SALE OF HOTEL
PROFIT NOT WANTED NOT ASSESSABLE FOR TAX Press Association CHRISTCHURCH, To-day. The assessment for income tax by the Commissioner of Taxes on £I.OOO profit made by Shand and Co., wine and spirit merchants, on the sale of the West Oxford Hotel, was cancelled by Mr. Justice Adams, in the Supreme Court to-day. Shand and Co. held a third interest in the hotel for £750, and it was sold against their wish for £5,250, thus Shand’s received £1,750 as their share. The Judge held that the sum of £I,OO was not profit or gain assessable £I,OOO was not profit or gain assessable the hotel was acquired with the object of increasing the firm’s sales of wines and spirits. The sale by the Crown Brewery Company, who owned twothirds interest in the hotel defeated that purpose.
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Bibliographic details
Sun (Auckland), Volume II, Issue 402, 10 July 1928, Page 9
Word Count
137SALE OF HOTEL Sun (Auckland), Volume II, Issue 402, 10 July 1928, Page 9
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