Commissioner of Inland Revenue v National Distributors Ltd - [1989] 3 NZLR 661

Income tax — Assessable income — Profits on sales of shares - "Property . . . acquired for the purpose of selling . . . it" — Taxpayer purchased shares as a hedge against inflation and sold certain of them when it judged the market had peaked — Commissioner assessed the profits on sales as income — Whether the motive in acquiring the shares as a hedge against inflation was determinative that taxpayer had not acquired them for the purpose of sale — Whether profits on sale were assessable income — Income Tax Act 1976, s 65(2)(e).