To qualify as Section 1231 property,the property must be used in a taxpayer's trade or business and must be held for more than one year.

Name: To qualify as Section 1231 property,the property must be used in a taxpayer's trade or business and must be held for more than one year.
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Question

Quizplus · Accepted Answer

Section 1231 property refers to property used in a taxpayer's trade or business and held for more than one year. Therefore, the statement is true.

To Qualify as Section 1231 Property,the Property Must Be Used