points SAVE ANSWER In relation to the definition of trading stock for income tax purposes, which of the following statements is least correct? Trading stock can cease being trading stock if it commences to be held for a purpose other than manufacture, sale or exchange in the course of a business. Trading stock cannot include an item acquired as a gift by a taxpayer carrying on a business. Trading stock can be purchased by a taxpayer carrying on a business. Trading stock can be manufactured by a taxpayer carrying on a business. Trading stock can commence being trading stock if it commences to be held for the purpose of manufacture, sale or exchange in the course of a business