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of <h1>New Rule for Capital Gains: Excess from Asset Transfers in a Block Treated as Short-Term Gains Under Section [Specify Section].</h1> The statutory provision addresses the computation of capital gains for depreciable assets within a block of assets. It stipulates that if the consideration received from transferring assets in a block exceeds the sum of transfer-related expenses, the block's written-down value at the year's start, and the cost of newly acquired assets, the excess is treated as short-term capital gains. If all assets in a block are transferred, the acquisition cost is the block's initial written-down value plus any new acquisitions, and resulting income is considered short-term capital gains.
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