Editor: Greg A. Fairbanks, J.D., LL.M. Under Regs. Sec. 1.61-6(a), a taxpayer must include in gross income any gain realized on the sale or exchange of property, unless it is excluded by another provision. The specific rules for determining the amount of gain from a sale or exchange of property are contained in Sec. 1001; however, special Code provisions provide for sale or exchange treatment when Sec. 1001 does not apply (e.g., Sec. 1259). In a recent case, Estate of McKelvey,148 T.C. No.