TAXATION OF PROFITS.
IMPORTANT JUDGMENT.
[BY TELEGRAPH. —PRESS ASSOCIATION.]
Wellington, Tuesday. Judgment was given by the Chief Justice (Sir Robert Stout) and Mr. Justice Cooper this morning in the case of an appeal by several local land companies against tho decision of the Commissioner of Taxes to tax profits as income. The Court held that in the case of the Miramar Land Company,' which bought a block of land and sold it again in one piece, it could not be held that the company had carried on a business of dealing in land. In the case of Miramar, Limited, and the Upland Farm Land Company, however, these companies had sold a largo number of sections at different times, and though each had made only one purchase, each had had a number of sales, and to that extent they had made a business of dealing in land, and must pay taxation on the profits.
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New Zealand Herald, Volume XLIII, Issue 13095, 7 February 1906, Page 5
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153TAXATION OF PROFITS. New Zealand Herald, Volume XLIII, Issue 13095, 7 February 1906, Page 5
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