sale or exchange

sale or exchange.

1. Tax. A voluntary transfer of property for value (as distinguished from a gift) resulting in a gain or loss recognized for federal tax purposes.

2. A transfer of property; esp., a situation in which proceeds of a sale are to be vested in another estate of the same character and use. — Also termed (in both senses) sale and exchange. [Cases: Internal Revenue 3232; Taxation 998. C.J.S. Internal Revenue §§ 128–129, 490–491; Taxation § 1734.]

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词条贡献者

译者成昱，毕业于世界顶级翻译学院，擅长翻译各种与集体诉讼相关的法律文件。