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What is an investment contract within the meaning of the 1933 and 1934 securities' acts, and why is this such an important determination?

 What is an investment contract within the meaning of the 1933 and 1934 securities' acts, and why is this such an important determination?


Having a hard time understanding why this is such an important determination from a practice problem in my book as I am trying to start preparing for my final

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