Which of the following would be a horizontal agreement to fix prices and thus be illegal per se under Section 1 of the Sherman Act?
I. An agreement between several sellers of lumber to no longer sell on credit to purchasers.
II. An agreement between two sellers of lumber to set a maximum price for what they will charge for lumber.
III. An agreement between a lumber wholesaler and a lumber retailer that the retailer will charge at least $8.00 for a particular piece of lumber.
a. I only.
b. I and II only.
c. I, II, and III.
d. None of these agreements is illegal per se.
Answer: B
Tax
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- Income in respect of a cash-basis decedent
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