Section 1231

Section 1231 means:
the part of the Internal Revenue Code that deals with assets used in a trade or business. Generally, gains on Section 1231 assets are taxed at capital gain rates (except for depreciation recapture), and losses are tax deductible as ordinary losses. Section 1231 assets include:

• vehicles used in business.

• machinery used in business.

• hotels, office buildings, warehouses, and apartments

See also other Tax Terms and Definitions in U.S.A.

Section 1245, Section 1250.

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

See Depreciation in the United States Encyclopedia of Law and Depreciation in the World Encyclopedia of Law.