Choice Question #3 (10 Points) XYZ Corp owns the following assets. Assume that the asset is owned longer than a year except for consumable or other typically short-term assets (i.e. supplies & A/R) unless otherwise specified. For each asset, please determine whether it is (a) ordinary business asset (b) capital asset (c) section 1231 asset or (d) personal use asset Corporate Head Quarters Building that has went down in value Land used for Corporate Campus that has appreciated in value Patent purchased and owned by a business Office Supplies for business Yacht with "1040 on flag owned by local CPA Model T Ford (Purchased as a speculative investment. It is maintained at a specialized storage facility and not driven.) Office Equipment used by a business Stock in ADGE Inc. (Purchased 2 Months ago) Land purchased as an investment that has went down in value Accounts Receivable Automobile primarily used for personal use occasionally used for business purposes (per diem mileage taken) Tax Exempt Municipal Bonds (Purchase 10 years ago) Raw Materials Corporate Bonds held for investment Machinery and Equipment used in business