The tax assessor for Los Angeles county wishes to tax The Shane Company, a jeweler that owns the air rights for its five story building above property,

a$.$ The assessor is correct; the air rights are a real property interest.

b$.$ The air rights must be taxed as personal property.

c$.$ The theater owns the air rights and should be taxed.

d$.$ The Shane Company is correct; air is not a real property interest.