sale or exchange
n.
A phrase used in tax to describe a sale or transfer of property that yields a taxable gain or loss.

The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. . 2008.


sale or exchange
n. A tax law phrase describing a voluntary exchange of property for other property as distinct from a gift or a contribution, and for which a federally taxable gain or loss may attach.

Webster's New World Law Dictionary. . 2000.

Look at other dictionaries:

  • sale or exchange — A transfer of property from one man to another in consideration of some price or recompense in value. 2 Bl Comm 446. A mortgagor s conveyance of the realty to the mortgagee in consideration of a cash payment and cancellation of the mortgage and… …   Ballentine's law dictionary

  • sale and exchange — See power of sale and exchange …   Ballentine's law dictionary

  • sale or exchange — The term used in taxation in reference to a transaction which results in a gain or loss recognized for federal tax purposes. I.R.C. No. 1001 …   Black's law dictionary

  • sale or exchange of capital asset — A method of realizing gain or loss for tax purposes, involving a complete, bona fide, and permanent transfer of an ownership interest, in other words, a transfer of economic reality. Gregory v Helvering, 293 US 465, 79 L Ed 596, 55 S Ct 266, 97… …   Ballentine's law dictionary

  • powers of sale and exchange — Literally, inclusive of any power conferred upon another to effect either a sale or exchange of property. In the English law, the term has a definite meaning and implies that the proceeds of the sale are to be reinvested in another estate of the… …   Ballentine's law dictionary

  • exchange of contracts — exˌchange of ˈcontracts noun exchanges of contracts PLURALFORM [countable usually singular] PROPERTY when property is being bought and sold, the moment when the buyer signs the contract of sale and sends it to the seller, who also signs it,… …   Financial and business terms

  • sale — [n] exchange of object for money auction, barter, business, buying, clearance, closeout, commerce, consuming, deal, demand, disposal, dumping, enterprise, marketing, negotiation, purchase, purchasing, reduction, selling, trade, transaction,… …   New thesaurus

  • exchange — To barter; to swap. To part with, give or transfer for an equivalent. Kessler v. United States, C.C.A.Pa., 124 F.2d 152, 154. To transfer goods or services for something of equal value. Rosenberg v. State, 12 Md.App. 20, 276 A.2d 708, 711. Act of …   Black's law dictionary

  • sale — Synonyms and related words: abalienation, alienation, amortization, amortizement, assignation, assignment, available, bargain and sale, barter, bazaar, bequeathal, buying, cession, closing out sale, conferment, conferral, consignation,… …   Moby Thesaurus

  • exchange — A voluntary association or corporation organized for the purpose of furnishing its members a convenient and suitable place to transact their business, of promoting uniformity in the customs and usages of merchants, of inculcating principles of… …   Ballentine's law dictionary

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