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 building Land held as an investment Land used in a business Shares of stock in Jones Corporation Inventory Musical composition held by the composer

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 building Land held as an investment Land used in a business Shares of stock in Jones Corporation Inventory Musical composition held by the composer

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Indicate whether the following items are Section 1245 or Section 1250 property or, if neither, indicate what type of property they are considered to be (e.g., capital asset, Section 1231 asset). (Remember that Section 1245 and Section 1250 properties are sub-categories of depreciable Section 1231 property.) Assume all the items have been held long-term. Equipment used in the business Personal automobile Truck used in the business Escalator used in the business Inventory Residential rental housing Nonresidential real property depreciated under the straight-line method Leasehold of Section 1245 property