Please ensure Javascript is enabled for purposes of website accessibility

Difference between 1231 and 1245 property

Can anyone give me a simple, straightforward way to differentiate between 1231 and 1245 property?  I don't mean the treatment of gains/losses, I'm just talking about being able to identify which category something would fall into.  I know there are other types (1250, etc.), but the definitions of 1231 and 1245 seem to overlap somewhat.

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Comments are closed.

Related articles

Advice: Leave Big 4 then come back?

Ready to get berated for this, but I want some constructive criticism. I graduated with a degree in finance and accounting, interned in audit with Big 4, and received an offer. The offer would start this August, and I’ve already taken 2 sections of the CPA exam. However, I’ve always considered pursuing medicine and I […]

Advice: Stay mid-market or try to get big 4?

Currently, I just finished my junior year of college and I have an internship with a mid market firm for next spring. I will be graduating that same spring with my bachelors in accountancy and will have my 150 credits to take the CPA exam. Assuming that I receive a full time offer after my […]