Capital assets include

(c) The requirement is to determine the item that is
included in the definition of capital assets. The definition of capital
assets includes property held as an investment and would
include a manufacturing company’s investment in US Treasury
bonds. In contrast, the definition specifically excludes accounts
receivable arising from the sale of inventory, depreciable property
used in a trade or business, and property held primarily for sale to
customers in the ordinary course of a trade or business.