Section 1231 Property Includes Nonpersonal Use Property Where Casualty Gains

question 90

True/False

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

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Definitions:

Postmortem Examination

A postmortem examination, also known as an autopsy, is a detailed medical examination of a body after death to determine the cause and manner of death and to evaluate any disease or injury that may be present.

Coroner

An official who investigates a sudden, suspicious, or violent death to determine the cause. In some communities, this position has been replaced by the medical examiner.

Mortician

A professional who prepares the deceased for burial or cremation and assists in arranging funerals.

Diabetic Ketoacidosis

A complication of diabetes that occurs when the body cannot use sugar (glucose) as a fuel source because the body has no insulin or not enough insulin and fat is used instead. Byproducts of fat breakdown, called ketones, build up in the body.