1231 Property

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.

Read more about 1231 Property:  History, Application, Impact

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1231 Property - Impact
... Section 1231 allows businesses to get the "best of both worlds" in regards to the tax treatment of property that falls within the section ... if they realize a gain on Section 1231 property, but at the same time allows the taxpayer to treat any loss on such property as ordinary loss ... Section 1231 treatment allows taxpayers to enjoy tax favored treatment for 1231 property gains that are greater than losses on such property ...

Famous quotes containing the word property:

    All over this land women have no political existence. Laws pass over our heads that we can not unmake. Our property is taken from us without our consent. The babes we bear in anguish and carry in our arms are not ours.
    Lucy Stone (1818–1893)