New Zealand Dairy-Farm Mortgage Company Limited v Commissioner of Taxes - [1941] NZLR 83

Public Revenue — Income-tax — Trusts and Trustees — Trust-money invested in Company Debentures — Company's Advances on Mortgage — Two per cent Premium payable to Company's Reserve Fund by Mortgagor — Mortgagor exercising Option of adding Premium to Amount of Loan — Company paying Amount so added at outset out of own Funds into Reserve Fund — Whether Premiums so paid assessable as Income — Company borrowing Moneys on issue of Debentures for Lending on First Mortgage — Brokerage, Printing, Advertising, and Legal Expenses in connection with issue of Debentures — Whether Deductible in computing Assessable Income — Trustee Amendment Act, 1935, s 5 (2) (e) — Land and Income Tax Act, 1923, s 80 (1) (b), (2).