Which of the following is NOT a property that is depreciable?

Personal-use assets are not depreciable because depreciation applies specifically to assets that are used in a trade or business, or for the production of income. Personal-use assets, such as a personal vehicle or a primary residence, do not generate income for a business and are not employed in a business activity, thus they do not qualify for depreciation.

In contrast, inventory or stock in trade, commercial real estate, and assets with an unlimited life are all categorized differently. Inventory is a business asset that is held for sale and typically depletes in value through sales processes. Commercial real estate is a property used in business operations and is subject to depreciation over its estimated useful life. Assets with an unlimited life are generally not depreciated because they do not have a determinable lifespan that concludes, though they may be subject to impairment.

Therefore, personal-use assets stand out as the type of property that does not relate to business income generation and thus do not qualify for depreciation.