Question 1
All of the following are capital assets
with the exception of◦ personal residence.
◦ corporate stock held for investment.
◦ equipment used in a trade or business.
◦ a Rembrandt painting held in a private collection.
Question 2
An individual taxpayer who is not a dealer in real estate plans to subdivide a parcel of land into four lots and sell them at a substantial gain. The parcel of land had been held six years. In order to qualfiy for capital gain treatment, the individual must satisfy all of the requirements
except◦ the individual must not hold any other real property primarily for sale in the ordinary course of business.
◦ no substantial improvements can be made while holding the lots if the improvements substantially increase the value of the lots.
◦ the parcel of land (or any part of it) cannot have been held primarily for sale to customers in the individual's business.
◦ All of these criteria must be satisfied to allow capital gain treatment.
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