ordinary income
Defined in 3 places of the United States Code.
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).
Source
- 1994–present26 U.S.C. § 64Internal Revenue Code · Ordinary income defined · for purposes of this subtitle
The term “ordinary income” means the investment company taxable income (as defined in section 852(b)(2)) determined—
(A) without regard to subparagraphs (A) and (D) of section 852(b)(2),
(B) by not taking into account any gain or loss from the sale or exchange of a capital asset, and
(C) by treating the calendar year as the company's taxable year.
Source
- 1994–present26 U.S.C. § 4982Internal Revenue Code · Excise tax on undistributed income of regulated investment companies · for purposes of this section
The term “ordinary income” means the real estate investment trust taxable income (as defined in section 857(b)(2)) determined—
(A) without regard to subparagraph (B) of section 857(b)(2),
(B) by not taking into account any gain or loss from the sale or exchange of a capital asset, and
(C) by treating the calendar year as the trust's taxable year.
Source
- 1994–present26 U.S.C. § 4981Internal Revenue Code · Excise tax on undistributed income of real estate investment trusts · for purposes of this section