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Problem 62: For each of the assets in the list below, designate which is the appropriate category using the symbols noted: C =Capital Asset T=Trade

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Problem 62: For each of the assets in the list below, designate which is the appropriate category using the symbols noted: C =Capital Asset T=Trade or Business Asset (Depreciable Business Property) O=Other (Neither a Capital Asset or Trade or Business Property) 1) Land held for an investment 2) Trade Accounts Receivable of a tire store 3) Stock in IBM 4) Trucks used in the gravel business (depreciable business property) 5) Personal Residence 6) Inventory in your store 7) Your Personal motor vehicle at death. 8) South Carolina State Bonds 9) Work of art in the hands of the creator (artist) 10) Piece of sculpture you just purchased

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