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| Section 1221
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Section of the Internal Revenue Code explaining what a capital asset is and is not. Capital assets include real estate such as buildings and raw land. It excludes from the definition receivables, inventory and intangibles. |
| Section 1231
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Section of the Internal Revenue Code that deals with assets used in a trade or business. Generally, gains on Section 1231 assets are taxed at capital gains rates (except for depreciation recapture) and losses are tax deductible as ordinary income. |
| Section 1245
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Section of the Internal Revenue Code applying to gains from the sale of personal property subject to depreciation. In most cases, the gains are at capital gains tax rate limited to the amount of accumulated depreciation taken. |
| Section 1250
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Section of the Internal Revenue Code that applies to capital gains from selling real estate that has been depreciated for tax purposes. Most buildings must be depreciated using the straight-line method. |
| Section 167
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Section of the Internal Revenue Code that deals with depreciation. Capital improvements made to real property are depreciable. |
| Section 8 housing
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Created by the 1974 amendments to Section 8 of the 1937 Housing Act, it is a federal program in which the government subsidizes much of the rent, in privately owned apartments, on behalf of qualified low-income tenants. |
| Section line
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Dashed line on a plan or elevation, which shows where an enlarged section view is taken. |
| Section modulus
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Value which shows how much bending stress can be exerted on a structural member. The more resistance, the higher the modulus. Section modulus differs with the size and shape of a structural member. The same type of member will have a higher section modulus if it is heavier than the same type of member which is lighter because the heavier one will be stiffer. |
| Section view
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View that looks into the interior of a building or object as though the exterior has been cut away and removed, exposing the interior. |
| Section, aligned
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View of a building or object how it would appear if a section of the interior was removed, as it is shown on a drawing and lined up with the full view from which is was taken. |
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