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#80226
Complete Question Explanation

The correct answer choice is (A).

Answer choice (A): This is the correct answer choice.

Answer choice (B):

Answer choice (C):

Answer choice (D):

Answer choice (E):


This explanation is still in progress. Please post any questions below!
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 jackielsat
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#95798
Could you please explain why E is incorrect?
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 katehos
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#95838
Hi jackielsat!

In the passage's discussion of probate valuation, the author makes no mention of these valuations being dependent on whether goods were held by industrialists or by merchants/bankers. In summary, the second paragraph says that, while these records seem to indicate large fortunes were made in commerce more often than in industry, the uncertainties associated with probate valuation and lack of inclusion of goodwill might affect Rubenstein's claim.

Given the lack of discussion regarding probate valuations being dependent on who holds the goods, we can eliminate answer choice (E). Instead, we find support for answer choice (A) in the second paragraph. This support can be found in the second paragraph beginning around line 25 ("uncertainties abound about how the probate rules for valuing assets were actually applied") and continue to the end of the paragraph.

I hope this helps :)
Kate
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 elite097
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#102721
The question is not clear. Question stem is about valuations of personal property not of goods for sale so how are we markign an answer choice related to goods for sale? How is it so that goods for sale is same as personal property (in case thats the case)?

Also passage says nothing regarding VALUATIONS OF PERSONAL PROPERTY specifically
 Adam Tyson
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#102772
The entire second paragraph is about the valuation of personal property, elite097, and the paragraph indicates that all property other than "real property" (land and buildings) is personal property (a concept you'll have a lot of fun with in your Property Law classes!) Within the context of the second paragraph, then, personal property may or may not include machinery, stock-in-trade, cash, bank balances, stocks, and perhaps even the goodwill value of a business. The problem is that it's all very uncertain, and subject to whatever the probate rules for valuation were regarding these things. That's what makes A a great answer.

Be careful about bringing in your own outside knowledge or assumptions! You might think that "personal property" is different from property owned by a business. In layman's terms, perhaps, my shoes are personal property, but a laptop owned by my employer is not. But in this passage (and in the law), the laptop is also "personal" because it is not "real" (land or things attached to the land). You don't need to know the legal definition, but you do need to apply the definition given in the passage.

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