what is the difference between 1231 and 1250 property 
section 1231 applies to all depreciable business assets owned for more than one year while section 1250 and also 1245 provides guidance on how different asset categories are taxed when sold at a gain or loss all property used in a trade or business is considered section 1231 property and for taxation purposes either section 1245 or 1250 applies depending on the property s characteristics 9