The following question is based on the material in Chapter 7 of the textbook Prepare Tax Documentation for Individuals 17th edition (Identification of trading stock) Identify which of the following would be classed as trading stock under section 70-10 (a) Pairs of shoes held by a retailer for resale (b) Shares held by an investor (c) Blocks of land held by a property developer (d) Clothing held by a retail clothes shop, currently under lay-by (e ) Petrol held in underground tank by a service station (f) Raw materials held in store by a manufacturer (g) Stationery supplies held for office use by an insurance company (h) Videos held for hire by a video store Answer to Q7.1 Identification of trading stock Please write your workings/explanations and answers in Blue cells YES or NO Please write your reasons here Required (as trading stock under section 70-10) (a) Pairs of shoes held by a retailer for resale (b) Shares held by an investor (c) Blocks of land held by a property developer (d) Clothing held by a retail clothes shop, currently under lay-by (e ) Petrol held in underground tank by a service station (f) Raw materials held in store by a manufacturer (g) Stationery supplies held for office use by an insurance company (h) Videos held for hire by a video store