Date: 20000510
Docket: A-654-97
CORAM: STRAYER J.A.
ISAAC J.A.
SEXTON J.A.
BETWEEN:
ANGELA VETTESE
Appellant
- and -
HER MAJESTY THE QUEEN
Respondent
Heard at Toronto, Ontario, Wednesday, May 10, 2000
Judgment delivered from the Bench at
Toronto, Ontario on Wednesday, May 10, 2000
REASONS FOR JUDGMENT OF THE COURT BY: SEXTON J.A.
Date: 20000510
Docket: A-654-97
CORAM: STRAYER J.A.
ISAAC J.A.
SEXTON J.A.
BETWEEN:
ANGELA VETTESE
Appellant
- and -
HER MAJESTY THE QUEEN
Respondent
REASONS FOR JUDGMENT OF THE COURT
(Delivered from the Bench at Toronto, Ontario
on Wednesday, May 10, 2000)
SEXTON J.A.
[1] The appellants appeal from the decision of the Tax Court which held that the appellants" gain from the sale of property was on income account. The property in question was vacant land on which the appellants claimed to have the intention of developing light industrial or commercial units for leasing. In fact, the property was held for only three months before the appellants listed it for sale. An agreement to sell the land was entered into three months later at a substantial profit. During the time the property was owned by the appellants, it was not developed or improved nor did it earn income. No proposed leases were signed, no building was commenced, and no financial commitments for construction were made nor were there any construction negotiations.
[2] The Tax Court Judge concluded on all the evidence that although the stated intention of the appellants at the time of entering the agreement of purchase and sale was to develop light industrial or commercial units for leasing, he was not satisfied that the appellants intended to complete the project.
[3] He concluded that at the time of acquisition of the property the appellants had, as an operating motivation, the possibility of resale at a profit. It was open to the Tax Court Judge to make these findings on the evidence before him. We see no palpable or overriding error in the factual findings of the Tax Court Judge or any error of law that would justify our intervention.
[4] The appeal will be dismissed with costs.
[5] The two appeals A-653-97 and A-654-97 were heard together. A copy of these reasons will be placed on each file and shall constitute the disposition of each appeal.
"J. E. Sexton"
J.A.
FEDERAL COURT OF CANADA
Names of Counsel and Solicitors of Record
| STYLE OF CAUSE: ANGELA VETTESE |
Appellant
- and -
HER MAJESTY THE QUEEN
Respondent
DATE OF HEARING: WEDNESDAY, MAY 10, 2000
PLACE OF HEARING: TORONTO, ONTARIO
REASONS FOR JUDGMENT
| OF THE COURT BY: SEXTON J.A. |
Delivered at Toronto, Ontario on Wednesday, May 10, 2000
APPEARANCES: Mr. Mark E. Joseph
Ms. Margaret Nott
| SOLICITORS OF RECORD: Mark E. Joseph |
718 Wilson Avenue, Suite 500
Toronto, Ontario
M3K 1E2
| Deputy Attorney General of Canada |
FEDERAL COURT OF APPEAL
Date: 20000510
Docket: A-654-97
BETWEEN:
Appellant
- and -
Respondent
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