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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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