State Insurance Office v Commissioner of Inland Revenue - [1990] 2 NZLR 444

Income tax — Assessable income — Profits on exchange of shares — Insurance office held shares as part of its reserves with an established history of not trading in them — Following mergers or takeovers of companies in which shares were held, some shares were exchanged for other shares — Whether exchanges of shares were realisations of shares — Whether gains on such transactions were assessable income — Income Tax Act 1976, ss 65(2) and 75(1).