EMANUEL AND ANOTHER V. THE COMMISSIONER OF TAXATION OF THE COMMONWEALTH OF AUSTRALIA

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IN THE HIGH COURT OF AUS "RALIA

THE COMMISSIONER OF TAXATION OF THE COMMONWEALTH OF AUSTRALIA

REASONS FOR JUDGMENT

Judgment delivered at... MELBOURNE... W.-M. Mousro, Govt. Print., Melb. on MONDAY,..2197. OCTOBER,...195%,

©.1978/85

SYDNEY FRANCIS EMANUEL AND

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THE COMMISSIONER OF TAXATION

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ome

ORDER

Appeal allowed, Amended assessment of the 28th

March 1957 set aside, liberty to the respondent to reassess the appellants on the basis that the Shares in the

undermentioned companies held by the deceased at the time of

his death were of the values specified hereunder:~ j Margaret Downs Pty. Limited 16s. 3d. each Cherrabun Pty, Limited lgs. 6d. each

Christmas Creek Pty. Limited lus. 5d. each Emanuel Brothers Pty. Limited 9s. 2d. each. Respondent to pay the appellant®s' costs of the eppeal.

JUDGMENT

SYDNEY FRANCIS EMANUEL AND RONALD GUY EMANURBL

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THE COMMISSIONER OF TAXATION.

TAYLOR J.

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ONALD. : L

SYDNEY FRANCIS EMANUEL AND \

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THE COMMISSIONER OF TAXATION.

The appellants are the executors of Isidore Samuel Emanuel, deceased, and this appeal, which comes to this Court pursuant to section 24 of the Estate Duty Assess- ment Act, 1914-1953, is concerned with the value of certain shares of which the deceased was the holder until his death on the 5th January 1954. The shares in question were shares in four companies, three of which were pastoral companies incorporated in the State of Western Australia and known respectively as Margaret Downs Proprietary Limited, Cherrabun Proprietary Limited and Christmas Creek Proprietary Limited. At the date of the death of the deceased the share capital of these companies consisted of fully paid shares of one pound each. In Margaret Downs Proprietary Limited, the number of issued shares was 68,640, in Cherrabun Proprietary Limited, 53,040 and Christmas Creek Proprietary Limited, 49,920. Of these shares the deceased held respectively 19,642, 15,177 and 14,285. The fourth company is Emanuel Bros. Proprietary Limited and the deceased's holding in its capital was 5,900 fully paid shares of £1 each.