Sale of Business Property - Section 1231 - Form 4797
Answer:
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.
The sale triggers a taxable event (gain or loss) that is reported on IRS Form 4797, Sale of Business Property, Part 1.