1231 property refers to the tax treatment of certain types of property under 26 USCA ยง 1231 of the Internal Revenue Code for the United States of America. The types of 1231 property include depreciable property and real property (e.g. - buildings and equipment) used in a trade or business and held for more than one year. Timber, coal or domestic iron ore, and some types of livestock are also covered. 1231 property does not include: inventory, property held for sale in ordinary course of business, artistic creations held by their creator, government publications.
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Famous quotes containing the word property:
“For wisdom is the property of the dead,
A something incompatible with life; and power,
Like everything that has the stain of blood,
A property of the living; but no stain
Can come upon the visage of the moon
When it has looked in glory from a cloud.”
—William Butler Yeats (1865–1939)