acct604 Taxation acocunting

REQUIRED:

A satisfactory definition of “income” remains ‘elusive’.  As Hannan and Fansworth (1946) observed:

“The word “income” is of such illusive import that it cannot be defined in precise terms which would adequately meet legislative requirements. Why its meaning is not to be found in any income tax statute is explained by the many shapes which income may assume, and the illimitable variety of circumstances in which it may be derived.”

Write an essay in which you discuss your opinion of the above statement. Your essay should have discussion on the concept of income in income tax law and the income/capital distinction. Support your discussion with references to the Income Tax Act 2007, relevant cases, and journal articles.

Your essay should be referenced using APA 7^th Ed. Style/Legal referencing (Hybrid method) as discussed in the week 3 workshop. Additional resources will be provided on Blackboard.

The written presentation of your essay should be as per the guidelines for the presentation of written assessments contained in the Business Programmes Assessment and Study Handbook. 

Additional information on the structure of the essay, referencing of secondary information, presentation of written work and submission of the essay will be provided in the workshops for weeks 2, 3 and 4.

Your essay will be graded using the marking criteria uploaded on Blackboard (under Assessment Information > Assessment 1: Essay > Essay Marking Criteria)