12. What two broad categories of balance sheet assets are Section 1231 assets? 13. There are caveats. a. Does the asset have to be used in the trade or business? b. Are amortizable intangible assets treated as Section 1231 assets? c. Are self-created assets Section 1231 assets? 14. The sum of gains and losses on sales of Section 1231 assets is $315,000. Why can we not conclude that the $315,000 is a capital gain? 15. What two conversions can recharacterization do