Received By - Cases Flashcards
(4 cards)
1
Q
Geldenhuys
A
The amount is only included in gross income by a taxpayer only if it is received by him on his own behalf, for his own benefit
2
Q
Pyott
A
Generally deposits are still received and form part of gross income.
A deposit is only treated as not being received if the money is kept separately in a trust account, for the benefit of the customer.
3
Q
MP Finance
A
A bilateral receipt (the other party willingly gives you the money) that is used for your own intention means it has been received by you. You intended to use it for your own benefit.
4
Q
Delagoa Bay Cigarettes
A
The legality of the income is irrelevant. The amounts will still be gross income.
