Which of the following is not a capital asset?
A)Office building used by a CPA firm.
B)Antique automobile held by an antique automobile collector.
C)Land held for investment.
D)Stock held for investment.

Question

Quizplus · Accepted Answer

A capital asset is generally defined as property that is not held by a taxpayer primarily for sale to customers in the ordinary course of business. Office buildings used in a business, like that of a CPA firm, are considered business property, not capital assets. Antique automobiles held by collectors, land held for investment, and stock held for investment are all examples of capital assets.

Which of the Following Is Not a Capital Asset