Listed below are various assets, their uses, and owners. In each case, indicate whether the asset is Section 1245 property, Section 1250 property, a capital asset, or none of these. Assume the properties have all been held longer than 12 months.
- Land held for investment.
- A. Section 1245 property
- B. Section 1250 property
- C. Capital asset
- D. None of these
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- Land used in a trade or business.
- A. Section 1245 property
- B. Section 1245 property
- C. Capital asset
- D. None of these
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- Apartment house with over 200 individual apartments.
- A. Section 1245 property
- B. Section 1250 property
- C. Capital asset
- D. None of these
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- $400,000 Oregon Turnpike bonds owned by an individual investor.
- A. Section 1245 property
- B. Section 1250 property
- C. Capital asset
- D. None of these
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- Warehouse owned by Corporation S.
- A. Section 1245 property
- B. Section 1250 property
- C. Capital asset
- D. None of these
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- Paintings held for sale by an art dealer.
- A. Section 1245 property
- B. Section 1250 property
- C. Capital asset
- D. None of these
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- The private residence of the vice-president of Austin Co.
- A. Section 1245 property
- B. Section 1250 property
- C. Capital asset
- D. None of these
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- Machinery used in manufacturing by McCormick Company.
- A. Section 1245 property
- B. Section 1250 property
- C. Capital asset
- D. None of these
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