Section 1231 property generally does not include notes receivable arising in the ordinary course of business.

Name: Section 1231 property generally does not include notes receivable arising in the ordinary course of business.
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Quizplus · Accepted Answer

Section 1231 property refers to depreciable assets (such as equipment and buildings) and real property (such as land and buildings). Notes receivable are not considered depreciable assets and therefore do not fall under Section 1231 property.

Section 1231 Property Generally Does Not Include Notes Receivable Arising