I have an assignment where I have to give responses on the article below the requirements for the responses are designed to expand the topics, "includes some new detail information, and/or clarifying details from additional research on that topic below. can you please include the references of the new sources you are sharing using citation format ?

In the article "Different Treatment of Gain on the Sale of Business Property," John W. Taylor informs the reader of the various ways in which gains from the sale of business property are treated for tax purposes. There are three main categories of property: Section 1231, Section 1245, and Section 1250 p roperty. Section 1231 property refers to assets used in the trade or business, including machinery, equipment, and natural resources. lt also must be held for more than one year. When a gain is made from the sale of Section 1231 property, it is treated as a longterm capital gain and taxed more favorably than at the ordinary income tax rate. Losses from the sale of Section 1231 property can offset the business's ordinary income. It is also not subject to capital loss limitations. The article discusses the concept of recapture rules, which apply when certain types of property such as depreciation recapture property are sold. Recapture refers to including a portion of the gain as ordinary income. This recaptured amount is taxed at ordinary income tax rates. This rule is in effect to prevent gain and loss manipulation from year to year. Section 1245 property is all depreciable personal property and certain depreciable real property used in business. An example of this a storage tank. When a gain is made from the sale of Section 1245 property, amounts previously claimed as depreciation are recaptured at ordinary income tax rates, and the remaining gain is taxed at capital gains rates. However, when a loss is made, it is taxed as a Section 1231 ordinary loss. This can offset ordinary income. Section 1250 property is real property, such as buildings, that are held and depreciated over long periods of time. When a gain is made from the sale of Section 1250 property. it is taxed at the ordinary income tax rate when the accelerated depreciation exceeds the taxpayer's use of straight line depreciation. If there is a remaining amount of gain, it is taxed as long~term capital gain under Section 1231. When a loss is made. it is taxed as a Section 1231 ordinary loss and can offset ordinary income. Refe rence Taylor, J.W. (n.d.). Different Treatment of Gain on the Sale of Business Property. Dermody, Burke & Brown, CPAs, LLC. https://www.dbbllc.comewsletters/focus- ouretaersneWSletter/different?treatmentrgaine salevbusinessproperty