1231 property refers to the tax treatment of certain types of property under 26 USCA § 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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... Section 1231 allows businesses to get the "best of both worlds" in regards to the tax treatment of property that falls within the section ... treatment 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:
“You and I ... are convinced of the fact that if our Government in Washington and in a majority of the States should revert to the control of those who frankly put property ahead of human beings instead of working for human beings under a system of government which recognizes property, the nation as a whole would again be in a bad situation.”
—Franklin D. Roosevelt (18821945)