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from a sale or exchange, in
whole or part by reference to
the basis of such property in
the hands of a taxpayer
described in subparagraph (A)
or (B);
(4) accounts or notes receivable
acquired in the ordinary course of
trade or business for services rendered
or from the sale of property described
in paragraph (1);
(5) a publication of the United
States Government (including the
Congressional Record) which is received
from the United States Government or
any agency thereof, other than by
purchase at the price at which it is
offered for sale to the public, and
which is held by--
(A) a taxpayer who so
received such publication, or
(B) a taxpayer in whose
hands the basis of such
publication is determined,
for purposes of determining
gain from a sale or exchange,
in whole or in part by
reference to the basis of
such publication in the hands
of a taxpayer described in
subparagraph (A).
According to the above definition, all property held
by a taxpayer, whether or not connected with his or her
trade or business, is included in the definition of capital
asset, except for the five categories enumerated in section
1221. See generally Arkansas Best Corp. v. Commissioner,
485 U.S. 212 (1988). Based upon the record of this case,
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Last modified: May 25, 2011