Land Projects Limited v Commissioner of Inland Revenue - [1964] NZLR 723

Revenue — Income tax — Company wishing to acquire land for subdivision — Purchasing sheep farm as going concern — Leasing surplus land and reselling live stock at profit — Lapse of nine days between purchase and sale of stock — Whether profit on sale of stock taxable — Whether all animals to be treated as trading stock — Land and Income Tax Act 1954, ss. 88 (c), 98.