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of <h1>Sections 48 and 49: Excess proceeds from block asset transfers treated as short-term capital gains; block cessation treated as transfer</h1> Where a capital asset is part of a block of depreciable assets, sections 48 and 49 are modified: if aggregate consideration from transfers of assets in the block during the year exceeds (i) transfer-related expenses, (ii) the block's written down value at the year's start, and (iii) actual cost of assets acquired into the block that year, the excess is treated as short-term capital gains. If all assets in the block are transferred so the block ceases to exist, the block's cost is its opening written down value plus actual cost of acquisitions that year, and the proceeds are treated as short-term capital gains. Goodwill in a block and its reduction are specially treated and deemed a transfer as prescribed.
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