INCOME TAX
SHEEP FARMER'S APPEAL
\ (DV TELEGIUI'h—P&E3S ASSOCIATION.; ! WELLINGTON, Oct. 17. The Full-.Court gave judgment this •morning in the case of Edward Anson v. the Commissioner of Taxes. The case turned on the question as tA whether the sum of £5874, being the difference between the standard value of stock on appellant's sheep station and price for which' it was actually sold was merely an accretion to capital or whether it was to be regarded as income from the year in which the sale took place, thus being assessable for income tax. The judgment of the court was delivered by Sir John Salraond. In the course of his judgment, his Honor said that the stock on a sheep farm was stock-in-trade o fthe sheep farmer. It was not fixed capital. The court wae of opinion that the sum of £5874 was properly assessable for income tax for the year in which the stock was sold. The appeal therefore was dismissed with costs £10 10s.
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https://paperspast.natlib.govt.nz/newspapers/HNS19211017.2.60
Bibliographic details
Hawera & Normanby Star, Volume XLI, Issue XLI, 17 October 1921, Page 7
Word Count
164INCOME TAX Hawera & Normanby Star, Volume XLI, Issue XLI, 17 October 1921, Page 7
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