME, ETC.

Statute

    Sec. 64. Ordinary income defined
 
      For purposes of this subtitle, the term ''ordinary income''
    includes any gain from the sale or exchange of property which is
    neither a capital asset nor property described in section 1231(b).
    Any gain from the sale or exchange of property which is treated or
    considered, under other provisions of this subtitle, as ''ordinary
    income'' shall be treated as gain from the sale or exchange of
    property which is neither a capital asset nor property described in
    section 1231(b).

Sources

    (Added Pub. L. 94-455, title XIX, Sec. 1901(a)(10), Oct. 4, 1976,
    90 Stat. 1765.)
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