Spratt v Commissioner of Inland Revenue - [1964] NZLR 272

Revenue — Income tax — Taxpayer entitled to income from trust — Such income derived from farming operations conducted by trustee — Taxpayer assigning part of each year's future income to another person — Whether income so assigned still derived by taxpayer and thus taxable in his hands — Whether assignment a "settlement" — Whether income to be treated as accruing from day to day — Land and Income Tax Act 1954, ss. 92, 105 (2).