1. Identify the character of each of the following assets based on the information given. You can use each character classification more than once. 1.a. A company acquired land in 2012 and had its office built on the land. The office and land were sold in 2018. (The asset I’m asking about here is the land.) Section 1231Asset 1.b. A family acquired land in 2014 by the beach and had a vacation home built on the land. The vacation home and land were sold in 2016. (The asset 1.c. A company purchased a computer on February 14, 2017 for one employee who uses it solely for business purposes but sold it on November 1.d. Municipal bond purchased on December 21, 2016 and sold on October 26, 2017.
