IRC Section 1221

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January 1, 1 6 min read Definitions

Capital Asset Internal Revenue Code Taxation Assets Investment Real Estate IRC Section 1221

A capital asset as defined in Section 1221 of the Internal Revenue Code (IRC) that receives favorable tax treatment upon sale contains various exclusions such as inventory, property held for resale, property used in a trade or business, certain copyrights, and specific U.S. government obligations.