Tillaed v Commissioner of Taxes - [1928] NZLR 345

Revenue — Income-tax — Testators' Real and Personal Estate devised to Trustees in Trust for Conversion — Income from Proceeds to be paid to Widow during her Life — Power to Trustees to postpone Conversion and to carry on Testator's Sheep-farming Business and employ other Portions of Estate thereon — Profits and Income from Sheep-farming to go to Persons entitled to Income from Proceeds of Sale — Power to Trustees to capitalize such Profits or Income in excess of 5 per cent of Value of Estate — Payments to Widow not "Income derived by Owner of Land in respect of the Profits derived from the Direct Use or Cultivation thereof" — Claim by Widow to Exemption from Income-tax disallowed — Land and Income Tax Act, 1923, s 78 (1).