U.S. Code > Title 26 > Subtitle A > Chapter 1 > Subchapter O > Part I – Determination of Amount of and Recognition of Gain or Loss
Current as of: 2024 | Check for updates
|
Other versions
| § 1001 | Determination of amount of and recognition of gain or loss |
Terms Used In U.S. Code > Title 26 > Subtitle A > Chapter 1 > Subchapter O > Part I - Determination of Amount of and Recognition of Gain or Loss
- Contract: A legal written agreement that becomes binding when signed.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- person: shall be construed to mean and include an individual, a trust, estate, partnership, association, company or corporation. See 26 USC 7701
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- taxpayer: means any person subject to any internal revenue tax. See 26 USC 7701
- transaction: includes a series of transactions. See 26 USC 7701
- Trustee: A person or institution holding and administering property in trust.