What is the character of land used in an active trade or business for two years?
A) Capital.
B) Ordinary.
C) §1231.
D) Investment.
E) None of these.

Name: What is the character of land used in an active trade or business for two years? A) Capital. B) Ordinary. C) §1231. D) Investment. E) None of these.
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Quizplus · Accepted Answer

Land used in an active trade or business for more than one year is considered a §1231 asset, which can receive favorable tax treatment upon sale.

What Is the Character of Land Used in an Active