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Re: Pallen Trust, 2014 DTC 5039 [at at 6726], 2014 BCSC 305, aff'd 2015 BCCA 222-- summary under Rectification & Rescission Summary Under Tax Topics- General Concepts- Rectification & Rescission rescission due to unexpected caselaw development An individual ("Pallen") or his spouse ("Tonn") settled the taxpayer, a family discretionary trust, and transferred his shares of "New Integrated" to a personal holding company ("Pallen Holdings") in exchange for shares under s. 85(1). ...

Arora, [2010] CTC 139, 2009 ABQB 656 (Alta QB)-- summary under Rectification & Rescission Summary Under Tax Topics- General Concepts- Rectification & Rescission A corporation ("Stone's") had entered into an agreement in 1996 to purchase lands for $500,000. ...

MNR, 2014 ONSC 4983-- summary under Rectification & Rescission Summary Under Tax Topics- General Concepts- Rectification & Rescission clarification that directions to a trustee shareholder were to be made by the mooted CCPC's board rather than a non-resident executive The applicant ("K-Can") was intended to qualify as a Canadian-controlled private corporation. ...

A.G of Canada, 2015 DTC 5128 [at at 6378], 2015 ONSC 281, rev'd 2018 ONCA 562-- summary under Rectification & Rescission Summary Under Tax Topics- General Concepts- Rectification & Rescission rectification transactions to avoid s. 98(5) rollover contained 2 more transactions than in original plan In order that the applicant ("CLICC") could realize an accrued capital loss on its 99% limited partner interest in a subsidiary limited partnership ("MAM LP") (and following preliminary dividends): On December 7, 2007, MAM LP distributed an asset to CLICC and a wholly-owned subsidiary of CLICC ("CLICC GP") based on their respective 99% and 1% interests. ...

., 2015 ONSC 7189-- summary under Rectification & Rescission Summary Under Tax Topics- General Concepts- Rectification & Rescission stock option deduction was peripheral to the larger share sale transaction The general partner of an Ontario limited partnership (“Atria”) granted stock options on its Class C shares to 10 Atria executives. ...

Agence du revenu du Québec, 2018 QCCQ 786-- summary under Rectification & Rescission Summary Under Tax Topics- General Concepts- Rectification & Rescission taxpayer could reverse an assessment for a taxable benefit by subsequently engaging in self-help rectification On August 15, 2007, Mr. ...

Canada (Attorney General), 2022 BCSC 796-- summary under Rectification & Rescission Summary Under Tax Topics- General Concepts- Rectification & Rescission declaration made by the parties that their contribution was annulled under Dutch law appeared to have retroactive effect The petitioners were a Dutch cooperative (“Heinz Co-op”) and a B.C. unlimited liability company (“KH Canada”) which was the sole member of Heinz Co-op and the subsidiary of a U.S.- resident corporation. ...

The Queen, 96 DTC 1232 (TCC)-- summary under Scientific Research & Experimental Development Summary Under Tax Topics- Income Tax Act- Section 248- Subsection 248(1)- Scientific Research & Experimental Development Archambault TCJ. accepted the evidence of the taxpayer's expert witness that the development by the taxpayer of a program improved an existing computer process (enabling the taxpayer to produce more efficient high-quality software products) and was the result of systematic investigation (notwithstanding very little documentary evidence of such investigation). ...

Revenue and Customs v NCL Investments Ltd & Anor, [2022] UKSC 9-- summary under Contract Modification or Grant Summary Under Tax Topics- Income Tax Act- Section 18- Subsection 18(1)- Paragraph 18(1)(b)- Capital Expenditure v. Expense- Contract Modification or Grant employee stock option expenses were as a general matter sustained on income account The taxpayers, which were required by s. 46 of Corporation Tax Act 2009 to calculate the “profits of [their] trade … in accordance with generally accepted accounting practice, subject to any adjustment required or authorised by law,” were found by the Court to be thereby authorized to deduct the expenses (“Debits”) recognized under IFRS when they granted stock options to employees through an employee benefit trust established by their parent. In finding that this deduction was not precluded by s. 53 of the same Act, which provided that “[i]n calculating the profits of a trade, no deduction is allowed for items of a capital nature,” Lord Hamblen and Lady Rose accepted (at para. 55) the findings of the First-tier Tribunal that the taxpayers’ “employees operate in a professional services business whose success depends on the availability of skilled and motivated professionals and the grant of share options to those employees is part of their remuneration package” and that the “Debits were … recurring costs that had a connection with the Appellants’ earning of income ….” ...

" In making its “with a view to profit” determination, the Court noted that the following principles generally were common ground: [S]haring profits … [is] not an essential characteristic of a partnership [citing Young v. ... It follows that the complex mosaic of generally accepted accounting practice … will generally have little part to play. Fourth … the view to profit need not be the predominant subjective purpose, but it must be part of the partners' subjective purpose. ...