Which of the following is a capital asset? a the bicycle of, Ask an Expert

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Which of the following is a capital asset?

a) The bicycle of a 10-year old child. The child purchased the bicycle with money inherited from an aunt.

b) The tools used by a self-employed carpenter.

c) The lots owned by a company that is in the business of buying and reselling residential building lots.

d) A mint set of 1985 coins owned by a coin dealer and that is for sale on his website.

e) None of the above.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9415612

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