Section 1231 property is O O O O Property used in a trade or business that is subject to depreciation and is held for more than one year. Property used in a trade or business that may or may not be subject to depreciation and held for less than one year. All property used in a trade or business regardless of how long the asset is held Property used in a trade or business that may or may not be subject to depreciation and is held for more than one year