§1231 Assets Include All Assets Used in a Trade or Business

question 53

True/False

§1231 assets include all assets used in a trade or business.

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Definitions:

Trustor

An individual or entity that creates a trust by transferring assets to a trustee, who manages the assets for the benefit of a third party, the beneficiary.

Fiduciary

A person or organization that acts on behalf of another individual or individuals, managing assets for their benefit with a duty to act in their best interest.

Ultimate Recipient

The final beneficiary or entity that receives funds or benefits, often in the context of grants or financial transactions.

Demonstrative Legacy

A gift of a specific amount of money or property to be given to a designated beneficiary from a particular source or asset.