CAF-2 · Chapter 9 · Question 1 of 15
Under Section 37(5), which of the following assets is specifically INCLUDED in the definition of a "capital asset"?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: C) C) A painting or work of art kept for personal use.
Explanation
Capital asset excludes movable property held for personal use, EXCEPT for specific items like a painting, sculpture, drawing, jewelry, rare manuscript, postage stamp, coin, medallion, or antique. Thus, a painting remains a capital asset even if held for personal use.
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