Search - 江西农大 毛瑢

After the*purchase of said lot, which alone would not have been large enough for the erection of a warehouse, the appellant purchased two adjoining parcels of land — one on September 9, 1964 and the other on October 21 of the same year. ... At the hearing, Mr L H Noble, president of the appellant company, testified that the zoning was in good order — which explained why the appellant did not make any application to have the by-laws changed. ... Its shareholders and directors — especially Mr Lea who had been involved in real estate transactions before — knew the area very well and were not unaware of the fact that the actual zoning of the lots was a deterrent to the appellant’s project. ...

The physical evidence available is the “Statement of Operations” attached to the appellant’s income tax return, and it is reproduced hereunder: QUEENSBERRY COURT APARTMENTS STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 1975 Income 1975 1975 1974 1974 Rental income $432,386 $392,983 Laundromat income 5,820 5,345 $438,206 $398,328 Expenses Accounting $ 580A $ 600 Advertising 243A 296 Bank charges 439A 669 Carpets and drapes 470M 803 Cash shortage — 2,651 Garbage removal 2.438M 2,511 Heat 34.330M 28,070 Hydro 21,261 M 18,977 Insurance 1.791A 1,007 Landscaping 1.190M 886 Legal and audit 1.470A 1,411 Maintenance—building 6.100M 7,381 Maintenance—electrical 4.139M 6,925 Maintenance—elevator 3.494M 3,393 Maintenance—equipment 900M 996 Maintenance—pool 7.740M 7,419 Maintenance—plumbing 2.706M 2,031 Maintenance—snow removal 60M 34 Maintenance—pest control 293M 300 Management fees 13.266A 13,004 1975 1974 1974 Miscellaneous 117A 499 Mortgage interest 213.167A 201,543 Municipal taxes 80.064A 74,180 Office expense 253A 318 Paint and decorating—suites 7.936M 8,918 Paint and decorating—other 27M 1,402 Pension 212A 202 Rental—equipment 4.938M 5,086 Supplies—cleaning 1.430M 2,267 Supplies—other 400M 1,090 Telephone 524A 560 Travel 60A — Unemployment insurance 254A 252 Wages 12.949M 11,871 Water 951M 950 $426,192 $408,502 Net Income (Loss) for the Year $ 12,014 $(10,174) The appeal cannot be based on an examination of gross income—it was all from rental including that of the laundromat. ...

(a) Les Entreprises Beaulieu Inc 2/66 — $22,476.93 A Billet Ltée 1/66 — $12,523.07 (b) the other companies claim none of the $35,000 This sum of $35,000 was to be distributed as follows: Les Entreprises Beaulieu Inc. $15,981.12 A. Billet Ltée — Amelotte Transport Inc. 4,004.32 Atlas Transport Inc. 10,115.34 La Cie de Forage Chomedey Ltée 2,239.54 Bernard Transport Inc. 2,659.68 The respondent disallowed the second election by claiming that one or more associated companies could not make more than one election in one taxation year. ... He refers the Board to the following cases: (1) Esson & Sons Ltd v MNR, [1967] 1 Ex CR 82; [1966] CTC 439; 66 DTC 5303, where the Honourable Mr Justice Thurlow said that the “taxation year” mentioned in subsection 39(3) includes the taxation year common to all the corporations; (2) Riverside Builders Supplies Lid v MNR, 26 Tax ABC 227; 61 DTC 189; see DTC headnote: The appeal was dismissed. ...

Heath & Sherwood Drilling Limited v MNR, [1971] Tax ABC 518; 71 DTC 338; 3. ... MNR v Howson & Howson Ltd et al, [1970] CTC 36; 70 DTC 6055; 18. Alpine Furniture Company Limited et al v MNR, [1968] CTC 532; 68 DTC 5338; 19. ... Counsel for the respondent himself recognized this in his argument. 5.3.2.4 In 1969 the taxable income of Les Presses ($20,379) and of the Institut ($11,318.99 — paras 4.25 and 4.26) did not total the amount of $35,000 stated in s 39 as being taxable at the lower rate of 18%. ...

