Which of the following is not considered a capital asset?

a.

a personal residence owned by an individual not in the business of buying and selling residential houses

b.

mutual fund shares held by an individual not in the business of buying and selling mutual funds

c.

a rare edition of a book held by an individual who is not a dealer of rare items

d.

stock in the trade of the taxpayer that would be properly classified as inventory

A Section 1231 asset is:

	a.	depreciable or real property that is used in a trade or business and is held for more than one year
	b.	depreciable or real property that is not used in a trade or business
	c.	intangible personal property
	d.	property the title of which is held jointly by two or more persons