Gains on the sale of property are a. Sometimes Realized but not Recognized b. Always Realized and Recognized c. Sometimes Recognized but not Realized d. It depends on if the sale is of a capital asset or not. In determining if a gain/loss is long-term or short-term the count of days and you the day of the purchase in the day of the sale or exchange in the count. Code Section 1221 defines a capital asset by