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03 Jul 1212 Profits on sale of properties were ordinary income - August

The Federal Court (Nicholas J) has held that the taxpayers, as beneficiaries of a trust, were in receipt of income according to ordinary concepts when they received their share of the profits made on the sale of a number of properties acquired by the trustee of the trust.

In particular, the Court held that the properties had been acquired for the purposes of profit making by sale: August v FCT [2012] FCA 682 (Federal Court, Nicholas J, 28 June 2012).


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