Don't overlook these!
Updated for 2012
Real or depreciable property held one year or less:
If you sell real or depreciable business property held one year or less, the tax rules of Section 1231 do not apply.
Treat gains and losses on the sale or exchange of real or depreciable property used in a trade or business and held one year or less as ordinary gain or loss.
A sale, exchange, or involuntary conversion of property held mainly for sale to customers or used in the manufacture of products to be sold to customers, is not Section 1231 property.
Inventory held for use in the operations of a business, such as office and shipping supplies are not Section 1231 property.
Gain or loss on inventory included in the sale of your business is treated as ordinary gain or loss.
The sale of a copyright, a literary, musical, or artistic composition, or similar property is not a Section 1231 property if:
U.S. Government publications:
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