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Section 1231
A section of the U.S. tax code that allows for the favorable tax treatment of gains and losses on the sale or exchange of business property.
Aggregate
is the total amount or sum of individual parts combined.
Ordinary
Refers to income or transactions that are common or usual within the context of business and taxes.
Donee's Basis
The value assigned to a gift or inherited property for the purpose of determining gain or loss when the property is sold by the recipient.
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