Which of the following is a Section 1231 asset?
A) Business inventory
B) Business accounts receivable
C) Supplies used in a business
D) None of these choices are Section 1231 assets

Question

Quizplus · Accepted Answer

Section 1231 assets are depreciable property and real property (like buildings and equipment) used in a business and held for more than one year. Inventory, accounts receivable, and supplies do not qualify as Section 1231 assets because they are not depreciable, nor are they held for the requisite period.

Which of the Following Is a Section 1231 Asset