McCaughey v Commissioner of Stamp Duties (NSW) [1914] HCA 45

18 C.L.R.] OF AUSTRALIA.

(HIGH COURT OF AUSTRALIA.)

McCAUGHEY . zi E ' . . APPELLANT;

AND

THE COMMISSIONER OF STAMP DUTIES } RESPONDENT. (New Sourn Watzs) J

ON APPEAL FROM THE SUPREME COURT OF NEW SOUTH WALES.

Stamp Duty—Conveyance on sale—Partnership property—Dissolution of partuer- H. C. o¥ A.

ship —Sales to one purtner of other partners' shares in partnership—Stamp Duties Act 1898 (NS. W.) (No. 27 of 1898), sec. 3, Sched. 2.

Iu 1911 the appellant was a member of two partnerships, one consisting of himself and A., and the other of himself and A. and B. The partnership assets consisted in both cases of pastoral property comprising land, stock and the usual accessories, the legal title to the land being vested in the appelianv. By the deeds of partnership the appellant declared himself a trustee for the members of the respective firms of the land, stock and premises, In the beginning of 1912 the appellant agreed to buy out the shares of his respective partners as from 31st December 1911. Shortly afterwards the appellant agreed to sell to third parties for a lump sum the whole of the property which had been the partnership assets. On 23rd April 1912 a deed was executed which was made between the appellant and A, and B. After reciting the previous partnerships, that the appellant had purchased the shares of A. and B. in the partnerships, that it had been agreed that the partnerships should be dissolved, that the appellant had agreed to sell the whole of the properties to the third parties, and that the parties had agreed to enter into the agreement testified by the deed, the deed witnessed that in pursuance of the said agree- ment and in consideration of the premises (1) the several parties dissolved the two partnerships, which should be deemed to have been dissolved as from 31st December 1911 ; (2) A. and B. ratified and confirmed the sale by the appel- lant to the third parties and requested him to transfer and assign the station