Commentary

B5.338 Death of seller

Business tax
Business tax | Commentary

B5.338 Death of seller

Business tax | Commentary

B5.338 Death of seller

Where the assessment of the profit from sale of patent rights is spread over six years and the seller dies before the end of those six years, any amount which would have been assessable in tax years after that in which the death occurred are taxed in the year in which the death occurred1.

The personal representatives may elect to have the tax so assessed reduced to the amount which would have been payable if the profit had been spread equally over the tax years beginning with the year of receipt of the sale proceeds and ending

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