The National Directory of Certified Public Accountants

Ask A CPA - Sale of Business Property

Dispositions Of Intangible Property

Intangible property is any personal property that has value but cannot be seen or touched. It includes such items as the goodwill value of a business, patents, copyrights. Gain or loss on the sale or exchange of amortizable or depreciable intangible property held longer than 1 year (other than an amount recaptured as ordinary income) is a section 1231 gain or loss. Gain or loss on dispositions of other intangible property is ordinary or capital depending on whether the property is a capital asset or a noncapital asset.

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