Ordinary Losses

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Definitions
Personal Property
Personal Property Section 1231 Ordinary Income Capital Gains Depreciation Recapture Ordinary Losses Investment Tax Credit Additional First-Year Depreciation Section 179
Personal property, also known as personalty, refers to movable items that are not attached to real estate and can include goods used in trade or business. Gains on the sale of personal property may be taxed favorably under Section 1231 of the Internal Revenue Code.
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Definitions
Section 1231 of the Internal Revenue Code
Section 1231 Internal Revenue Code Capital Gains Ordinary Losses Business Assets Depreciation Recapture
Section 1231 of the Internal Revenue Code deals with assets used in a trade or business, providing for capital gains treatment on gains and ordinary loss treatment on losses from such assets.
Read more about Section 1231 of the Internal Revenue Code.

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