Stanley operates a restaurant as a sole proprietorship.Which of the following items are capital assets in his hands?
A)The restaurant's tables and chairs.
B)A portable sound system used to play theme music for the restaurant.
C)The restaurant building that is an asset of the sole proprietorship.
D)An interest-bearing savings account used to keep the restaurant's excess cash.
E)None of these.

Question

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The Answer of Stanley operates a restaurant as a sole proprietorship.Which of the following items are capital assets in his hands?
A)The restaurant's tables and chairs.
B)A portable sound system used to play theme music for the restaurant.
C)The restaurant building that is an asset of the sole proprietorship.
D)An interest-bearing savings account used to keep the restaurant's excess cash.
E)None of these.

Stanley Operates a Restaurant as a Sole Proprietorship