Marvin is in the business of song writing.He writes jingles for web ads. He writes a song and sells it for a lump sum. He has:
A)Sold a capital asset.
B)Sold an ordinary asset.
C)No gain or loss.
D)An ordinary gain.
E)b.and d.

Question

Quizplus · Accepted Answer

Marvin's jingles are considered ordinary assets because they are part of his regular business operations. Selling them results in ordinary income, not capital gains.

Marvin Is in the Business of Song Writing