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of <h1>Slump sale profits treated as capital gains; 36-month holding distinguishes long-term from short-term; net worth deemed cost</h1> Profits from a slump sale are taxed as capital gains on transfer of long-term assets, except where the undertaking/division was held for 36 months or less, when gains are short-term. For an undertaking or division, its net worth is deemed the cost of acquisition and improvement, and fair market value (prescribed manner) is deemed full consideration. The assessee must furnish an accountant's report certifying net worth. Net worth equals total assets less liabilities as per books (ignoring revaluation); depreciable assets use written down value, goodwill not self-generated is nil, certain assets under specified deductions are nil, others use book value.
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