All of the following statements regarding the definition of Section 1231 are incorrect except:
A) Property used in a trade or business that may or may not be subject to depreciation and held for more than one year.
B) Property used in a trade or business that is subject to depreciation and held for more than one year.
C) Property used in a trade or business that may or may not be subject to depreciation and held for less than one year.
D) Property used in a trade or business regardless of how long the asset is held.
Correct Answer:
Verified
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