A taxpayer's personal automobile is a capital asset.

Name: A taxpayer's personal automobile is a capital asset.
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A taxpayer's personal automobile is considered a capital asset, subject to capital gains tax rules, if it is used for personal purposes such as commuting or running errands. However, if the automobile is used for business purposes, it may be treated as a business asset and subject to different tax rules.

A Taxpayer's Personal Automobile Is a Capital Asset