In each of the following independent situations, briefly determine $($with reasons$)$

whether the taxpayer is likely $/$ not likely to have a trade: $($Note: be specific; you are

not required to go through all six badges each time$)$

a$)$ A university lecturer made substantial gains from share transactions on the Stock

Exchange after trying to forecast the market. $(4$ marks$)$

b$)$ Madelyn was on a business trip to the United Kingdom and purchased $10,000$

pieces of toothpaste. On returning to Hong Kong while arranging for the

consignment of the toothpaste, she sold them to one individual for a profit.

$(4$ marks$)$

c$)$ An enterprise purchased a cotton$-$spinning mill with the intention of using it in a

trade. However, upon purchase, the mill was in a worse state than first

anticipated. The enterprise then decided to strip the mill of its assets and sell it

piecemeal, making a profit.

$(4$ marks$)$

d$)$ A taxpayer purchased two large quantities of gold to counter the effects of the

devaluation of the local currency. The purchase was made following professional

advice and was mainly financed by loan. The purchase was done on a short$-$term

basis to realize profit. $(4$ marks$)$

e$)$ A taxpayer purchased brandy from South Africa. Some were shipped to Asia, with

the remainder being sent to London to be blended with French brandy, recast, and

sold at a profit. $(4$ marks$)$