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Course of trade |
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COURSE OF TRADE. What is usually done in the management of trade or
business.
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These excluded classes of property include inventories, notes, and accounts receivable acquired in the ordinary course of trade or business; depreciable business property; real property used in the taxpayer's trade or business; certain artistic or intellectual properties (but not a patent or invention); supplies of a type commonly consumed by the taxpayer in the ordinary course of business; and certain financial derivatives. Prior to 1994, states had little reason to monitor the course of trade negotiations closely because they focused on tariffs, quotas and similar "at the border" discrimination against foreign products, almost always the business of the federal government. 512(b)(5) excludes all gains or losses from the sale, exchange or other disposition of property not stock in trade, inventory or held for sale to customers in the ordinary course of trade or business. |
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