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The spin-off mechanics were conventional, and at their conclusion, there were two promissory notes for $30M owing by Oldco and Newco to each other – which then were set-off. ...

The Queen, 2019 TCC 156-- summary under Investment Contract Summary Under Tax Topics- Income Tax Act- Section 12- Subsection 12(11)- Investment Contract debt is obligation to pay a sum certain or amount reducible to sum certain After quoting (at para.55) the statement in Sattva that “While the surrounding circumstances are relied upon in the interpretive process, courts cannot use them to deviate from the text such that the court effectively creates a new agreement,” Owen J found that, contrary to the taxpayer’s understanding of the arrangements as reflected in its financial statements, the arrangements at issue had not in fact been structured so as to give rise to a debt owing to the taxpayer by a corporation that subsequently became bankrupt – so that the taxpayer’s claim for a business investment loss was properly denied. ...

Wall’s false statements or omissions were blatant and readily determinable …. ...

Loiselle should instead have contested the validity of the signature affixed to such document …. ...

However, given that the test set out … in Hickman... is still applied by the Courts. ...

Although many of the receipts issued by the Apple stores had missing, scratched, fictitious or unreadable names for the buyers (as agents of Lohas), for the transactions where a bank draft was issued to a buyer, a “memo prepared by Lohas showed the name of each buyer, the iPhones purchases, the tax and the commissions paid” (para. 147) However, for the transactions that Lohas paid in cash, the memo did not always indicate the name of the buyers – and, as noted, the receipts were defective- so that ITCs were denied for these, but not for those where the names were noted in the memo. ...

. … Should the Minister decide to exercise her discretion under subsection 207.06(1) of the Act to cancel the Appellant’s liability in respect of the inadvertent deposit of $40,000 to his TFSA on the night of July 21, 2016, such cancellation would find ample support on the extraordinary facts of this case. ...

After finding that the $600,300 payable in annual instalments to the state government for the allocation of the 18 GMEs was a capital expenditure, the Court went on to find that the expenditure was not deductible under s. 40-880 of the Income Tax Assessment Act 1997 (Cth) as expenditure incurred to preserve but not enhance the value of goodwill in relation to a legal or equitable right whose value was solely attributable to its effect on goodwill, stating (at para. 52): The majority erred in considering the effect on the goodwill of the integrated hotel business and … in conflating goodwill with the going concern value of the business. ...

Commissioner of Taxation v Sharpcan Pty Ltd, [2019] HCA 36-- summary under Purpose/Intention Summary Under Tax Topics- General Concepts- Purpose/Intention purpose distinguished from motive Before finding that the taxpayer’s expenditures for 10-year assignable gaming licences (“GMEs”), which it required in order to be permitted to continue using gaming machines on its hotel premises, were capital expenditures, the Court stated (at para. 49): [T]he evidence … demonstrated that the Trustee was motivated to purchase the GMEs by the realisation that it could not continue to carry on its gaming business unless it did so. ...

. … [T]hese are circumstances where the Defendant clearly ought to have known that the deeming provisions of s. 194 did not apply. ...