NO. 1119–COURT OF SESSION (FIRST DIVISION)–

14TH JUNE AND 13TH JULY, 1939

Income Tax, Schedule D – Sale of the assets of a business, the assets consisting almost entirely of stock – Whether a trading transaction.

  The Respondent was a whisky broker, purchasing and storing in bond whisky for eventual resale. Except for the extensive stocks of whisky (which stood in the Respondent’s books at £27,419) the assets of the business were trifling (valued at £42).

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