Collis, Marion Elizabeth v Commissioner of Taxation of the Commonwealth of Australia Collis, Stephen John v Commissioner of Taxation of the Commonwealth of Australia [1996] FCA 733

CATCHWORDS

Taxes and Duties - Income tax - Ascertainment of assessable income - What is income derived by a taxpayer - Certain capital receipts or value by statute deemed to be income - Profit on resale of property within prescribed period - Meaning of "the value of the property" in s.26AAA(4)(c) of the Income Tax Assessment Act 1936 considered - Principles of valuation of land considered. Income Tax Assessment Act 1936 - s.26AAA

Commissioner of Succession Duties (S.A.) v. Executor Trustee and Agency Co. of South Australia (1947) 74 C.L.R. 349 Hustlers Pty. Ltd. & Anor. v. The Valuer-General (1967) 14 L.G.R.A. 268 Raya Vyricherla Narayana Gajapatiraju v. The Revenue Divisional Officer, Vizagapatam [1939] A.C. 302 Spencer v. The Commonwealth (1907) 5 C.L.R. 41 MARION ELIZABETH COLLIS v. COMMISSIONER OF TAXATION OF THE COMMONWEALTH OF AUSTRALIA VG462 of 1994 STEPHEN JOHN COLLIS v. COMMISSIONER OF TAXATION OF THE COMMONWEALTH OF AUSTRALIA VG463 of 1994 Jenkinson J. Melbourne 21 August, 1996

IN THE FEDERAL COURT OF AUSTRALIA ) VICTORIA DISTRICT REGISTRY ) No. VG462 of 1994 GENERAL DIVISION ) On Appeal from the Administrative Appeals Tribunal constituted by Deputy President B.M. Forrest, Mr. D.L. Elsum, AM, Member and Mr. B.H. Pascoe Member. BETWEEN: MARION ELIZABETH COLLIS Applicant AND: COMMISSIONER OF TAXATION OF THE COMMONWEALTH OF AUSTRALIA Respondent CORAM: Jenkinson J. PLACE: Melbourne DATE: 21 August, 1996

MINUTES OF ORDER

THE COURT ORDERS THAT:

1. The appeal be dismissed. 2. The applicant pay the respondent's costs of the appeal. (Note: Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules.)

IN THE FEDERAL COURT OF AUSTRALIA ) VICTORIA DISTRICT REGISTRY ) No. VG463 of 1994 GENERAL DIVISION ) On Appeal from the Administrative Appeals Tribunal constituted by Deputy President B.M. Forrest, Mr. D.L. Elsum, AM, Member and Mr. B.H. Pascoe Member.