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1. Capital Assets. (Obj. 1) Indicate which of the following are capital assets. Item Answer a. House occupied as a residence by the owner b.

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1. Capital Assets. (Obj. 1) Indicate which of the following are capital assets. Item Answer a. House occupied as a residence by the owner b. Delivery truck used in a contractor's business c. Corporate stocks owned by a doctor d. Valuable jewelry held for sale by Jones Jewelers e. Land held for investment by an accountant f. Automobile used for personal purposes by the owner g. Business suits worn only to work h. House used strictly as a summer residence i. Musical copyright owned by the composer

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