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1231 Property is a category of property defined in section 1231 of the U.S. Internal Revenue Code. [1] 1231 property includes depreciable property and real property (e.g. buildings and equipment) used in a trade or business and held for more than one year. Some types of livestock, coal, timber and domestic iron ore are also included.
The remainder of any gain realized is considered long-term capital gain, provided the property was held over a year, and is taxed at a maximum rate of 15% for 2010-2012, and 20% for 2013 and thereafter. If Section 1245 or Section 1250 property is held one year or less, any gain on its sale or exchange is taxed as ordinary income.
Under this definition, the term “property used in the trade or business” is subject to the limitations of Section 1231(b) of the Internal Revenue Code. Additionally, A capital asset is property held by the taxpayer, whether or not that property is connected with his trade or business, but not that which falls into the eight categories set ...
Pages in category "Buildings and structures completed in 1231" The following 3 pages are in this category, out of 3 total. This list may not reflect recent changes .
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He was High Sheriff of Surrey, jointly with Henry de Wintershul, in 1231. [2] He was an itinerant justice in England in 1228–32, whose circuit covered most of the eastern and south-eastern counties of England. [2] He became King's Proctor (a senior Crown advocate who pleaded on behalf of the Crown in the Courts) in 1244. [1]