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:
“General education is the best preventive of the evils now most dreaded. In the civilized countries of the world, the question is how to distribute most generally and equally the property of the world. As a rule, where education is most general the distribution of property is most general.... As knowledge spreads, wealth spreads. To diffuse knowledge is to diffuse wealth. To give all an equal chance to acquire knowledge is the best and surest way to give all an equal chance to acquire property.”
—Rutherford Birchard Hayes (1822–1893)