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Wednesday, 20 May 1942

Mr JOLLY (Lilley) .- I wish to refer to the provision dealing with the shares of companies other than companies listed on the Stock Exchange. I disapprove of the provision to give to the Commissioner the alternative of valuing the shares on the basis of what the holder would receive if the company were voluntarily wound up at the time at which the gift was made. From my experiencein dealing with companies of this kind, such a provision will lead to much argument. In such cases the assets may or may not be worth more than the value at which they are shown in the balance-sheet. However, the shares have no value so far as any future profits are concerned. I understand that provision has been made for appeal in order to protect the taxpayer. However, officials of the Treasury will experience great difficulty in arriving at an equitable valuation of the shares on the basis of a voluntary winding up. That provision will lead to a great deal of argument and confusion.

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