QUESTION 1 The Final Report of the Royal Commission on the Taxation of Profits and Income Tax in the United Kingdom, 1955 listed several indicators, commonly known as the badges of trade's to determine whether a particular single isolated transaction is a one-off capital transaction or an adventure in the nature of trade. Business income is assessable under the Act, the Act defines businesses to include profession, vocation and trade and every manufacture, adventure or concern in the nature of trade, but excludes employment. Over the years, the courts have laid down various guidelines or tests to distinguish gains arising from the disposal of an investment and gains from trade or an adventure or concern in the nature of trade. The acid test is the 'badges of trade. REQUIRED: Explain any eight (8) badges of trade giving a brief overview of the particular "badge with a supporting case law for the relevant "badge (50 marks)