For livestock to be considered Section 1231 property,

[rmenurse]

Question 1

For a business, Sec. 1231 property does not include
◦ timber, coal, or domestic iron ore.
◦ inventory purchased 24 months ago.
◦ an office building purchased five years ago.
◦ land used in the business that was purchased two years ago.

Question 2

For livestock to be considered Section 1231 property,
◦ the livestock must be held for draft, breeding or dairy purposes, but not for sport.
◦ cattle and horses must be held for at least 12 months from the date of acquisition.
◦ cattle and horses must be held for at least 24 months from the date of acquisition.
◦ livestock other than cattle and horses must be held for at least 24 months from the date of acquisition.

[krakiolit]

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[rmenurse]

YES! Correct, THANKS for helping me on my review

[parker125]

Thanks for the timely response, appreciate it