III. Capital & 1231 Assets. A. Classify the character of a gain or loss from the sale of each of the following assets as either: Ordinary, Capital, or $1231, if it were sold on in December 2021: Asset Automobile held as inventory by an auto retailer Automobile used in business purchased 4/21/19 Business equipment purchased 7/15/21 Land held as an investment purchased 1/10/18 Character