Income tax primarily relates to profits or gains arising from business activities, property ownership and employment. While there are general principles applied in determining what is taxable, overall, a tax rate is applied to a gain. In this regard, items designated for business otherwise referred to as stock in trade are pivotal in determining whether there is a gain or not. Therefore, there is a distinction between assets held for a business, investments which yield taxable income and private property the sale of which is conventionally agreed should not be taxed. The kind of private property which should not be…
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