Which of the following items is not a capital asset in the hands of the taxpayer?
A)Taxpayer has a set of wrenches he uses to work on his personal auto.
B)Taxpayer has a $6,000 wedding dress she keeps as a remembrance of her wedding.
C)Taxpayer owns city of Topeka bonds.
D)Taxpayer is an amateur golfer but has a set of championship golf clubs
E)All of the above items are capital assets.

Question

Quizplus · Accepted Answer

All the items listed are considered capital assets as they are personal property held by the taxpayer.

Which of the Following Items Is Not a Capital Asset