Section 1245(redirected from 26 U.S.C. §1245)
Section 1245 (26 U.S.C. §1245)
The Internal Revenue Code section that establishes rules regarding gains and losses on certain depreciable property,including real property.It is important because it contains definitions for something called “Section 1245 property.”This,in turn,is important in other tax laws defining benefits available for Section 1245 property. To find the law's text, see the instructions at Section (federal code).