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Tax issues in sale of partnership interest.
(From Business Day (South Africa))
Byline: Patrick McCann
Tax issues in sale of partnership interest THE Supreme Court of Appeal recently considered in Chipkin (Natal) (Pty) Ltd v C:SARS whether the taxpayer recouped the aircraft allowance claimed in respect of a partnership asset on selling an interest in a partnership.
Chipkin (Natal) (Pty) Ltd entered into a partnership, the business of which was to purchase an aircraft and to conduct an air transportation business for reward. As a result, Chipkin claimed an aircraft allowance under section 14bis read with section 24H of the Income Tax Act. Subsequently Chipkin sold 99% of its interest in the …
