Taxation — Assignment by deed of share in partnership — Effect of assignment on accumulated partnership income — Income Tax Assessment Act 1936 (Cth) ss 92, 95, 102.
Michael Bernard Galland (“the taxpayer”) carried on practice as a solicitor in partnership with his father, under the name of “Bernard L. Galland & Co” (“the partnership”), during the 1979-80 year of income. The partnership agreement provided, inter alia, for the equal division of profits and losses which were to be ascertained in July after the preparation of accounts in respect of the previous financial year.