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(20 pts) indicate whether each of the following is either Ordinary asset Capital asset Sec. 1231 asset 17. Personal home, held 15 years 18. Business

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(20 pts) indicate whether each of the following is either Ordinary asset Capital asset Sec. 1231 asset 17. Personal home, held 15 years 18. Business building, held 10 years 19. Inventory, held 2 years 20. Land held as investment by business, 8 yrs 21. Parking lot of business, held 8 yrs 22. Personal car, held 8 months 23. Business car, held 8 months 24. Microsoft stock, held by business 3 yrs 25. Microsoft stock, held personally 3 yrs 26. Business computer held 2 months (20 pts) Indicate whether each of the following is either: A B NOT a like-kind exchange A like-kind exchange 27. Grocery store traded for a drug store (both used for business assume only the actual buildings and land are involved) 28. Truck used in business traded for inventory used in business 29. Land held for investment traded for stock held for investment 30. Rental home held for investment traded for land held for business 31. Warehouse used in business traded for land held for investment 32. An apartment building held for investment and farmland used in a trade or business, 33. Land used in trade or business for an office building used in trade or business. 34. Improved real estate held for investment for unimproved real estate held for investment 35. An airplane used in trade or business for a general purpose truck used in business 36. A personal home for a business building

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