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:
“Man watches his history on the screen with apathy and an occasional passing flicker of horror or indignation.”
—Conor Cruise O’Brien (b. 1917)
“Classes struggle, some classes triumph, others are eliminated. Such is history; such is the history of civilization for thousands of years.”
—Mao Zedong (1893–1976)
“Most events recorded in history are more remarkable than important, like eclipses of the sun and moon, by which all are attracted, but whose effects no one takes the trouble to calculate.”
—Henry David Thoreau (1817–1862)