Where the activities of a taxpayer into the acquisition and sale of property are alleged to constitute the carrying on of a trade, it is necessary to determine after consideration of all the facts of the case, whether the proceeds of sales are profits of a trade, or merely accretions of capital. In the Final Report of the 1954 Royal Commission six badges of trade were listed as being the relevant considerations in deciding whether a transaction of purchase and sale which has given rise to a profit is, or is not to be treated as a trading transaction.

Discuss, using the relevant case laws, the badges of trade for tax purposes.