26 U.S.C. § 64
§ 64. Ordinary income defined
No plain-English explainer yet. Below is the official text. Explainers are being added section by section.
History
Added in 1976 by the Tax Reform Act of 1976. Last changed October 4, 1976 by the Tax Reform Act of 1976.
Every change, newest first (1)
- October 4, 1976Tax Reform Act of 1976 · added this section
The law as written
Current through Public Law 119-102. Amendment notes omitted.
For purposes of this subtitle, the term “ordinary income” includes any gain from the sale or exchange of property which is neither a capital asset nor property described in section 1231(b). Any gain from the sale or exchange of property which is treated or considered, under other provisions of this subtitle, as “ordinary income” shall be treated as gain from the sale or exchange of property which is neither a capital asset nor property described in section 1231(b).