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of <h1>Repealed rule treating auctioned purchases (alcohol, timber, forest produce) as deemed trading profits with exceptions and allocation rules</h1> A repealed provision had treated certain purchases acquired by a buyer in auctions, tenders or similar sales as producing deemed business profits: a fixed percentage of the purchase price of specified goods (notably alcoholic liquor for human consumption, various categories of timber and other forest produce) was chargeable as profits from trading; specified exceptions applied where sales were not by auction or where state law fixed prices, and rules governed excise of bid monies, applicability to resale, and allocation of expenses where the business was mixed and separate accounts were absent.
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