Commissioners of Inland Revenue v Reinhold(1) (1945-1953) 34 TC 389
COURT OF SESSION (FIRST DIVISION)–
13TH, 14TH AND 23RD JANUARY, 1953
Income Tax, Schedule D – Purchase and sale of house property – Whether adventure in the nature of trade.
The Respondent, a director of a company carrying on the business of warehousemen, bought four houses in January, 1945, and sold them at a profit in December, 1947. He admitted that he had bought the property with a view to resale, and had instructed his agents to sell whenever a suitable opportunity arose.
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