Chapter 8, Problem 13MCQ

To determine

Concept Introduction:

Section 1231 Property: Section 1231 property includes the real or depreciable business property that is held for more than one year by the taxpayer. Section 1231 property is not considered as capital assets but they provide special treatment for tax. Gains from the 1231 property are considered as long-term capital gain, and losses are deducted as ordinary losses.

To indicate: The section 1231 property