Which of the Following Items Is Not a Capital Asset

question 5

Multiple Choice

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.

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Definitions:

Attributes

Characteristics or features that help in distinguishing or describing an object, concept, or entity.

Phonemes

The basic units of sound in a language that distinguish one word from another; for example, the sounds that make the difference between "bat" and "pat."

Universal Helplessness

A belief that environmental forces produce failure and result in helplessness.

Accounting Exam

A standardized test that measures knowledge and understanding in accounting principles and practices.