Question: Complete the table by placing a mark in the column to indicate whether the asset described in a Section 1231 asset, a capital asset, or

Complete the table by placing a mark in the column to indicate whether the asset described in a Section 1231 asset, a capital asset, or neither.

Asset

Capital Asset

Section 1231 Asset

Neither

Homes held for sale

Commercial building held 8 years

Apple stock held 8 months

IBM Bond held 8 years

Painting hanging in house

Painting held for sale in art gallery

Commercial building held 8 months

Land held for investment

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