Which of the Following Items Is a Capital Asset in the Hands

question 83

Multiple Choice

Which of the following items is a capital asset in the hands of the taxpayer?

• A)Taxpayer owns a 10-year old Harley-Davidson motorcycle.
• B)Taxpayer owns a used car lot. He owns a 1962 Cadillac that is for sale on the lot.
• C)Taxpayer owns a notebook computer that he carries to his clients for work purposes.
• D)Taxpayer, a farmer, has a prize winning steer in his herd.
• E)None of the above items are capital assets.

---

Definitions:

Open Shops

are workplaces where union membership is not required as a condition for employment, allowing employees the choice to join or not to join a labor union.

Equal Opportunity

The principle of treating all individuals the same, without discrimination based on race, gender, sexuality, religion, or other personal characteristics.

Employers

Individuals or entities that hire others to perform services or jobs in exchange for compensation.

Welfare Capitalism

An economic system that combines a predominantly market-based economy with extensive social welfare programs.