Thornton Estates Ltd v Commissioner of Inland Revenue - [1998] 1 NZLR 653

Revenue — Income tax — Deductions — Timing — Accrual expenditure — Unexpired portion of any amount of accrual expenditure treated as assessable income — Whether partly developed land “not used” — Whether developed land on hand at end of income year — Income Tax Act 1976, ss 85(1) and 104A(1), (2)(a) and (3).