Q: What are the exclusions to property used in the trade or business?
“Property used in the trade or business” is a defined terms and carries with it certain exclusions. See 1231(b)(1)(A)-(D):
i. Inventory
ii. Property held primarily for sale to customers in the ordinary course of the business
iii. Copyrights, literary compositions, etc
iv. Publication of the U.S. Government
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