Grant v Commissioner of Taxes - [1948] NZLR 871

Public Revenue — Income Tax — Assessable Income — Deductions — Testator leaving Residue of Estate to Beneficiary, subject to Annuity to Testator's Daughter — Trustees selling certain Land and Other Assets to Residuary Beneficiary who covenanted with Trustees and Annuitant to pay Annuity — Transfer of Remaining Assets to Beneficiary — Mortgage of Farm Land to secure such Payment — Amount of Annuity not Deductible — Payment of Annuity not "exclusively incurred in the production of the assessable income" of Year of Payment — Land and Income Tax Act, 1923, s 80 (1) (b) (2).