Capital Contributions for Effluent Systems Taxable Over Five Years; One-Fifth Taxed Annually Starting Initial Receipt Year.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Deferred revenue income - Capital Contribution from the members for setting of effluent - spread the capital contribution received over a period of five years beginning from the year in which such contributions were received initially - taxability of 1/5th of the amount is affirmed.....