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

Name: To qualify as Section 1231 property,the property must be used in a taxpayer's trade or business and must be held for less than one year.
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To qualify as Section 1231 property, the property must be used in a taxpayer's trade or business, but it must be held for MORE than one year, not less than one year.

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