Unimproved Property

Unimproved Property means:
land that has received no development, construction, or site preparation that qualifies for capital gain or loss treatment (i.e., raw land). Improvements to property cause the property to receive ordinary income treatment as inventory of a dealer. See Former IRC (check if this IRC provision is current here) § 1237.

See also Capital Gain in the American Legal Encyclopedia and Capital Gain in the World Legal Encyclopedia.