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.

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Definitions:

Psychologically Healthy

Pertaining to a state of mental well-being where an individual realizes their own abilities, can cope with normal stresses, work productively, and contribute to their community.

Workplace

A location or environment where people are employed and perform tasks or duties for a business or organization.

Psychological Capacities

The potential an individual has to perform mental activities, which can include thinking, reasoning, and understanding.

Performance Improvement

The process of analyzing and enhancing organizational or individual performance through various strategies and interventions.