For Livestock to Be Considered Sec.1231 Property

question 75

Multiple Choice

For livestock to be considered Sec.1231 property

• A)the livestock must be held for draft,breeding or dairy purposes,but not for sport.
• B)cattle and horses must be held for at least 12 months from the date of acquisition.
• C)cattle and horses must be held for at least 24 months from the date of acquisition.
• D)livestock other than cattle and horses must be held for at least 24 months from the date of acquisition.

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Definitions:

Account Payable

Liabilities or amounts owed by a company to its creditors for goods or services that have been delivered or used but not yet paid for.