Commentary

B1.412 Method of acquisition

Business tax
Business tax | Commentary

B1.412 Method of acquisition

Business tax | Commentary

B1.412 Method of acquisition

The importance of establishing intention at the time of acquisition has already been emphasised (see B1.406, B1.410, B1.411). If an asset is acquired by way of inheritance, or gift1, or in some other way that is inimical to an inference of purchase for resale2, there must be a presumption against trading. There would have to be firm evidence of a change in status to trading stock3.

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