Question
Determine whether the following assets are capital assets, 1231 property or ordinary income property for tax purposes (assume all assets have been held more than
Determine whether the following assets are capital assets, 1231 property or ordinary income property for tax purposes (assume all assets have been held more than 1 year):
A. An Apple computer that a teenager uses exclusively to play video games
B. A computer used exclusively for business in Apples accounting department
C. An antique Apple computer that a collector holds for investment purposes and does not use
D. A computer held by an Apple computer dealer for resale to customers
E. Stock Warren Buffet holds in Apple
F. Industrial packaging equipment that is used in an Apple packaging facility
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