Resale

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Resale is sale of property previously purchased. In the commercial context, the reseller commonly purchases the property from a manufacturer or wholesaler with the intent to resell the property for a profit. In this context, if the buyer breaches the resale contract, then, under the Uniform Commercial Code § 2–706, the seller may resell the goods to another buyer as a remedy. Resale is found in many other contexts, though, such as real estate or investment transactions. Regarding tax considerations of resales, under the Internal Revenue Code § 1001, gains from the resale of property may be considered taxable income

[Last updated in April of 2021 by the Wex Definitions Team]