To Qualify as Section 1231 Property,the Property Must Be Used

question 36

True/False

To qualify as Section 1231 property,the property must be used in a taxpayer's trade or business and must be held for more than one year.

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Definitions:

Get Back Together

The act of re-establishing a romantic relationship between individuals who had previously parted ways.

Fantasize

To imagine or create vivid pictures in one's mind about desires or scenarios that are not currently real.

Sexual Liaisons

Intimate physical or romantic connections or encounter between individuals.

Noncustodial Parent

A parent who does not have legal custody of their child, meaning the child does not live with them the majority of the time.