All assets owned by a trade or business are Section 1231 assets.

Name: All assets owned by a trade or business are Section 1231 assets.
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Not all assets owned by a trade or business are Section 1231 assets. Section 1231 assets are depreciable property and real property (like buildings and equipment) used in a trade or business and held for more than one year. Some assets, such as inventory and accounts receivable, do not qualify as Section 1231 assets.

All Assets Owned by a Trade or Business Are Section