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Facts
Orica Limited raised money by issuing debentures under debenture trust deeds executed in 1966 and 1970. In 1986, Orica entered into a Principal Assumption Agreement with the debenture trustee and the Melbourne Metropolitan Board of Works. Under the agreement, MMBW agreed to assume Orica¡¯s obligations to repay the principal amounts due on the debentures on their various maturity dates. ... In return, Orica agreed to pay MMBW approximately $62. ... 6 million) and the amount Orica agreed to pay MMBW ($62. ... The court held that the holding in GP International Pipecoaters Pty Ltd v FCT cannot be applied to this case. In that case, the taxpayer received money firstly in its account, and then used that money to pay up its capital obligation. ... But in this case, the taxpayer did not receive any payment. ...
The court then went on to say that, unlike Coles Myer Finance Ltd v FCT , the taxpayer in this case is not a finance company. In Coles Myer Finance Ltd v FCT, the taxpayer engaged in various transactions on capital account. But in this case, the transaction is a singular transaction. ... 6 million) and the amount Orica agreed to pay MMBW ($62. ... time of the CGT event
Applying those factors to this case, the court is trying to answer the major questions on:
1. ... The court also states that ¡°alienability is not an indispensable attribute of a right of property¡± by quoting the holding in National Trustees Executors & Agency Co of Australia Ltd v FCT . ... CGT event C2 is the one that may apply to this case. ... In this case, the court is trying to determine whether MMBW¡¯s performance of its obligation was the discharge or satisfaction of the asset.
Approximate Word count = 1360
Approximate Pages = 5.4
(250 words per page double spaced)
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