Long-term capital asset definition updated, narrowing eligible assets and omitting several prior subsections and cross-references. The amendment narrows eligibility under section 54E by substituting an express long-term capital asset formulation for the previous exclusionary phrasing in subsections (1) and (2); it omits sub-sections (3)-(5); and it renumbers sub-section (6) as (3) while deleting a cross-reference to the removed clauses.