Which of the following assets held by a manufacturing business is a § 1231 asset?
A) Inventory.
B) Office furniture used in the business and held less than one year.
C) A factory building used in the business and held more than one year.
D) Accounts receivable.
E) All of the above.

Question

Quizplus · Accepted Answer

Only the factory building used in the business and held for more than one year qualifies as a § 1231 asset. Inventory and accounts receivable are not § 1231 assets, and office furniture held for less than one year is considered a short-term asset.

Which of the Following Assets Held by a Manufacturing Business