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:
“There is no example in history of a revolutionary movement involving such gigantic masses being so bloodless.”
—Leon Trotsky (1879–1940)
“A people without history
Is not redeemed from time, for history is a pattern
Of timeless moments.”
—T.S. (Thomas Stearns)
“It’s nice to be a part of history but people should get it right. I may not be perfect, but I’m bloody close.”
—John Lydon (formerly Johnny Rotten)