General Counsel Memorandum 39606
Sale or exchange of airplane takeoff and landing rights
Internal Revenue Service (I.R.S.)
General Counsel Memorandum
Date Numbered: February 27, 1987
February 8, 1987
Section 61 - Gross Income v. Not Gross Income
Section 74 - Prizes and Awards
Section 165 - Deductions For Losses
Section 167 - Depreciation
Section 263 - Capital Expenditures (Deductible v. Not Deductible)
Section 1031 - Exchange of Property Held for Productive Use or Investment
Section 1221 - Capital Asset v. Not a Capital Asset
Section 1223 - Holding Period of Capital Assets
Section 1231 - Property Used in the Trade or Business and Involuntary Conversions (Capital Gain v. Ordinary Income Treatment)
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