Beetham v Commissioner of Inland Revenue - [1973] 1 NZLR 575

Income tax — Assessable income — Profits from dealing in land — Taxpayer farming leasehold property acquired freehold for farming having long-term subdivisional propensity — Subdivisional propensity accelerated by construction of causeway — Profits or gains from the sale of sections by taxpayer not assessable for income tax — Taxpayer on giving notice under s 122(3) of the Land Act 1948 to purchase freehold "acquired" the property — Land and Income Tax Act 1954, s 84(1)(c).

Property law — Real property and chattels real — Land Acts — Leaseholder giving notice to obtain freehold from Crown — Date of "acquisition" of freehold — Land Act 1948, ss 116, 122.