Indiana § 6-3-1-24 - "Sales"
Full text of Indiana Indiana Code § 6-3-1-24 — "Sales", with citation guidance and answers to common questions.
§ 6-3-1-24. "Sales"
Sec. 24. 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.
Frequently Asked Questions About Indiana § 6-3-1-24
What does Indiana Code § 6-3-1-24 cover?
Section 6-3-1-24 (""Sales"") is part of the Indiana Code, the codified statutory law of Indiana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Indiana § 6-3-1-24?
A common citation format is "Indiana Code § 6-3-1-24" (Indiana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Indiana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Indiana official source linked on this page or consult a licensed Indiana attorney.
How does Indiana § 6-3-1-24 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Indiana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Indiana.