The Income Tax Act defines trade as includes a business and every trade, manufacture, adventure or concern
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Question:
The Income Tax Act defines "trade" as includes a business and every trade, manufacture, adventure or concern in the nature of a trade or business. However, it does not really say what is meant by trade.
Required: With reference to case law, discuss the manner in which various Courts have applied in distinguishing income from trade or business from that of a capital accretion with an emphasis on transactions which have concerned isolated transactions in the sale of land.
Related Book For
Intermediate Accounting
ISBN: 978-0470161012
9th Canadian Edition, Volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield.
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