Business Homework Solutions
#95517
Which ones are capital assets?
13. All of the following assets are held by Chuck, who is not in business. Which ones are capital assets?
a. Ten shares of Green Motors common stock.
b. A note Chuck received when he loaned $3,000 to a friend.
c. Chuck’s personal use automobile.
d. A letter written by Abraham Lincoln that Chuck purchased at an auction. Chuck is
a collector of Lincoln memorabilia.
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