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Which of the following is required for a contract, transaction, or scheme to qualify as...

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Which of the following is required for a contract, transaction, or scheme to qualify as an investment contract?

A.

The investment must not have been made with expectations of making a profit.

B.

The investment must be made in cash.

C.

The investment is in a common enterprise.

D.

The investment activity is managed solely by the efforts of the investor and no others.

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