https://www.taxtmi.com/caselaws?id=190002 Profits from selling gold bars do not constitute an adventure in the nature of trade unless the department establishes, on proved facts, that acquisition was driven by a sole or dominant profit-making purpose. Purchase as a portable store of value or for family use is consistent with a non-trading purpose; therefore, profits on the sale of three bars were not taxable. Separately, the rule postponing profit computation until completion of an integrated venture applies only where the property forms an indivisible transaction and separate profit cannot be determined. As gold bars are commercially separable lots, profit on an individual sale may be computed and assessed without awaiting disposal of the remaining bars, if otherwise taxable. en-us Fri, 13 Jan 1950 00:00:00 +0530 Tue, 31 Jan 2017 14:29:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=190002 Profits from selling gold bars do not constitute an adventure in the nature of trade unless the department establishes, on proved facts, that acquisition was driven by a sole or dominant profit-making purpose. Purchase as a portable store of value or for family use is consistent with a non-trading purpose; therefore, profits on the sale of three bars were not taxable. Separately, the rule postponing profit computation until completion of an integrated venture applies only where the property forms an indivisible transaction and separate profit cannot be determined. As gold bars are commercially separable lots, profit on an individual sale may be computed and assessed without awaiting disposal of the remaining bars, if otherwise taxable. Case-Laws Income Tax Fri, 13 Jan 1950 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=190002