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
Famous quotes containing the word history:
“History is not what you thought. It is what you can remember. All other history defeats itself.
In Beverly Hills ... they don’t throw their garbage away. They make it into television shows.
Idealism is the despot of thought, just as politics is the despot of will.”
—Mikhail Bakunin (1814–1876)
“The second day of July 1776, will be the most memorable epoch in the history of America. I am apt to believe that it will be celebrated by succeeding generations as the great anniversary festival. It ought to be commemorated, as the day of deliverance, by solemn acts of devotion to God Almighty. It ought to be solemnized with pomp and parade, with shows, games, sports, guns, bells, bonfires and illuminations, from one end of this continent to the other, from this time forward forever more”
—John Adams (1735–1826)
“In history an additional result is commonly produced by human actions beyond that which they aim at and obtain—that which they immediately recognize and desire. They gratify their own interest; but something further is thereby accomplished, latent in the actions in question, though not present to their consciousness, and not included in their design.”
—Georg Wilhelm Friedrich Hegel (1770–1831)