Capital Assets — Related Issues (Portfolio 562)


Howard Rothman


Kramer Levin Naftalis & Frankel LLP


Pamela M. Capps


Kramer Levin Naftalis & Frankel LLP


Barry Herzog


Kramer Levin Naftalis & Frankel LLP


Blake Rigel

Global Tax Director/Tax Counsel

Artisan Partners

At a glance

I. The Sale or Exchange Requirement
II. The “Property” Requirement
III. Alternative Characterizations of Sales or Exchanges of Capital Assets
IV. Sale of a Business
V. Computation and Character of Capital Gain or Loss
VI. Qualified Small Business Stock


Capital Assets – Related Issues focuses its discussion on the following issues: (1) the “sale or exchange” requirement that is necessary in order for a capital asset to qualify for capital asset treatment under §1221; (2) the interpretation of the “property” requirement under §1221; (3) alternative characterizations of sales or exchanges of capital assets under other Code sections; (4) various judicial doctrines that may recharacterize gains or losses as arising or not arising, as applicable, from the sale or exchange of a capital asset; (5) specific issues involved in the sale of a business; (6) the computation and character of a capital gain or loss; and (7) issues related to the treatment of gain from the sale or exchange of qualified small business stock held by a noncorporate taxpayer for more than five years.

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