Gary owns and operates a farm and a farm machinery dealership.Under the Code,a new tractor that Gary has for sale at his dealership is classified as:

Question

Quizplus · Accepted Answer

The tractor that Gary has for sale at his dealership is considered inventory since it is merchandise or goods that are held for sale in the normal course of business. It is not a personal possession, as it is intended for sale and not for personal use. It is also not considered equipment or consumer goods, as equipment implies a long-term asset used in the operation of the farm, while consumer goods are products intended for personal use by individuals, not businesses.

Gary Owns and Operates a Farm and a Farm Machinery