LO.2 Michel is a bond trader who buys and sells bonds regularly for his own account. His

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LO.2 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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