Capital vs. Ordinary Asset

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1. Which asset is expressly excluded from capital assets under NIRC Section 39(A)(1)? Multiple Choice Easy
2. How does Section 39(A)(1) treat real property used in the taxpayer's trade or business? Multiple Choice Easy
3. Which factor is decisive in the statutory exclusion for property held primarily for sale to customers? Multiple Choice Easy
4. A furniture dealer sells a table carried in its sale inventory. The dealer calls it a capital asset because it is valua… Multiple Choice Medium
5. A manufacturer sells machinery used in its business and of a character subject to the statutory depreciation allowance.… Multiple Choice Medium
6. A real-estate dealer maintains subdivision lots as inventory for sale to its customers. It sells one lot through an iso… Multiple Choice Hard
7. An individual operates a retail business but owns a separate home used exclusively as a personal residence. The home wa… Multiple Choice Hard
8. A taxpayer argues that land used as its operating factory site must be a capital asset because land is not depreciable.… Essay Medium
9. Distinguish a dealer's inventory vehicle from a manufacturer's depreciable delivery vehicle used in business. Are eithe… Essay Medium
10. Explain why calling property a fixed asset in accounting records or calling sale proceeds a capital gain does not concl… Essay Medium
11. How does RR7-2003 Section2(b) classify real property acquired by a bank through foreclosure? Multiple Choice Easy
12. Does a business building of a depreciable character become a capital asset solely because it is fully depreciated? Multiple Choice Easy