Michel is a bond trader who buys and sells bonds regularly for his own account. His cousin,

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Michel is a "bond trader" who buys and sells bonds regularly for his own account. His cousin, who purports to be a tax expert but is not a CPA, has told Michel that because the bonds Michel holds are inventory, they are ordinary assets and not capital assets. Is this always true? Explain.
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South Western Federal Taxation 2015

ISBN: 9781305310810

38th Edition

Authors: William H. Hoffman, William A. Raabe, David M. Maloney, James C. Young

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