In practice an admitted intention to trade is rare. Therefore
the badges of trade you identify in a transaction tend to serve as
circumstantial indicators of a trading intention.
We must look objectively at the transaction. Do the facts
suggest a 'deal' or an investment?
If the former, we argue, notwithstanding the
purchaser’s stated intentions, that the trading intention is
implicit in the facts and that the transaction is unequivocally
trading.
