Why was the payment in McGowan v Brown and Cousins taxable?

Previous services had been inadequately remunerated

Which case established an asset can only be one thing or another?

Lionel Simmons Properties v CIR

In which of these was the payment received not taxable?

Simpson v John Reynolds Insurance

The leading case for non-cash transactions is...

Gold Coast Selection Trust Ltd v Humphrey

Why were most cases relating to trade heard between 1920 and 1965?

Capital Gains Tax did not exist.

Which of these is NOT a mutual trading condition?

Must trade without a view to a profit.

studbud

Trade:Scope and Meaning

20 termsStudBud Administration93 plays

Revision for tax cases for trade: scope and meaning. #tpdp2013

Flashcards20 cardsFPractice quizPHost liveL

Questions 20

Answers

1
CIR v Livingstone & Others 'adventure' involved...
Some land
A ship
Bootlegged whiskey
A building
2
In Ellis v Lucas, how much of the £1,500 compensation fell within Part 2?
All of it
Some of it
None of it
3
What did Mr Graham bet on?
Horses
Greyhounds
Cards
Football
4
Why was the payment in McGowan v Brown and Cousins taxable?
Previous services had been inadequately remunerated
It was a token of regret
It was unsolicited.
There was no personal connection
5
In which case was the activity found to be trading?
Iswera v CIR
Taylor v Good
Lionel Simmons Properties Ltd v CIR
Kirkham v Williams
6
Who was the judge in Lewis Emanuel and Son?
Justice Oliver
Justice Rowlatt
Justice Pennycuick
Justice Wilberforce
7
Which case established an asset can only be one thing or another?
Harvey v Caulcott
Kirkham v Williams
Lionel Simmons Properties v CIR
CIR v Fraser
8
In which of these was the payment received not taxable?
Wing v O'Connell
Simpson v John Reynolds Insurance
Gray v Lord Penrhyn
CIR v Falkirk Ice Rink
9
CIR v Falkirk Ice Rink Ltd involved which sport?
Curling
Ice Hockey
Speed Skating
Ice Dancing (even though it's not really a sport)
10
The leading case for non-cash transactions is...
Lindsay, Woodward and Hiscox v CIR
Severe v Dadswell
Gold Coast Selection Trust Ltd v Humphrey
Edwards v Bairstow and Harrison
11
NOT a "various act of commerce" from Fry v Burma Corporation?
Manufacturing and selling
Winning and using the products of the Earth
Exploiting an idea
Offering services for reward
12
Which of these is not covered by S9, 10 or 12 ITTOIA?
Exploitation of airspace
Farming and Market Gardening
Profits derived from mines, quarries etc
Commercial occupation of land (except woodlands)
13
Where had Mr Rutledge acquired his toilet rolls from?
Stockholm
Paris
London
Berlin
14
Tattersall, of Morley v Tattersall fame, was a...
Partnership
Trust
Company
Individual
15
How many houses did Mr Taylor build on his land?
1
90
40
0
16
Which of these badges would you probably not use Wisdom v Chamberlain for?
Method of financing
Interval between purchase and sale
Profit seeking motive
Modification of the asset
17
Which aspect was not modified by the Cape Brandy Syndicate?
The name
Changed from brandy to whisky
The size of the casks
The blend
18
Why did Mr Martin claim his profits weren't taxable?
It was a capital transaction
He actually made a loss
It was a gambling transaction
It was a one-off
19
Why were most cases relating to trade heard between 1920 and 1965?
The rules are a lot clearer these days
Capital Gains Tax did not exist.
Most 'trades' were new back then
Post war profits tax was very high
20
Which of these is NOT a mutual trading condition?
Must trade without a view to a profit.
Surplus only goes to contributors
Contributors have control over common funds
Relationship exists between amounts put in and taken out.

Trade:Scope and Meaning Flashcards | StudBud