### Question
How does the law define qualified property?


### Answer
Under *26 U.S.C. § 108*, **qualified property** is defined as:

> any property which is used or is held for use in a trade or business or for the production of income

#### Citation:
  - *26 U.S.C. § 108*
  - Heading: **Subtitle A-Income Taxes > CHAPTER 1-NORMAL TAXES AND SURTAXES > Subchapter B-Computation of Taxable Income > PART III-ITEMS SPECIFICALLY EXCLUDED FROM GROSS INCOME**

