Definition of transfer broadens capital-asset dispositions to include sale, conversion to stock-in-trade and transactions enabling enjoyment of immovable property. The term transfer encompasses sale, exchange, relinquishment, extinguishment of rights, compulsory acquisition, conversion to or treatment as stock-in-trade, maturity or redemption of zero coupon bonds, allowing possession in part performance of contracts, and any transaction that transfers or enables enjoyment of immovable property, including indirect, conditional, voluntary or involuntary disposals and arrangements by membership, share acquisition, agreement or otherwise.