What Congress did was enact provisions, now contained in Code section 1221
(a)(3), stating that a "capital asset" does not include the following:
, 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.
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.
Also, Section 1221
of the act required a new section in the annual report on PRC military power (as required by P.
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
the 1231 gains exceed the 1231 losses for the year and all unrecaptured Section 1231 losses are used to recategorize the gain as ordinary income), the gains are treated as long-term capital gains and may be offset by capital losses from the sale or exchange of capital assets defined under 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.
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 stock must satisfy the definition of a capital asset under Internal Revenue Code (IRC) section 1221
at all times the taxpayer owned such stock during the taxable year;
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.