MULTIPLE CHOICE-Theory Part I
1. Which is an ordinary asset?
A. Personal car
B. Delivery truck
C. Principsl residence of the taxpayer
D. Wedding ring of the taxpayer
2. Which is not an ordinary asset?
Personal laptop of the taxpayer
B. Machineries and equipment
C. Real property held for sale
D. Leasehold improvement
3. Which is a capital asset to a realty developer?
A. Construction equipment
B. Domestic stocks
C. Vacant lot for future development
D. Head office building of the developer
4. Which is an ordinary asset?
A. Home appliances
B. Personal car
C. Personal cellphone
D. Offices supplies
5. Which of the following assets, if not used in business, is subject to regular tax?
A. Real property
B. Domestic stocks rights
C. Domestic stocks option
D. Taxpayer's personal car
6. Which is a capital asset for a security dealer?