§ 6-3-1-24 — "Sales"

Indiana § 6-3-1-24

• Jurisdiction: Indiana
• Art. 3: STATE INCOME TAXES
• Ch. 1: Definitions

Text

The term "sales" means:
(1) in the case of the maturity, redemption, sale, exchange, loan,
or other disposition of stocks, bonds, notes, options, forward
contracts, future contracts, and similar instruments or securities,
the net gain from the sale or exchange of such contracts,
instruments, or securities;
(2) in the case of the maturity, sale, or exchange of two (2) or
more contracts, instruments, or securities as part of a hedging or
substantially similar transaction, only the net gains from all such
sales or exchanges; and
(3) all other gross receipts of the taxpayer;
not allocated under IC 6-3-2-2(g) through IC 6-3-2-2(k), other than
compensation (as defined in section 23 of this chapter), or otherwise
provided in this chapter. If a taxpayer does not receive money or other
property upon the maturity or redemption of a security, any includible
amounts shall not be included unless and until the taxpayer actually
receives money or other property. Any reference to "receipts" in this
article shall have the same meaning as "sales" unless the context clearly
requires otherwise.
Formerly: Acts 1963(ss), c.32, s.124; Acts 1965, c.233, s.11. As
amended by P.L.2-1988, SEC.7; P.L.158-2019, SEC.4.