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:
“Man was born rich, or inevitably grows rich by the use of his faculties; by the union of thought with nature. Property is an intellectual proposition.”
—Ralph Waldo Emerson (1803–1882)