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alvy bought a set of tools used to work on cars during his spare time in 2013. He subsequently decided to start a business that
alvy bought a set of tools used to work on cars during his spare time in 2013. He subsequently decided to start a business that involved refurbishing old cars in 2017 and began using the tools strictly in the business. Salvy sold the tools in January of 2020. How will the tools be classified for tax purposes in connection with the sale?
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Ordinary asset
1231 asset
Capital asset
291 asset
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