time as the Secretary may by regulations prescribe); or (8) supplies of a type regularly used or consumed by the taxpayer in the ordinary course of a trade or business of the taxpayer. 6 Respondent concedes that none of the eight categories delineated in sec. 1221(a) is applicable to the State tax credits. Neither party asserts the State tax credits petitioners sold properly come within any other Internal Revenue Code section determining the character of assets; e.g., sec. 1253 (specifying the character of franchises, trademarks, and trade names). 7 See, e.g., Watkins v. Commissioner, 447 F.3d 1269, 1273 (10th Cir. 2006) (treating the transfer of rights to lottery payments as ordinary income), affg. T.C. Memo. 2004-244; Saviano v. Commissioner, 765 F.2d 643, 653-654 (7th Cir. 1985) (<HOLDING>), affg. 80 T.C. 955 (1983); Freese v. United
holding that the sale of a gold option did not result in capital gains when the option represented a right of first refusal to net profits from mining holding that transfer of property from an individual to a corporation wholly owned by the same individual was not a sale triggering a right of first refusal holding right of first refusal only applied to a voluntary sale and taking of property by condemnation is involuntary therefore right of first refusal not triggered holding given language in agreement right of first refusal could not be exercised in context of a foreclosure sale holding united states marshals involuntary bankruptcy sale of property did not trigger right of first refusal