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 A 'sale' is a transfer of property for a price in money or its equivalent. 'Exchange' means the giving of one thing for another. That is to say, in a sale, the property is transferred in consideration of a definite price expressed in terms of money, while in an exchange, the property is transferred in return for other property without the intervention of money. True, 'Border-line cases arise where the money forms a substantial part of the adjustment of values in connection with the disposition of property and the acquisition of similar properties. The presence in a transaction of a small amount of cash, to adjust certain differences in value of the properties exchanged will not necessarily prevent the transaction from being considered an exchange. * * * Where cash is paid by the taxpayer, it may be considered as representing the purchase price of excess value of 'like property' received.' 3 Mertens, Law of Federal Income Taxation, § 20.29, pp. 143, 144. 


A sale is a contract whereby one acquires a property in the thing sold and the other parts with it for a valuable consideration * * * or a sale is generally understood ...

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