Section 1223

Section 1223 (26 U.S.C. §1223)

The Internal Revenue Code section that defines the various holding periods for property, important in determining tax benefits.To find the law's text, see the instructions at Section (federal code).

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Faced with a US administration that would have fiercely defended its prerogatives over operational military matters, Section 1223 of the NDAA was probably destined to be fought over and ultimately deleted before the draft bill faced ratification in the US Senate.
Tax-exempt organizations that are not required to file Form 990, Return of Organization Exempt from Income Tax, because their gross receipts are less than $25,000, must begin to furnish an electronic annual notification to the IRS, effective for annual periods beginning after 2006; see PPA '06 Section 1223.