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Trade or Business
Trade or Business is an activity carried on for the purpose of earning profit by providing goods or services, and is characterized by regularity and continuity.
Section 1231 Asset
A tax term referring to depreciable property or real estate used in a trade or business that, if sold, can result in favorable capital gains treatment.
Ordinary Gain
Gain characterized as ordinary income for tax purposes, typically resulting from the sale of assets not considered capital assets.
Sold
The act of transferring ownership of an item or asset for money or value in exchange.
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