Jeremy (USA)

Sometimes a stallion comes along and leaves all too quickly, leaving us wondering if things could have turned out very differently.

Back in May of this year I was very pleased to share details of a tax case that held that a farmer need not pay Capital Gains Tax (CGT) on the subdivision and sale of his 10-acre holding. CGT was avoided as it only applies to capital assets acquired on or after 19 September 1985.