The mere relaisation of capital asset

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The mere relaisation of a capital asset does not ocnsitute a profit mkaing shceme or undertaking, just bec the taxpayer has chosen to do so in the most advantageous way. More difficult one coming with cb3 is - the mere realisation ( think of that as selling or sale) of a capital asset doesn't constitute a profit making scheme or undertaking just bec the taxpayer has chosen to do so in the most advantageous way. That means the court said that a taxpayer can decide to sell an asset in such a way that benefit them the most, The way it allow them to gain by way of return without it necessarily being a scheme or an undertaking.

Reference no: EM133809488

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