Indicate whether each of the following assets are capital assets, Sec. 1231 assets, or ordinary income property (pr which, if sold, results in ordinary income). Assume that all of the property is held for more than one year.
a. XYZ Corporation owns land used as an employee parking lot. How is the parking lot classified for tax purpo
b. Montana Corporation owns land held as an investment. How is the land classified for tax purposes?
c. John, a self- employed electrician, owns an automobile he uses strictly for personal use. How is the automobi classified for tax purposes?
d. Jan, a self- employed contractor, owns a truck she uses exclusively in her trade or business. How is the truck classified for tax purposes?
e. Leslie owns an office building where her accounting practice is located. What is the classification of the build
f. Yvonne owns a computer for use in her job as a sales representative. She does not use the computer for perso purposes. How is the computer classified for tax purposes?
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b. Capit...
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