INCOME-TAX APPEAL.
SHEEPFARMER’S CASE. By Telegraph—Press Association. Wellington, Oct. 17. The Full Court gave judgment this morning in the case Edward Anson ▼. of Taxes. The case turned on the question as to whether the eum of £5874. being the difference between the standard value of stock on appellant’s sheep station and the price for which it was actually sold, was merely an accretion to capital or whether it was to be regarded a® income from the year in which the sale took place, thus being assessable for income-tax. The judgment of the Court was delivered by Sir John Salmond. In the course of his judgment H 8 Honor said that the stock on a sheep farm was the stock-in-trade of the sheep-farmer. It was not fixed capital. The court was of opinion that the sum of £5874 was properly assessable for income-tax for the year in which the stock was sold, rhe appeal was therefore dismissed vith eosta, £lO 10s.
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Taranaki Daily News, 18 October 1921, Page 5
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160INCOME-TAX APPEAL. Taranaki Daily News, 18 October 1921, Page 5
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