Indicate Whether Each of the Following Assets Are Capital Assets,Sec

question 91

Essay

Indicate whether each of the following assets are capital assets,Sec.1231 assets,or ordinary income property (property which,if sold,results in ordinary income).Assume that all of the property is held for more than one year.
a.XYZ Corporation owns land used as an employee parking lot.How is the parking lot classified for tax purposes?
b.Montana Corporation owns land held as an investment.How is the land classified for tax purposes?
c.John,a self-employed electrician,owns an automobile he uses strictly for personal use.How is the automobile classified for tax purposes?
d.Jan,a self-employed contractor,owns a truck she uses exclusively in her trade or business.How is the truck classified for tax purposes?
e.Leslie owns an office building where her accounting practice is located.What is the classification of the building?
f.Yvonne owns a computer for use in her job as a sales representative.She does not use the computer for personal purposes.How is the computer classified for tax purposes?

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Definitions:

All Behaviors

The concept that every action or reaction an individual or organism can perform constitutes behavior, regardless of its observability or complexity.

Response To Intervention (RtI)

A multi-tier approach to the early identification and support of students with learning and behavior needs.

Eligibility Decisions

The process of determining whether an individual meets the specific criteria or standards required for a service, program, or activity.

Learning Disabilities

Neurologically based processing problems that can interfere with learning basic skills such as reading, writing, or math, and can also affect higher-level skills such as organization, time planning, and abstract reasoning.