The Definition of "Inventory" for Purposes of Sec

question 42

Multiple Choice

The definition of "inventory" for purposes of Sec. 751 includes

• A)cash.
• B)land held for investment.
• C)marketable securities not held by dealers.
• D)depreciation recapture potential on Sec. 1231 assets.

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Definitions:

Obstacles to Recovery

Factors or circumstances that hinder or prevent an individual or entity from recovering from a loss or injury.

Section 402A

A section of the Restatement (Second) of Torts that established the principle of strict liability for defective products, making manufacturers and sellers liable for damages caused by defective products.

Implied Warranty of Fitness

A legal assumption in many jurisdictions that a product sold will be suitable for the particular purpose for which the buyer intends to use it.

"As Is"

A term specifying that an item is being sold in its current condition, with all faults and without warranty, typically in a sales contract.