[MGINLA]

Hopefully this will help. US Supreme Court term of "income" has approved this definition: "Income may be defined as the gain derived from capital, from labor, or both combined, provided it be understood to include profit gained through a sale or conversion of capital assets." In addition, the Supreme Court has repeatedly held that Congress's broad definition of what constitutes gross income was intended to tax all gain unless specifically exempted. As the sale of classic automobile is not specifically exempted, the gain should be taxable. As will all information on the net you should see your Tax Professional. And no, I do not work for the IRS.