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:
“... the history of the race, from infancy through its stages of barbarism, heathenism, civilization, and Christianity, is a process of suffering, as the lower principles of humanity are gradually subjected to the higher.”
—Catherine E. Beecher (1800–1878)
“There is a constant in the average American imagination and taste, for which the past must be preserved and celebrated in full-scale authentic copy; a philosophy of immortality as duplication. It dominates the relation with the self, with the past, not infrequently with the present, always with History and, even, with the European tradition.”
—Umberto Eco (b. 1932)
“So in accepting the leading of the sentiments, it is not what we believe concerning the immortality of the soul, or the like, but the universal impulse to believe, that is the material circumstance, and is the principal fact in this history of the globe.”
—Ralph Waldo Emerson (1803–1882)