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HIGHLY TECHNICAL OBJECTION.. - . oThursday last in the Court of Review Judge White delivered his reserved judgment in the appeal by Mary Stevenson against assessments of the Income Tax Commissioner, this being a test case on the result of which similar appeals by John J. Stevenson and Marion M. O'Keefe would be decided.His Honor said the a^ellant was the holder in a family company, and. with two relatives, held the bulk of the shares. The company was formed in 1922. its only business being the management of a city hotel. In 1928 the business was sold, and in 1929 the funds, including the accumulated profits and proceeds of the sale, were distributed. The company purported to go into voluntary liquidation in 1929. At that time, however, no notice was given to two shareholders who were merely signatories. It was stated that their addresses were unknown, and that they were outside of the State. It was claimed by the appellant that the moneys she received were a distribution by the liquidator, and. therefore, amounted to a distribution of assets. The Commissioner claimed that the moneys were assessable as income, as there had not been any legal liquidation of the company. His Honor said it was a highly technical objection. but the Commissioner was entitled to take it. He. therefore, dismissed the appeal, and left the matter to the parties to confer as to the amount.
Newspaper Details
Kempsey Macleay Chronicle
Kempsey, New South Wales, AU
Wed, Jul 10, 1935
Page 9
Full Page
Clipped by
Sheryl B.
USA 15 Sep 2021
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Kempsey Macleay Chronicle
Kempsey Macleay Argus
