Parson v Commissioner of Inland Revenue - [1967] NZLR 538

Income tax — Allowance — Allotment of shares by company to employee — Consideration less than current market value of shares at date of allotment — Agreement by employee that should he leave the company during a period of five years from the date of allotment the company would have the right to transfer the shares to a company staff fund on repaying to the employee the amount of his contributions — Whether the allotment resulted in a taxable profit in the hands of the employee — Land and Income Tax Act 1954, s. 88 (1) (b).