Question: Joe Hall owns a limousine for use in his personal service business of transporting passengers to airports. The limousines adjusted basis is $40,000. In addition,

Joe Hall owns a limousine for use in his personal service business of transporting passengers to airports. The limousine’s adjusted basis is $40,000. In addition, Hall owns his personal residence and furnishings, that together cost him $280,000. Hall’s capital assets amount to

a. $320,000

b. $280,000 MODULE 36 TRANSACTIONS IN PROPERTY 935

c. $ 40,000

d. $0

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