Question

Section 1231 property generally includes certain purchased intangible assets (such as patents and goodwill) that are eligible for amortization and held for more than one year. True or False?

Answer 1

Section 1231 property generally includes certain purchased intangible assets (such as patents and goodwill) that are eligible for amortization and held for more than one year.

Step-by-step explanation:

Section 1231 property generally includes certain purchased intangible assets (such as patents and goodwill) that are eligible for amortization and held for more than one year.

This statement is true. Section 1231 of the Internal Revenue Code defines and categorizes different types of property, including intangible assets, for tax purposes. Under this section, certain purchased intangible assets like patents and goodwill are considered Section 1231 property if they are held for more than one year.