Section 1231 property generally includes certain intangible assets (such as patents and goodwill)that are developed by the taxpayer and that are not eligible for amortization,but are held for more than one year.

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Section 1231 property generally includes depreciable property and real estate used in a trade or business and held for more than one year, but it does not typically include intangible assets like patents and goodwill.

Section 1231 Property Generally Includes Certain Intangible Assets (Such as Patents