Search - 阿里拍卖 司法拍卖

3 June 2020- 12:09am Ferme Lunick – Court of Quebec finds that a farm with a substantial potato-bagging operation carried on a single farming business Email this Content The taxpayer operated a four-employee 1500-acre farm that produced potatoes, grains, market garden and dairy products, as well as a 10+-employee processing operation housed in four buildings on the farm, that purchased, sorted, washed and bagged potatoes before their sale. ... Agence du revenu du Québec, 2020 QCCQ 1703 under s. 125.1(3) – manufacturing or processing – (a). ...

20 February 2023- 11:58pm Ahamed TFSA – Tax Court of Canada finds that a TFSA is not exempted on profits of a business of trading in qualified investments Email this Content The self-directed TFSA of a professional investment advisor, which actively traded qualified investments (mostly, penny stocks listed on the TSX Venture Exchange), was assessed under s. 146.2(6) for its 2009 to 2012 taxation years (during which $15,000 in contributions grew to $564,483) on the basis that its net gains were income from carrying on a business. ... In dismissing the TFSA’s appeal, Spiro J stated: So long as the business is one that may be “carried on” (i.e., not an “adventure in the nature of trade”) all businesses — without statutory exception — fall within the scope of subsection 146.2(6) of the Act, including a business of trading qualified investments. ...

26 June 2024- 11:11pm PepsiCo – Full Federal Court of Australia finds that concentrate purchases by an Australian soft drink bottler could not be recharacterized as trademark royalties for withholding tax purposes Email this Content A U.S. company (PepsiCo) entered into an “exclusive bottling appointment” (“EBA”) with an independent Australian bottling company (the “Bottler”). ... Summaries of PepsiCo, Inc v Commissioner of Taxation [2024] FCAFC 86 under Treaties – Income Tax Conventions – Art. 12. ...

This occurred – the offer of another public company (Inco – the 25% minority shareholder) was accepted by the Diamond Fields shareholders, thereby triggering the payment by Diamond Fields of the break fee. ... The break fee did not qualify as proceeds of disposition of a Falconbridge right to merge, as she did not consider there to be such a right: Diamond Fields could not promise the acceptance by its shareholders of the Falconbridge offer nor could it fetter the fiduciary obligations of its board – there was no capital gain. ... Canada, 2024 FCA 3 under s. 9 – compensation payments, s. 248(1) – property and s. 12(1)(x). ...

“Purpose is ascertained objectively …. [T]he primary source of ascertaining a derivative contract’s purpose is the linkage between the derivative contract and any underlying asset, liability or transaction purportedly hedged.” ... MacDonald did not sell his … shares immediately to offset his losses under the forward contract does not sever this connection”. ... Canada, 2020 SCC 6 under s. 9 – Capital gain v. profit – Futures/Forwards/Hedges and General Concepts – Purpose/Intention. ...

12 December 2016- 12:24am Fairmont/Jean Coutu – Supreme Court of Canada appears to find that rectification to fix tax problems is limited to fixing badly implemented tax plans rather than fixing bad plans Email this Content In reversing Juliar, Brown J indicated in Fairmont that rectification only “allows a court to achieve correspondence between the parties’ agreement and the substance of a legal instrument intended to record that agreement, when there is a discrepancy between the two,” whereas in Juliar, the substance of the agreement was for the exchange of shares for a promissory note rather than shares, so that the purported rectification there was of the agreement itself rather than in the instrument recording the parties’ agreement. ... Fairmont Hotels Inc., 2016 SCC 56 under General Concepts – Rectification and Statutory Interpretation – Interpretation Act, s. 8.1; summaries of Jean Coutu Group (PJC) Inc. v. Canada (A.G.), 2016 SCC 55 under General Concepts – Rectification and Statutory Interpretation – Interpretation Act, s. 8.1. ...

Jagot J (speaking for the majority) found for the Commissioner (i.e., no rollover relief to Mr Ellison) partly on the basis of her doubts that there had been such a prior transfer (concluding that “the orders vested statutory rights and a beneficial interest of some kind in Ms Ellison but … I do not consider that interest can be characterised as beneficial ownership.”) ... She made a guarded finding that a person could have a proprietary interest in a specified portion of a larger pool of fungible assets, stating: [T]he weight of authority is that there can be a valid trust over a fungible pool of assets provided the assets and relevant proportions for the different beneficiaries are identified with sufficient certainty. … If, given the terms of the declaration and the nature of the property, the trustee is constituted as nothing more than a bare trustee on behalf of the beneficiary in respect of the beneficiary’s proportional interest, it may well be that there has been a change of ownership …. ... Summary of Ellison v Sandini Pty Ltd [2018] FCAFC 44 under General Concepts – Ownership, s. 248(1) – disposition, s. 73(1)(b) and General Concepts – Evidence. ...

18 February 2021- 11:40pm Paletta – Tax Court of Canada decision supports the offsetting of almost $200M in taxable income through straddle trades Email this Content The taxpayer in Friedberg entered into spread positions in gold futures contracts, and in the same taxation year closed out the losing legs on his straddle positions (while entering into further contracts to maintain his hedged position) but deferred closing out the remaining contracts until the subsequent taxation year. ... In finding that the taxpayer’s claimed losses (except for an $8 million overstatement of the 2002 loss due to an “egregious error” – for which a gross negligence penalty was sustained) were fully deductible, Spiro J noted: “ Friedberg stands for the proposition that straddle traders may report the results of their trades for tax purposes on a [realization] basis that does not reflect the true economic results of such trades.” ... The Queen, 2021 TCC 11 under s. 9 – timing, General Concepts – Sham and s. 163(2). ...

20 April 2018- 12:20am Travel Document Service – Court of Appeal of England and Wales finds that an anti-avoidance provision based on “one of the main purposes” for holding a loan applied to a deemed loan Email this Content A British taxpayer (TDS) used a total return swap to cause its share investment in a subsidiary (LGI) to be deemed to be a loan. ... He also rejected HMRC’s submission that "’main’ … means ‘more than trivial’," stating: A purpose can be "more than trivial" without being a "main" purpose. ... Summaries of Travel Document Service & Ladbroke Group International v Revenue & Customs (Rev 1) [2018] EWCA Civ 549 under Statutory Interpretation – Interpretation Provisions and s. 83(2.1). ...

27 November 2016- 10:54pm Francoeur – Cour du Québec finds that a somewhat quick flip by a builder was eligible for the principal residence exemption Email this Content Aubé, JCQ found that an entrepreneur who had followed a pattern of building and selling residences, realized a capital gain eligible for the principal residence exemption where he built a home to the exacting requirements of his spouse, and then sold it at a gain somewhat over three years after having purchased the vacant lot. ... F. stated that… his lines of credit had reached their limit. … Although Mr. ... Agence du revenu du Québec, 2016 QCCQ 11906 under s. 9 – capital gain v. profit – real estate. ...