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please ans fastly.. i have the term exam. Identify each of White Corporation's following assets as an ordinary, capital, or 1231 asset. Two years ago.
please ans fastly.. i have the term exam.
Identify each of White Corporation's following assets as an ordinary, capital, or 1231 asset. Two years ago. White used its excess cashto purchase a piece of land as an investment. Two years ago. White purchased land and a warehouse. It uses these assets in its business. Manufacturing machinery White purchased earlier this year. Inventory White purchased 13 months ago. but is ready to be shipped to a customer. Office equipment White has used in its business for the past three years. 1.000 shares of stock in Black corporation that White purchased two years ago because it was a good investment. Account receivable from a customer with terms 2/10 net 30. Machinery White held for three years and then sold at a loss of $10.000
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