Which of the following asset purchases by an individual would be a noncapital asset purchase?
A. Car used strictly for pleasure purposes.
B. Gold Coins held in a Swiss vault.
C. Warehouse property used in the individual’s small business.
D. 100 shares of Microsoft held in a personal retirement account.
Answer:C
Which of the following asset purchases by an individual would be a noncapital asset purchase?
A. Car used strictly for pleasure purposes. B. Gold Coins held in a Swiss vault. C. Warehouse property used in the individual’s small business. D. 100 shares of Microsoft held in a personal retirement account.