Section 1231 Property Includes Nonpersonal Use Property Whose Casualty Gains

question 23

True/False

Section 1231 property includes nonpersonal use property whose casualty gains exceed casualty losses for the taxable year.

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Definitions:

Rhizobia

Soil bacteria that fix nitrogen after becoming established inside root nodules of legumes.

Infection Threads

Filamentous structures formed by certain bacteria during the infection process of plant roots, facilitating microbial entry.

Legume

(1) A simple, dry fruit that develops from a single carpel and splits open at maturity along two sutures to release seeds. (2) Any member of the pea family (e.g., pea, bean, peanut, alfalfa).

Soil Organisms

A diverse group of living entities in soil, including bacteria, fungi, insects, and earthworms, contributing to nutrient cycling and soil health.