Business-Use Property

Property used in a trade or business. Examples include tools, equipment, machinery, factories, and office buildings.

References in periodicals archive ?

2005-14 control how mixed personal- and business-use property is handled under the principal residence exclusion and like-kind exchange rules.

(8) This is a conversion of business-use property to personal-use property.

Sale of a residence and like-kind exchanges (Part I: this two-part article examines how recent developments in the principal residence exclusion and like-kind exchanges affect mixed personal- and business-use property. Part I describes the basic interaction between Secs. 121 and 1031.)

Letter Ruling 200004022 may be of interest to farmers and ranchers who hold title in limited liability companies (LLCs) to property that consists of both business-use property and a family residence.

Partnership's ownership of residence does not deny sec. 121 exclusion

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