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Gross Income, Principle, The term amount must be given a wider meaning and…
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The term amount must be given a wider meaning and must not only include money, but also the value of every property earned by a taxpayer, whether corporeal or incorporeal which has a monetary value
A taxpayer entered into an agreement of which he disposed of wine of which he made during the year of assessment
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The word amount refers to the amount with determinable value. The Onus rests on the commissioner to determine the amount
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The amount does not have to be turned into money by a taxpayer to be an amount for the purpose of the gross income definition. The amount merely had to be in the form of an asset which could be turned into money
A taxpayer companies developed retirement villages and sold life rights in the dwelling units to old age people
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Accrual means unconditionally entitled to. An amount has not accrued to a taxpayer if it is dependant on a future event
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A taxpayer entered into an agreement of which he disposed of wine of which he made during the year of assessment
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Accrued means entitled to provision added to Gross Income. The accrual is the face value not a discounted value
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An amount is received by a taxpayer only if it is received by him on his own behalf for his own benefit
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Even though the receipts are illegal, they are still received and therefore gross income
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Deposits are revenue in nature, arising in the ordinary course of trade
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