Read the full judgment text of FACV 000014/2007 on BabelCite. This FACV judgment was delivered on 31 January 2008.
1. Usually it is the Revenue who says that activities amount to the carrying on of a trade or business and the taxpayer who says that they do not. This time it is the other way round. These appellants (“the Taxpayers”) are husband and wife who each declared salaries income and jointly elected for personal assessment. They tried to persuade the Revenue that the husband’s losses on dealings in securities and futures had been incurred in the carrying on by him of a trade or business and ought th
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