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(Solution) - Classify each of the following assets as ordinary income property capital

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Classify each of the following assets as ordinary income property, capital asset property, Section 1231 property, or personal use property. If more than one classification is possible, explain the circumstances that would determine the proper classification.
a. Letters written by then?Vice President Harry Truman to Helena Desponsa on the day Franklin Delano Roosevelt died. Desponsa still holds the letters.
b. Ritva is a home-building contractor. She built her own principal residence.
c. Domingos, a real estate broker, owns undeveloped land as an investment.
d. Chas Automobile Plaza, Inc., owns cars held for resale to customers.
e. Arcie, Inc., buys a utility van from Chas Automotive Plaza to use in its concrete installation business.
f. Anne Marie Arcie, the president of Arcie, Inc., buys a car to use for commuting to the corporate offices from her home.

 







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This question was answered on: Jul 11, 2017

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