All of the following are capital assets, except
A)Personal residence.
B)Land used for business parking lot.
C)Pickup truck used for personal transportation..
D)Corporate bonds held for investment purposes.
E)A hand-written letter by Dwight Eisenhower held in a private collection.

Question

Quizplus · Accepted Answer

Land used for business purposes, such as a parking lot, is not considered a capital asset because it is used in the ordinary course of a business. Capital assets are typically personal-use properties or investment properties, not assets used in a trade or business.

All of the Following Are Capital Assets, Except