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Michael Is in the Business of Creating Posters (Display Art)

Question 16

Multiple Choice

Michael is in the business of creating posters (display art) for the movie industry. He creates a poster and sells it for a lump sum. He has:

A) Sold a capital asset.
B) Sold an ordinary asset.
C) No gain or loss.
D) An ordinary gain.
E) B.and d.

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