Objects of desire
In 1985, JR Walker, a real estate agent in Towns-ville, found himself in the Supreme Court. Years earlier, he’d forked out $3000 for an angora goat with reproductive potential. Not wanting to see a good thing go to waste, he spent a further $2000 for a number of high-quality bucks to service the goat, which was in Victoria. He researched widely, joined his local Angora Goat Society and kept records of his income and expenses.
The operation ended up producing four offspring, which Walker promptly sold off for a loss. He then claimed his expenses against his regular taxable income as a real estate agent.
The tax department rejected the write-off, claiming Walker fit the definition of an investor, not a primary producer. The court decided otherwise and awarded Walker his tax deductions.
The case shows how little it takes to fit the definition of a
