How Is a Realisation of Real Property Taxed?
The proceeds from the mere realisation of the capital assets or from the change of investment not give rise to income according to ordinary concepts or talk profit arising from a profit-making undertaking or plan within the meaning of the legislation, even if the realisation that changes carried out in the most advantageous manner. Of course, the capital gains tax provisions may apply in relation to property acquired on or after the 1985.
In the Scottish Australian mining case, a coal mining company exhausted the main coal seam on land that it owned. It then subdivided the land, constructive roads …