It was agreed between the parties that the matter of the $3,693 non-capital loss claim would not be placed before the Board — although the Minister’s counsel took on the obligation to review it separately after the hearing. ... On the $311.83 interest expense, the position of the Minister was as indicated in the reply to notice of appeal: — in or about December, 1977, the appellant negotiated with the Bank of Montreal to repay in installments the principal sum of $4,530 previously borrowed by him as a Canada Student Loan; — the sum of $311.83 was interest paid by the appellant with respect to the aforementioned loan in the 1978 taxation year; — the sum of $311.83 was not expended by the appellant for the purpose of gaining or producing income from a business or property; — the sum of $311.83 was a personal and living expense of the appellant; — sums expended on account of interest payable for a Canada Student Loan are not deductible by the appellant in the computation of his income as such amounts were not expended for the purpose of gaining or producing income from a business or property within the meaning of paragraph 20(1)(c) of the Income Tax Act, but were personal and living expenses of the appellant within the meaning of paragraph 18(1)(h) of the Act. ... The fact of the matter is that the Minister in this instance is not taking issue that the money was borrowed — that is clear. ...

Revenue Canada — Taxation granted the permission in a letter dated June 18, 1976, filed as Exhibit R-3. ... (SN page 53, Q 153) (m) The appellant company had another job in Indian Bay “... that wasn’t doin’ us any favours.. ... Law — Cases at Law — Analysis 4.01 Law The main provisions of the Income Tax Act involved in the present case are paragraphs 18(1)(e) and 78(3)(a). ...

In 1972 he purchased the F & M farm adjacent to the property under discussion at $2,000 per acre. ... In the fall of 1974 the appellant’s property was annexed to the city but the F & M property was not.,. ... He: paid $2,000 per acre for the F & M property in 1972 and was ready to pay the same price for the appellant’s farm in 1974. ...

History With respect to IEM: — IEM operated River Glen Haven Nursing Home (River Glen), formerly Sutton Nursing Home Ltd, prior to December 31, 1971. ... Re: Enderes Goodwill $203,000 Licence $218,000< > 15,000< > Licence Total Included in Sale Agreement $218,000 $218,000 (2) One-half (/z) only applicable to appellant. (3) At December 31, 1971, according to respondent’: reassessment. ... To be consistent, therefore, counsel might agree that the ‘“‘per bed” value at October 31, 969 was $25,000 divided by 60 = $417 per bed. ...

This correction produced an increase in income by this amount in the years in question; the income originally reported and the corrected income were as follows: Reported Corrected 1971 $ 9,556.16 $ 16,473.23 1972 24,442.69 27,009.24 1973 38,321.19 42,555.50 1974 49,411,10 54,749.44 1975 41,893.36 42,213.59 $163,624.50 $183,001.00 3.20 On November 7, 1977 the appellant signed the following statement at the foot of the financial statement prepared by the respondent, giving the increase in income as corrected: I understand and accept the corrections to be made in the above-mentioned returns and the subsection 163(2) penalty on the additional tax. ...

The sale price was $72,276.55 — $30,000 in cash with the balance payable to Mrs Germaine Carré-Gagnon in accordance with the contract of June 2, 1970 (Exhibit 1-1). 3.10 The October 18, 1976 decision by Lacourcière, J was filed as Exhibit A-1. ... The price decided upon was $150,000 and is broken down as follows: Book value and goodwill $ 72,000 Personal advances made to the company by Mrs Gagnon $ 40,000 Capitalized interest $ 38,000 $150,000 Payment on account 27,500 Balance $122,500 Payable in 779 weekly instalments of $192 and a final instalment of $432. In the end, this agreement was not given effect between the parties. 4, Act — comments 4.01 Act The provision of the Income Tax Act involved in the case at bar is paragraph 12(1)(c), which stipulates that interest must be included in income. ...