Helpful Hints
  • (1) You can search the entire content of Dean’s by phrase or by individual words. Just type your keywords into the search box and then pull down the search icon on the right and choose the option you need: search by word or by phrase or reset the content.
  • (2) Double click on a word in the content of a definition, and if the word is listed as a keyword in Dean’s, it will look that word up.
  • (3) You can use the search function to help jump the scrolling function. Simply type the first 2-3 letters into the search box then hit enter on your keyboard and the scroll will go to those Keywords that begin with those letters and allow you to scroll from there.

See also Substitute for ordinary income doctrine and Taxation (substitute for ordinary income doctrine) Congress intended that profits and losses arising from the everyday operation of a business be considered as ordinary income or loss, rather than capital gain or loss. The preferential treatment provided by § 117 (now section 1121) applies to transactions in property which are not the normal source of business income. It was intended 'to relieve the taxpayer from . . . excessive tax burdens on gains resulting from a conversion of capital investments, and to remove the deterrent effect of those burdens on such conversions.' Burnet v. Harmel, 287 U.S. at 287 U. S. 106. Since this section is an exception from the normal tax requirements of the Internal Revenue Code, the definition of a capital asset must be narrowly applied, and its exclusions interpreted broadly. This is necessary to effectuate the basic congressional purpose. The Court has always construed narrowly the term 'capital assets' in § 117. (now section 1121) See Hort v. Commissioner, 313 U. S. 28, 313 U. S. 31; Kieselbach v. Commissioner, 317 U. S. 399, 317 U. S. 403. 

Under § 117: '(1) CAPITAL ASSETS. ...

Register or login to access full content