54:8A-41 - "Capital assets" defined - New Jersey Statutes

54:8A-41.   "Capital assets"  defined
    The words  "capital assets"  mean property held by the taxpayer (whether or  not connected with his trade or business), but do not include stock in trade of  the taxpayer or other property of a kind which would properly be included in  the inventory of the taxpayer if on hand at the close of the taxable year, or  property held by the taxpayer primarily for sale to customers in the ordinary  course of his trade or business, or land used in the trade or business, or  property used in the trade or business of a character which is subject to an  allowance for depreciation.

     L.1961, c. 32, p. 146, s. 41, eff. May 29, 1941.