D is corrent. The definition of capital assets generally includes personal use property and investment property, but excludes property used in a trade or business (e.g., delivery truck, land used as a parking lot). Treasury stock is not considered an asset, but instead is treated as a reduction of stockholders’ equity.
A is incorrect. Treasury stock is not considered an asset, but instead is treated as a reduction of stockholder’s equity.
B is incorrect. Property used in a business such as land used as a parking lot is excluded from capital assets.
C is incorrect. Property used in a business such as a truck is excluded from capital assets.
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