Sale of Business Property

Dispositions of Intangible Property

Answer:

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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