Commissioner of Inland Revenue v Malcolm - [1954] NZLR 407

Public Revenue — Income-tax — Studmaster — Stallion used in connection with Business and not for Sale — Death of Stallion and Receipt of Insurance Moneys payable in That Event — Assessment of Income-tax on Difference between Amount of Insurance Moneys received and Sum at which Stallion purchased — Assuming Stallion Part of Taxpayers' "trading stock," Nothing in Express Provision of Section defining "trading stock" "for the purposes of [that] section" referable to Destruction of Asset and Receipt of Insurance Moneys in Lieu thereof — Other Principles of Income-tax Law inapplicable in view of Limitation of Statutory Definition of "trading stock" — Land and Income Tax Act, 1939, s 16.