Question
Hi, I am having difficulty with this question and I have narrowed it down to two possible answers but I am still confused. Trudy Holiday
Hi, I am having difficulty with this question and I have narrowed it down to two possible answers but I am still confused.
Trudy Holiday has been selliing greeting cards or several years as a sole properietor. In May of Year 3, she purchased land a building to use in the greeting card business. In October of Year 3, she sold the entire business, including inventory held since Year 1 and the land and building. Turdy's automobile, used exclusively in her business and purchased in Year 1, was swallowed by a sinkhole before the sale in Year 3. Which of the following is a Sec. 1231 asset?
A. The automobile
B. The land
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