1. All of the following assets are sold in the current tax year at a loss. which of them will result in an ordinary loss rather than a capital loss or an IRC Section 1231 loss?
sale of a delivery van by a business
sale of a painting held in inventory by an art dealer
sale of a retail store by its owner
sale of a self-created musical composition
2. Which of the following perils is not covered under any of the standard homeowner's forms?
a. Windstorm b. Theft c. Smoke d. Flood