August 22 session

 can gross income be taxed?

o yes. like individuals such as NRA ETBs and juridical persons (NRFCs)
 section 35 was deleted in its entirety!
 capital assets. What are they?
o stock in trade
o real prop primarily held for sale
o inventoriable prop held at end of year
o depreciable property
 realization connotes that there is a transaction