All of the following statements regarding the definition of Section 1231 are incorrect except:
A)Property used in a trade or business regardless of how long the asset is held.
B)Property used in a trade or business that may or may not be subject to depreciation and held for more than one year.
C)Property used in a trade or business that is subject to depreciation and held for more than one year.
D)Property used in a trade or business that may or may not be subject to depreciation and held for less than one year.

Question

Quizplus · Accepted Answer

Section 1231 property is defined as property used in a trade or business that may or may not be subject to depreciation and held for more than one year. This definition allows for a broad range of property types, including both depreciable assets and land, which is not depreciable, as long as they are used in the business and held for the requisite period.

All of the Following Statements Regarding the Definition of Section