Question

linn, a self-employed taxpayer, purchased a point-of-sale machine for use in her business. how does linn...

linn, a self-employed taxpayer, purchased a point-of-sale machine for use in her business. how does linn classify this property for tax purposes? personal, intangible, business-use property. personal, tangible, business-use property. real, business-use property. real, investment-use property.

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Answer #1

Answer

The machine Used By linn can be classify as follows:

Personal

Tangible

Business Use Property

Short Explaination:-

Tangible personal property is the opposite of real property, in a sense, as real property is immovable. In comparison to intangible personal property, tangible property can be touched. Consider property such as furniture, machinery, cell phones, computers, and collectibles which can be felt compared to intangibles such as patents, copyrights, and non-compete agreements that cannot be seen or touched.

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