25 May Question 1. Stanley operates a restaurant as a sole proprietorship. Which of th
Question
1. Stanley operates a restaurant as a sole proprietorship. Which of the following items are capital assets in the hands of Stanley?
a. The restaurant’s tables and chairs.
b. A portable sound system used to play “theme music” for the restaurant.
c. The restaurant building that is an asset of the sole proprietorship.
d. An interestbearing savings account used to keep the restaurant’s excess cash.
e. None of the above.
2. Michael is in the business of creating posters (display art) for the movie industry. He creates a poster and sells it for a lump sum. He has:
a. Sold a capital asset.
b. Sold an ordinary asset.
c. No gain or loss.
d. An ordinary gain.
e. b. and d.
3. Ramon is in the business of buying and selling securities. Which of the following is a capital asset for Ramon?
a. The securities he buys and sells each day in the normal course of his business.
b. The securities he designates as held for investment at the end of the day of acquisition.
c. The securities he holds more than 12 months.
d. All the securities he owns.
e. b., c., and d.
.
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