See if you could help me out. I have a hw assignment and I can't figure this out:
Jessica, who owns and operates a Beauty Shop as a sole proprietor, has the following property: · a CASH REGISTER used exclusively for the Beauty Shop· a PAINTING inherited from Stacie (Jessica’s grandmother) (it hangs in Jessica’s beautiful home)· STOCK held for Jessica’s investment· CHAIRS used exclusively for the Beauty Shop· a BUILDING used exclusively for the Beauty Shop Considering only the above items, what items are capital assets under Section 1221? a. Only the STOCK.b. The STOCK and PAINTING.
c. The STOCK, PAINTING and CHAIRS.
d. The building,cash register and chairs