Which of the following assets is not a Section 1231 asset?
A) Business equipment held for four years
B) Office furniture held for eight months
C) Land used in a business and held for 16 years
D) All of these choices are Section 1231 assets

Question

Quizplus · Accepted Answer

Office furniture held for eight months is not a Section 1231 asset. To be considered a Section 1231 asset, an asset must be used in a trade or business and held for more than one year. Business equipment held for four years and land used in a business and held for 16 years meet these criteria and are therefore Section 1231 assets.

Which of the Following Assets Is Not a Section 1231