QUESTION 1 - Part B Agam is a international student studying a Bachelor of Arts at the University of Auckland. He was required to deposit $12,000 in a New Zealand bank account as part of his NZ Student Visa before coming to study in New Zealand. That money will be returned to him at $1,200 per month. He has also been working part-time as an Uber driver and manged to save some money. He decides to invest the money in the share-market through online banking. It will only cost him $13 per transaction each time he invests less than $1000. He reads the business news and then decides where to invest. Agam bought shares that were not performing well in the hope that they would increase both their dividend yield and their share value. When this happened, he sold the shares and re-invested the money in other undervalued shares. Over a period of 4 years (3 year degree and one year of a work visa) he purchased 15 parcels of shares, holding them for periods of between 6 months and 2 years. During this time he invested $12,000 increased the value of his capital by $5,000, while making $2,000 in dividends. This year IR sent Agam an email stating that they had issued an assessment based on the assumption that he had brought all the sales for the purpose of resale. Advise Agam on whether his purchase and sale of shares is caught by CB3, CB4 or CB5