Question
Each of the following is considered a capital asset, EXCEPT:
Investment-use property, such as land.
Jewelry.
Personal residence.
Real property used in a trade or business.
Investment-use property, such as land.
Jewelry.
Personal residence.
Real property used in a trade or business.
Answers
GPT-4o mini
The correct answer is: **Real property used in a trade or business.**
This is because capital assets typically include investment properties, personal property, and jewelry, but real property used in a trade or business is generally not considered a capital asset. Instead, it is classified as property used in a business, which falls under different tax treatment.
This is because capital assets typically include investment properties, personal property, and jewelry, but real property used in a trade or business is generally not considered a capital asset. Instead, it is classified as property used in a business, which falls under different tax treatment.