During the current year, Olive Bell bought a house for use partially as a residence and partially for operation of a retail gift shop. In addition, Olive bought the following furniture: - Kitchen set and living room piece for the residential portion: $8,000 - Showcases and tables for the business portion: $12,000 How much of this furniture comprises capital assets?

During the current year, Olive Bell bought a house for use partially as a residence and partially for operation of a retail gift shop. In addition, Olive bought the following furniture: - Kitchen set and living room piece for the residential portion: $8,000 - Showcases and tables for the business portion: $12,000 How much of this furniture comprises capital assets?

During the current year, Olive Bell bought a house for use partially as a residence and partially for operation of a retail gift shop. In addition, Olive bought the following furniture:
- Kitchen set and living room piece for the residential portion: $8,000
- Showcases and tables for the business portion: $12,000
How much of this furniture comprises capital assets?






a. $0
b. $8,000
c. $12,000
d. $20,000





Answer: B