AN IMPORTANT DECISION.
INCOME-TAX AND LIFE ASSUB•I ANCE. (By Telegraph —lJces? Association. Wellington, last night. The Christchurch Justice delivered judgment on Saturday in the ease of the Commissioner of Taxes v. the A.M.P. Society. It was a special case to settle the question whether life assurance companies are entitled, like ordinary taxpayers, to deduct as an outgoing of income returns five per cent, on the value of land qspd for the sole purposes of the business. ■ i ! His Honor held that on the construction of the statute, a life - assurance company couid not clairh the same'deductions as ah ordinary 'tax-payer, - But must pay on the grbss'incqme.- -
A Wellington journal states that some of the- volunteers visiting Wellington at the time of the Duke of York’s visit will be accommodated in the public school buildings,
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Bibliographic details
Gisborne Times, Volume V, Issue 105, 13 May 1901, Page 2
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134AN IMPORTANT DECISION. Gisborne Times, Volume V, Issue 105, 13 May 1901, Page 2
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