Section 1231 Property 1231 property is real or depreciable business property held for over a year. Section 1231 property includes buildings, machinery, land, timber and other natural resources, unharvested crops, cattle, livestock and leaseholds that are at least a year old, but does not include poultry, trademarks, or inventory. Breaking It Down: Broadly speaking, if gains on property fitting Section 1231's definition are more than the adjusted basis and...
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