Sham

taxpayers were successful in establishing that their own tax planning was ineffective

finding of sham must consider what are in fact the real transactions

FX straddle trades to generate losses were not shams or legally ineffective

agreement to treat a repo as a loan for US tax purposes did not support “sham”

substance of a repo as a secured loan for US tax purposes did not establish that it was a sham

no requirement for the Crown to explicitly plead “sham”

transactions did not result in real capital losses

FX straddles were not shams, and “window dressing” is not a standalone anti-avoidance doctrine

confused books and records, where no intent to deceive, were not indicative of sham

film marketing partnership loss denied on the basis that an alleged option was a sham