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The AAT has held that plant and equipment acquired by the taxpayer from, and a cash payment paid to the taxpayer by, a business rival in consideration for the taxpayer acquiring the rival's unprofitable contracts constituted assessable income in the taxpayer's hands. The taxpayer's argument that the plant and equipment and the payment were capital receipts was rejected: The Taxpayer and FCT [2010] AATA 819 (AAT; Hack SC DP and McCabe SM; 25 October 2010).


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