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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. ...

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