Rutherford and Another v Commissioner of Inland Revenue - [1965] NZLR 444

Income tax — Business carried on by trustees — Income payable to life tenant — Trustees having power to set aside reserves out of income — Loss incurred in one year — Circumstances under which such loss deductible from profits in subsequent years — Land and Income Tax Act 1954, s. 137

Wills — Construction — Business carried on by trustees — Loss incurred in one year — Whether chargeable to capital or to profits of subsequent years — Matters to be taken into account.