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Statute

Internal Revenue Code, 26 U.S.C. §1221, Capital asset defined

Citation

 Internal Revenue Code, 26 U.S.C. §1221 (2007)

Summary

Section 1221 of the Internal Revenue Code (IRC) provides, in pertinent part, that the term “capital asset” means property held by the taxpayer (whether or not connected with his trade or business).

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