Section 1231 Property Is

Multiple Choice

Section 1231 property is:

A) Property used in a trade or business that is subject to depreciation and is held for more than one year.
B) Property used in a trade or business that may or may not be subject to depreciation and held for less than one year.
C) Property used in a trade or business that may or may not be subject to depreciation and is held for more than one year.
D) All property used in a trade or business regardless of how long the asset is held.