DEATH DUTIES.
AUCKLAND, May 13. Before Mr C. C. Kettle, S.M., the Commissioner of Stamps sued the administrators in the estate of the late Albert Edward Bagnall for £127 7s Bd, death duties upon 3800 fully paid-up £1 shares in Bagnall Bros. (Ltd.). No shares had been sold in the open market, "consequently it was difficult to determine the value of the shares. The balance sheet issued in 1909 showed that their value was assessed at £1 19s 5d per share, and the value of the company's assets was based on the Government valuation. Counsel for the defendants claimed that the value of the share oould mot be assessed from the balance sheet, and offered to accept £2 per share from the department for the whole concern, and pay the stamp duty. The Crown Solicitor said if the Government had to do that in every disputed Case it would want a 10 million loan.
Mr Cotter offered to accept £1 per share for the shares in dispute. The Magistrate said that under the circumstances he must regard the balance sheet as representing the true value of the shares." He suggested they should be properly advertised and offered for sale by tender in the open market. Counsel agreed to adopt this suggestion, and the case was adjourned sine die.
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Bibliographic details
Otago Witness, Issue 2983, 17 May 1911, Page 60
Word Count
218DEATH DUTIES. Otago Witness, Issue 2983, 17 May 1911, Page 60
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