what type of tax is this???
1. BBB company, which manufactures industrial plastics, owns the following
assets. Characterize each assset as either a capital, ordinary, or Section
1231 asset. (assume all assts helt longer than 1 year a. A computer
system used in BBB is main office. b. A 50 percent interest in a
business partnership organized to conduct a mining operation in Utah.
/>c. Heavy equipment used to mold BBB is best selling plastic item. e. BBB is inventory of raw materials used in the manufacturing process. f. An oil paintinf of BBB is founder and first president that hangs in the board room. g. A patent developed by BBB is research and development department. h. BBB is company airplane.
Looks like U.S. federal income tax. Covered under the Internal
Revenue Code, Subchapter O. The characterization of the assets affects
their income tax treatment.
a sec 1231
b capital
c sec 1231
d ordinary
e ordinary
f sec 1231
g ordinary h sec 1231
It is not tax at all but a quiz about different types of
property.
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