Equipment Investments Limited v Commissioner of Inland Revenue - [1965] NZLR 89

Income tax — Appellant company owned and controlled by parent company — Parent company's policy that some of its shares be held by some of its serving employees — Appellant company required to purchase shares held by employee of parent company who died or resigned — Such shares to be resold to other employees of parent company — Whether profit made on such purchase and resale assessable income — Land and Income Tax Act 1954, s. 88 (c).