The National Directory of Certified Public Accountants

Ask A CPA - Sale of Business Property

Form 4797 Part 1 - Section 1231 Transactions

Section 1231 transactions are reported on Form 4797 part 1. A partial list of of Section 1231 transactions include Sales or exchanges of : real or depreciable property used in a trade or business and held more than 1 year. Timber, Coal, Cattle Horses or Livestock.

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