Sale Or Exchange

Sale Or Exchange means:
the disposition of property in a value-for-value exchange, as opposed to a disposition by gift, contribution, or the like.

Any disposition that is a sale or exchange for federal tax purposes within the meaning of Code section 1222, 1231 or other relevant Code provision, or any disposition that is a compulsory or involuntary conversion for federal tax purposes within the meaning of Code section 1231(a)(3)(A)(ii), if and to the extent that gain or loss on the disposition or conversion is taken into account in determining the taxpayer's federal income tax liability under the Code.

See also the entries Income Tax and State Income Tax in the American Encyclopedia of Law.