Ordinary course of the taxpayers business

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Reference no: EM13152234

First, the sale of business assets at a gain was discouraged because the gain would be ordinary income. Gains were common because the war effort had inflated prices. Second, taxpayers who did not want to sell their assets often were required to do so because of government acquisitions through condemnation. Was the painting used in a trade or business? Was the painting depreciable (not held for sale in the ordinary course of the taxpayers business and not held for investment)?

Reference no: EM13152234

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