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Gross Income: Total Amount, In cash or otherwise - Coggle Diagram
Gross Income: Total Amount, In cash or otherwise
Lategan v CIR
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Judge's Decision
Amount includes every other form of property,
including debts and rights of action
Facts of the case
Mr Lategan did not want to pay tax on the amount that was still outstanding at the end of the first year (did not want to pay tax on the 2nd half of the payment)
In court it was found that because Mr Lategan was entitled to a certain amount, he was in a position where he had to pay the tax on it.
The first installment was half of the amount owed which was paid in the first year, the second installment was paid in the second year
It was also found that Mr Lategan was not only paid in cash but he also received other benefits for the wine.
In 1935, Mr Lategan was a wine famer, who sold wine to a certain party that paid him for the wine over the course of 2 years
Principle
- The word "amount" includes any form of property with an monetary value, including debt and rights
- The total amount is not entirely in cash and has to be given a wider meaning to not only include money
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All notes were taken from the prescribed, "Notes on South African Income Tax" textbook, slides, lectures and court cases pdf