Learn, remember, and master the hundreds of tax terms that are used and created each day. Each one of our accounting tax terms are reviewed and written to be understood from bookkeepers to cpas to accountants alike.
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Property that is or has been subject to an allowance for depreciation or amortization. Section 1245 property includes personal property, single purpose agricultural and horticultural structures, storage facilities used in connection with the distribution of petroleum or primary products of petroleum, and railroad grading or tunnel bores.
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