Question

A Section 1231 asset is NEVER used in the regular course of business. True/False

A Section 1231 asset is NEVER used in the regular course of business. True/False

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Answer #1

Solution:-

A Section 1231 asset is NEVER used in the regular course of business:-

True

Explanation:-

1231 Property is a category of property defined in section 1231 of the U.S. Internal Revenue Code.1231 property includes depreciable property and real property (e.g. buildings and equipment) used in a trade or business and held for more than one year. Some types of livestock, coal, timber and domestic iron ore are also included. It does not include: inventory; property held for sale in the ordinary course of business; artistic creations held by their creator; or, government publications.

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