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Capital Gains from Land Subdivision

The appellants in Lowe v Commissioner of Inland Revenue (1981) 1 NZLR 326 subdivided their land and sold it for a profit. The Commissioner applied section 67(4)(e) of the Income Tax Act 1976, which provides that assessable income of the taxpayer shall be deemed to include all profits or gains derived from the sale of land within ten years of its purchase if there has been a scheme to divide the land. The court disallowed the appeal.