Capital assets are usually defined by the IRC as any asset used for personal or investment purposes and sometimes are defined by the IRC as what they are not.

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Capital assets are defined by the Internal Revenue Code (IRC) as assets owned for personal or investment purposes. However, the IRC does not always provide a clear definition of what qualifies as a capital asset; instead, it may define certain assets as not being capital assets, such as inventory or property used in a trade or business.

Capital Assets Are Usually Defined by the IRC as Any