SALE OR EXCHANGE
sale or exchange.
1. Tax. A voluntary transfer of property for value (as distinguished from a gift) resulting in a gain or loss recognized for federal tax purposes.
2. A transfer of property; esp., a situation in which proceeds of a sale are to be vested in another estate of the same character and use. ¡ª Also termed (in both senses) sale and exchange. [Cases: Internal Revenue 3232; Taxation 998. C.J.S. Internal Revenue ¡ì¡ì 128¨C129, 490¨C491; Taxation ¡ì 1734.]
How many interpretations of the term SALE OR EXCHANGE are there in Chinese?
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