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Item details
Category TRANSACTION TAX
What property are classified as ordinary assets?
Created Jun-5-2015
Owner admin
QUESTION What property are classified as ordinary assets?
ANSWER

Ordinary assets refer to the following types of property:

Stock in trade;
Other property of a kind which would properly be included in the inventory of the taxpayer if on hand at the close of the taxable year;
Property held by the taxpayer primarily for sale to customers in the ordinary course of his trade or business;
Property used in the trade or business or a character which is subject to the allowance for depreciation;
Property used in trade or business of the taxpayer.