Rutherford and Another v Commissioner of Inland Revenue - [1964] NZLR 553

Revenue — Income tax — Business carried on by trustees — Losses chargeable to capital — Income payable to life tenant — Loss sustained by business in one year — Whether deductible from profits in subsequent years — Land and Income Tax Act 1954, s. 137 (2)

Wills — Construction — Trustees having power to carry on testator's business — Indemnified out of capital in respect of losses — Income payable to widow for benefit of herself and infant children — Whether losses to be charged to capital or income.