Which of the following is considered a capital asset?

A capital asset is generally defined as any asset that is not used in the ordinary course of a business operation, and it typically includes items that are held for investment purposes. Stocks and bonds, when held for investment, fall squarely into this category. They are acquired with the expectation of generating income or capital appreciation, and gains or losses from their sale are classified as capital gains or losses for tax purposes.

In contrast, inventory held by a business is typically considered a business asset used in the production of goods or services, so it does not meet the definition of a capital asset. Real estate used for business purposes also does not qualify as a capital asset, as it is part of the operational assets directly involved in business activities. Additionally, accounts receivable represent amounts owed to a business for goods or services already provided, and they are considered current assets rather than capital assets since they are expected to be converted into cash in the short term. Thus, among the given options, stocks and bonds held for investment are clearly recognized as capital assets.