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Your question could be taken two ways, with different answers.  If you buy something that has transfer permissions, then you are free to sell it again if you wish.  It's yours.  That's like selling a used book or a used car in RL.  Nothing wrong with that. If you made copies of something you bought and then sold the copies as if you were the creator, however, you could get in big trouble.  That's an intellectual property violation.  See http://secondlife.com/corporate/dmca.php .

Most things that you buy in SL either have copy permissions or transfer permissions, but not both.  That way, you can either make backup copies for yourself, or give your only copy to a friend (or sell it).  Some creators make items with full permissions, however, because builders need to be able to sell them again as parts of their own creations -- think stairways or doors.  It's clear to everyone that it would be wrong to turn around and resell copies of those full perm stairs and doors as if you were the creator, though -- even though it would be very easy to do. 

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