How to solve

Classify each of the following assets as ordinary, Section $1231,$ or capital.

Land used as a parking lot for a grocery store

Blood pressure device used by a doctor in his examining room

Business suit worn to the office to meet with clients

Laptop used in college to earn a Bachelor of Science in Accountancy degree

Horse used for breeding at farm

Toner used in the copy machine for a business

Stock held by a broker

Personal residence held six months

Indoor tennis court and clubhouse used to teach tennis lessons

Microchips used in manufacturing computers

Collectible stamps

Packing materials used by a shipping company

Notes receivable

Slushy making machine used by convenience store