Section 1221

Section 1221 (26 U.S.C.§1221)

The Internal Revenue Code section that defines a capital asset by explanation of things that are not capital assets.To find the law's text, see the instructions at Section (federal code).

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Section 1221, as passed, reads: "It shall be the policy of the United States to take all necessary measures, including military action if required, to prevent Iran from threatening the United States, its allies, or Iran's neighbors with a nuclear weapon.
Section 1221 states that all assets are capital assets, with the exception of certain assets--such as inventory, accounts receivable and depreciable assets used in a trade or business--which are ordinary in character.
Payments received from the termination of lease contracts would then fall outside the scope of section 1234A, producing section 1231 gains or losses, as the associated property is not a capital asset as defined in section 1221.
Section 1221 of the National Defense Authorization Act for Fiscal Year 2006 requires us to submit quarterly updates to Congress on the costs of Operation Iraqi Freedom and Operation Enduring Freedom based on DOD's monthly Supplemental and Cost of War Execution Reports.
Section 1221 defines a capital asset as property held by the taxpayer except inventory; depreciable property or real estate used in a trade or business; copyrights, musical, or artistic works created by the taxpayer; and some other miscellaneous categories.
The Transportation and Community and System Preservation Pilot Program was established under section 1221 of the Transportation Equity Act for the 21st Century (TEA-21) in order to provide funding for research and grants to examine the correlation between transportation, community and system preservation.
The discussion applies only to stockholders who held CytRx shares as capital assets within the meaning of Section 1221 of the Code.
Planning and timing, to the extent possible, can enhance cash flows by turning what would be ordinary income under section 1221 from the sale of these business assets into potential long-term capital gain under section 1231.
Consistent with these suggestions, the proposed hedging regulations provide a general rule that, for purposes of section 1221 of the Internal Revenue Code, the risk of one member of a consolidated group is to be treated as a risk of the other members of the group as if all the members of the group were members of a single corporation.
But the capital-asset provision of section 1221 must not be so broadly applied as to defeat rather than further the purpose of Congress.
IRC Section 1221 defines a capital asset as property held by the taxpayer but not including depreciable property or real estate used in a trade or business.
Section 1221 of the National Defense Authorization Act for Fiscal Year 2006 requires GAO to submit quarterly updates to Congress on the costs of Operation Iraqi Freedom and Operation Enduring Freedom based on DOD's monthly Supplemental and Cost of War Execution Reports.