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.
Note 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.