ABSTRACT
In pursuing the objectives of the taxation of land it will be necessary to value an interest in land where a taxable event occurs which has a bearing on that interest. The land may be acquired or disposed of. The consideration may be for cash, or it may be by way of a gift, or a sale under value partly for cash and partly by way of gift. It may be by way of exchange of land. Land may be deemed to be disposed or a hypothetical sale may be assumed. Given the nature of land and the complex web of interests which can obtain in property, then allied to the remorseless logic of taxation law and practice, a very large number of different taxable situations can arise. Often such a taxable situation can be in circumstances where it is not always clear that the actual consideration represents market value of the asset for the particular tax.
