INCOME TAX RETURNS
STANDARD OR SALE VALUE? ARGUMENT FOR COMMISSIONER. (By Tclecrnnh. —Press Association). WELLINGTON, Tuesday. In the Full Court, argument in the case, G. E. Anson, of Wellington, v. Commissioner of Taxes, in which the point is whether u fcheep farmer should pay tax on the standard or the sale 'vaiuc of his flock, was continued.
Mr MacGregor, Solicitor-General, stated that the business carried on by the appellant was simply that of an ordinary New Zealand sheep station. The appellant had, he said, adopted a standard value for his stock and had treated it in the same way as a merchant treated his stock in trade, and by so doing In; had in the pas! year obtained deductions from income tax. The contention of the Commissioner *of Taxes thai tin' difference between the standard value and the value at which stock was fully sold was assessable for the 'purpose or income t;ix, was, he maintained, correct.
After Mr Cooke had replied for Hie appellant the Court reserved its decision.
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Bibliographic details
Waikato Times, Volume 94, Issue 14767, 5 October 1921, Page 5
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170INCOME TAX RETURNS Waikato Times, Volume 94, Issue 14767, 5 October 1921, Page 5
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