All assets listed below have been held for more than one year. Requirement Which assets might be classified as Sec. 1231, Sec. 1245, or Sec. 1250 property? An asset may be classified as more than one type of property. Asset Sec. 1231 a. Land on which a factory is located b. Equipment used in the factory c. Raw materials inventory d. Patent purchased to allow use of a manufacturing process e. Land held primaily for sale f. Factory building acquired in 1986 (the straight-line ACRS recovery method is used) Asset Sec. 1245 a. Land on which a factory is located b. Equipment used in the factory c. Raw materials inventory d. Patent purchased to allow use of a manufacturing process e. Land held primaily for sale f. Factory building acquired in 1986 (the straight-line ACRS recovery method is used) ME Asset Sec. 1250 a. Land on which a factory is located b. Equipment used in the factory c. Raw materials inventory d. Patent purchased to allow use of a manufacturing process e. Land held primaily for sale f. Factory building acquired in 1986 (the straight-line ACRS recovery method is used)