A LINEN DEAL
INCOME-TAX APPEAL. FORTY-FIVE MILLION YARDS. government SURPLUS STORES. Press Association— Copyright, Australian and N.Z. Cable Association, (Received 9.15 a. in.) London, June 10. An impulsive post-luncheon deal in forty-live million yards- of Government unbleached linen resulting in an income tax assessment oi Cl, - 900,000, which subsequently was reduced to ■ £908,989, was described in an appeal by Leonard Martin, London merchant, who contended that it was a gamble or adventure, and not as the Commissioners held, the carrying on of trade. Counsel explained that Martin had na experience in the linen trade. He visited the Government, surplus stores and had no intention of buying, but after inspecting bought the whole of the linen at twenty pence, totalling £3,733,625, After 1 this, Martin started a great advertising campaign, and disposed in six months of the whole, except seven hundred thousand yards. Tiio appeal was dismissed,.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/STEP19250617.2.23
Bibliographic details
Stratford Evening Post, Volume LV, Issue 92, 17 June 1925, Page 5
Word Count
146A LINEN DEAL Stratford Evening Post, Volume LV, Issue 92, 17 June 1925, Page 5
Using This Item
Copyright undetermined – untraced rights owner. For advice on reproduction of material from this newspaper, please refer to the Copyright guide.
Log in