NO. 996–HIGH COURT OF JUSTICE (KING’S BENCH DIVISION)

1ST AND 2ND APRIL, 1936

Income Tax, Schedule D – Dealing in land – Partnership – Sales of land after death of partner – Whether trading or realisation of assets – Income Tax Act, 1918 (8 & 9 Geo. V, c. 40), Schedule D, Cases I and II, Rule 10.

  A firm consisting of three partners carried on the trade of dealing in land. The land was developed, and houses were erected thereon, by a limited company in which the partners held shares. On the sale of a house a part of the purchase money was received by the firm in respect of the value of the land.

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