### Question
How does NORMAL TAXES AND SURTAXES define property used in the trade or business?


### Answer
Under *26 U.S.C. § 341*, **property used in the trade or business** is defined as:

> property described in section 1231(b), without regard to any holding period therein provided

#### Citation:
  - *26 U.S.C. § 341*
  - Heading: **Subtitle A-Income Taxes > CHAPTER 1-NORMAL TAXES AND SURTAXES > Subchapter C-Corporate Distributions and Adjustments > PART II-CORPORATE LIQUIDATIONS > Subpart C-Collapsible Corporations**

