In 2014, iris king bought a diamond necklace for her own use, at a cost of $10,000. in 2019, when the fair market value was $12,000, iris gave this necklace to her daughter, ruth. no gift tax was due. this diamond necklace is a
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Ответ:
Capital asset
Explanation:
Capital asset are classified as the property which are expected to generate some value over the duration of time.
Capital assets includes,
Buildings
Computer equipment
Jewelry
Machinery, and vehicles etc.
The capital assets has an expected useful life of more than one year
It can be sold as a normal part of business operations.
Ответ: