The National Directory of Certified Public Accountants

Ask A CPA - Sale of Business Property

Sale Of Business Property - Section 1231 - Form 4797

Depreciable assets such as buildings, land, machinery and equipment held more than one year are classified as (IRC) Section 1231 property. The sale triggers a taxable event (gain or loss) that is reported on IRS Form 4797, Sale of Business Property, Part 1.

If you need professional help with "Sale of Business Property" or have other tax questions, we can help you find a local licensed CPA for a free, no-obligation consultation.