PROFIT ON HOTEL SALE.
TAX ASSESSMENT CAXCKU.ED
(By Telegraph.—Press Association.) CHRISTCiIURCH, this day. Mr. Justice Adams to-day cancelled the assessment for incomc tax of £1000 prof t made by Sliand and Co., wine and spirit merchants, on the sale of the West Oxford Hotel. Shand and Co. held a one-third interest in the hotel for £750, and it was sold against their wish for £0200, and thev received £1750 as their share. The Judge held that the sum of £1000 was not a profit or gain assessable for income tax. As Sliands' interest in the hotel was acquired with the object of increasing the firm's sales of wines add spirits, the sale of the hotel by the Crown Brewery Company, which owned a two-thirds interest, defeated that purpose.
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Auckland Star, Volume LIX, Issue 161, 10 July 1928, Page 8
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128PROFIT ON HOTEL SALE. Auckland Star, Volume LIX, Issue 161, 10 July 1928, Page 8
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