Section 1231 or 1045

[Dennis13]

Hi - I have a block hauler selling his truck. This is a 12,000 lb truck that hauls cedar blocks
He sold it is 2005. For the sale is it a 1231 property or 1045. Is it report Sect. I on the 4797 or page 2. Please support your position.

I believe it is section 1231 because it is not easily convertible ot personal property.

Thank you for your input.

Dennis

[Brian EA]

Hi - I have a block hauler selling his truck. This is a 12,000 lb truck that hauls cedar blocks
He sold it is 2005. For the sale is it a 1231 property or 1045. Is it report Sect. I on the 4797 or page 2. Please support your position.

I believe it is section 1231 because it is not easily convertible ot personal property.

Thank you for your input.

Dennis

It's a 1245 property because it is a business equipment and it is reported on page 2 of the 4797. An example of 1231 property is land which is reported on page 1.