Sale or Exchange

Disposition of property in a value-for-value exchange, as opposed to a disposition by gift, contribution, or the like.

A phrase used in tax law to describe a disposition of property in a value for value exchange as opposed to a disposition by gift, contribution, or the like; the realization of gain or loss for income tax purposes on the disposition of property is based on the sale or exchange of that property, e.g., I.R.C. §§1001, 1222.