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Includes items produced or purchased for sale, and consumables for trade.
Must be included in gross income at cost price or market value.
Tax deduction based on last year's closing stock or market value.
Total costs incurred to acquire and prepare stock for sale.
Included at current market value for tax purposes.
Recoupment applies when stock is used for non-trade purposes.
Delays deductions for stock not disposed of or held at year-end.
Must reduce deductions if discounts exceed cost price.
Shares held for 3 years are treated as capital upon disposal.
Holds shares as trading stock in a profit-making scheme.