Commissioner of Inland Revenue v Ward - [1970] NZLR 1

Income tax — Income tax payable — Trustee's and beneficiaries' income — Trust deed — Infant beneficiaries with contingent interest — Trustee declaring she held stated amounts of the year's income for each child — Amounts not then separated from general trust fund — Whether amounts applied for the benefit of the children — Land and Income Tax Act 1954, s. 155(b) - Trustee Act 1956, s. 40.