History
The 1954 version of the Internal Revenue Code adopted the section 1231 treatment for 1231 property held by a business.
The original version of section 1231 applied only to gains and losses from involuntary conversions of business-use property. It was originally conceived as a way to help the shipping industry during World War II.
The present version of the Internal Revenue Code retained the section 1231 treatment for 1231 property held by a business. It now includes property that was lost in an involuntary conversion (theft, natural disaster, etc.) AND the sale or exchange of any business-use property
Read more about this topic: 1231 Property
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