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Author Question: For livestock to be considered Section 1231 property, (Read 83 times)

rmenurse

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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.


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Marked as best answer by rmenurse on Sep 13, 2020

krakiolit

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rmenurse

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Reply 2 on: Sep 13, 2020
Excellent


milbourne11

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

 

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