Choice "d" is correct. 1231 Assets are depreciable personal property and real property used in a business and held for over 12 months. Land held for 18 months meets this definition.

Choice "a" is incorrect. 1231 Assets are depreciable personal property and real property used in a business and held for over 12 months. Inventory held for resale does not meet this definition.

Choice "b" is incorrect. 1231 Assets are depreciable personal property and real property used in a business and held for over 12 months. Machinery held for six months does not meet this definition.

Choice "c" is incorrect. 1231 Assets are depreciable personal property and real property used in a business and held for over 12 months. Cattle held for six months does not meet this definition.