Which one of the following statements is true? a. Section 1231 applies to the sale or exchange...
Question:
Which one of the following statements is true?

a. Section 1231 applies to the sale or exchange of business properties but not to any involuntary conversions.

b. If there is net Section 1231 loss, it is treated as a short-term capital loss.

c. Personal use property casualty gains and losses are not subject to the Section 1231 rules.

d. Section 1231 property includes non-personal use property where casualty losses exceed casualty gains for the tax year.