Section 1231 Property
A tax term relating to depreciable business property that has been held for over a year. Section 1231 property includes buildings, machinery, land, timber and other natural resources, unharvested crops, cattle, livestock and leaseholds that are at least a year old.
Section 1231 gains and losses are netted against each other in the same manner as capital gains and losses, except that a net section 1231 gain is considered a capital gain, while a net section 1231 loss is classified as an ordinary loss.
Section 1231 gains and losses are netted against each other in the same manner as capital gains and losses, except that a net section 1231 gain is considered a capital gain, while a net section 1231 loss is classified as an ordinary loss.
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