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Which of the following are Section 1231 assets? Explain. Assume all the items have been held long-term. Machinery used in the business Personal home Factory

Which of the following are Section 1231 assets? Explain. Assume all the items have been held long-term.

  1. Machinery used in the business
  2. Personal home
  3. Factory building
  4. Land held as an investment
  5. Land used in a business
  6. Shares of stock in Jones Corporation
  7. Inventory
  8. Musical composition held by the composer

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