Which of the following is NOT considered Section 1245 property?

Section 1245 property includes certain types of depreciable property that are subject to recapture rules when they are sold or disposed of. These typically involve tangible personal property, like machinery and equipment, that has been depreciated for tax purposes.

Non-depreciable land does not fit within these categories because it does not lose value over time and therefore is not subject to depreciation. While land can be an asset in a business context, it is not included under Section 1245 property classifications that apply to items eligible for depreciation.

On the other hand, storage facilities for petroleum products, single-purpose agricultural structures, and personal property used in a business all are designed in such a way that they can be depreciated. Thus, they are classified as Section 1245 property. Understanding the distinction between depreciable and non-depreciable property is crucial in tax analysis, especially when assessing capital gains or losses upon the sale of assets.