For livestock to be considered Sec. 1231 property,
A) the livestock must be held for draft, breeding or dairy purposes, but not for sport.
B) cattle and horses must be held for at least 12 months from the date of acquisition.
C) cattle and horses must be held for at least 24 months from the date of acquisition.
D) livestock other than cattle and horses must be held for at least 24 months from the date of acquisition.
C) cattle and horses must be held for at least 24 months from the date of acquisition.
The first answer choice is incorrect because the livestock may be held for sport. The second answer choice is incorrect and the third answer choice is correct because cattle and horses must be held for at least 24 months. The fourth answer choice is incorrect because other livestock must be held for at least 12 months.
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Describe what source documents are and the purpose they serve in a business.
What will be an ideal response?