Posted: September 17th, 2017

Profit On Sale of Land : Income or Capital ?

Profit On Sale of Land : Income or Capital ?

Order Description

Report overview :

This reportt task requires you to work individually to research and analyse the decision of the full Federal Court in the case of the Federal Commissioner of Taxation v. Westfield (1991), 91 Australian Tax Cases 4234, and present a 1375 word report.
This case relates to property that was purchased with the intent of being developed but was subsequently sold undeveloped, and whether the sale proceeds were a receipt of income or a receipt of capital given that Westfield was in the business of buying and building shopping centres.

Report details
You are to research and analyze the decision of the full Federal Court following case:
Westfield Ltd v FCT (1991) 91 ATC4234
Your analysis of the case should include discussion of the following:
• A summary of the key facts of the case
• The arguments put forward by each party
• The issues that had to be decided by the Court
• A summary of the main reasons for the Court’s decision
• The relevant principles learnt ?Your report must use Harvard referencing and be well presented.
• Please reference every case that you put in this report.

Reference:

http://www.iknow.cch.com.au/#!/document/atagUio543830sl16773088/westfield-ltd-v-federal-commissioner-of-taxation

http://www.iknow.cch.com.au/#!/document/atagUio543830sl16773088/westfield-ltd-v-federal-commissioner-of-taxation-federal-court-of-australia-29-august-1990

http://law.ato.gov.au/atolaw/view.htm?DocID=TXR/TR923/NAT/ATO/00001

Kendall K, Pinto D, Sadiq K 2015, Fundamental Tax Legislation 2015, Thompson Reuters, Australia

Krever, R 2015, Australian Taxation Law Cases 2015, Thompson Reuters, Australia

Sadiq, K 2015, Principles of Taxation Law 2015, Thompson Reuters, Australia.