Painting is acquired by an individual for use in his home. the painting is not of investment quality. it is later sold at a loss of $45. which of the following statements is correct? the painting was a capital asset. the loss on the painting is not deductible. the loss on the painting is a deductible capital loss. the painting was an ordinary asset. a. and b. ting is acquired by an individual for use in his home. the painting is not of investment quality. it is later sold at a loss of $45. which of the following statements is correct?

Jose recently died with a probate estate of $900,000. he was predeceased by his wife, guadalupe, and his daughter, lucy. he has two surviving children, pete and fred. jose was also survived by eight grandchildren, pete’s three children, naomi, daniel, nick; fred’s three children, heather, chris and steve; and lucy’s two children, david and rachel. jose’s will states the following “i leave everything to my three children. if any of my children shall predecease me then i leave their share to their heirs, per stirpes.” which of the following statements is correct? (a) under jose’s will rachel will receive $150,000. (b) under jose’s will chris will receive $150,000. (c) under jose’s will nick will receive $100,000. (d) under jose’s will pete will receive $200,000.