In applying the definition of ‘gross income’ in section 1 of the Income Tax Act, which one of the following principles have the courts considered in previous tax cases when determining the interpretation of the words ‘received by the taxpayer’?
(1 Mark)

Question

In applying the definition of ‘gross income’ in section 1 of the Income Tax Act, which one of the following principles have the courts considered in previous tax cases when determining the interpretation of the words ‘received by the taxpayer’? 
 (1 Mark)

Answer

Whether an amount was received on behalf of a third party

Answer

The person who is entitled to the income

Answer

The nature of the transaction

Answer

Whether an amount was received from carrying on a trade

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In applying the definition of ‘gross income’ in section 1 of the Income Tax Act,...

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