capital gain

capital gain
For income tax purposes, a gain realized only from sale or exchange of capital assets. A taxable gain is conditioned upon the presence of a claim of right to the alleged gain and the absence of definite obligation to repay or return that which would otherwise constitute a gain, and does not accrue from the mere receipt of property or money which one is obliged to return or repay to the rightful owner. Commissioner v Wilcox, 327 US 404, 90 L Ed 752, 66 S Ct 546, 166 ALR 884, 887. See capital asset; gain derived from capital.

Ballentine's law dictionary. . 1998.

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