Burton v Commissioner of Taxation, [2019] FCAFC 141

Case tabs

Summaries

Summary Under

“income” was the full U.S. gain, but FTC to be calculated based on Australian (1/2 recognition) principles

An Australian-resident individual was taxed at the 15% long-term U.S. capital gains rate on his gains on the disposal of U.S. oil and gas drilling...

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Words and Phrases

Summary Under

credit “in respect of” income only included the taxable ½ of capital gain

The taxpayer was an Australian resident who was taxed at the 15% long-term U.S. capital gains rate on his gains on disposal of U.S. oil and gas...

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