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Flashcards — Multiple Choice

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Question Type

Essay Multiple Choice

Question Source

All Jurisprudence based

0 tracked cards Commercial and Taxation Laws

A person not engaged in real-estate business inherits a lot from a dealer. The heir does not use it in any trade or business. Under RR7-2003 Section3(f)(1), which classification applies in the hands of the heir?

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A security issued by the estate Capital asset Ordinary asset forever solely because the decedent was a dealer No classification until the heir becomes a bank Inventory automatically because every inheritance is inventory

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