Capital assets are defined in the Code as any property held by the taxpayer other than certain items including:

a.Inventory, accounts receivable, and depreciable property used in a business.

b.Accounts payable and depreciable property or real estate used in a business.

c.Inventory, accounts payable, and depreciable property used in a business.

d.Inventory, accounts receivable, and intangible assets used in a business.

e.Accounts receivable, long-term investments, and depreciable property used in a business.

The rates in the Tax Rate Schedules are often referred to as:

a.Statutory.

b.Computational.

c.Marginal.

d.Regulatory.

e.Average.

A net capital gain occurs if the:

a.Net long-term capital gain exceeds the net short-term capital loss.

b.Net long-term capital gain exceeds the net long-term capital loss.

c.Net short-term capital gain exceeds the net short-term capital loss.

d.Net short-term capital loss exceeds the net long-term capital gain.

e.Net long-term capital loss exceeds the net short-term capital loss.