Search - consideration

Notwithstanding the above, if the requirements of paragraph 20(24) of the Act have been met, a joint election under that paragraph could be filed by the partners and the new corporation which would permit the partners to deduct a reasonable amount paid by them to the new corporation as consideration for the corporation's undertaking to provide the goods in question, and under which the amount so received by the new corporation would be brought into its income as a deemed paragraph 12(1)(a) amount received for goods not delivered before the end of the year. ...

T acquired the preferred shares of Company X as consideration for the disposition of an asset the fair market value of which at the time of the disposition was $100,000 less than the adjusted cost base ("acb") to T of the asset. 3. ...

The consideration received on the transfer will be debt with a fair market value of $150,000 and common shares having a nominal paid-up capital. 7. ...

With respect to the donation of property referred to in the Agreement of Purchase and Sale (the "Agreement"), Interpretation Bulletin IT-110R2 (copy attached) at paragraph 3 indicates that a gift, for charitable donation purposes, must be a voluntary transfer of property without valuable consideration. ...

Concernant l'application de l'article 103 de la Loi, nous sommes d'avis qu'il est raisonnable de considérer que l'allocation n'avait pas pour objet principal de réduire les impôts ou d'en différer le paiement étant donné que les parties n'étaient pas liées, qu'il y avait certainement des considérations de nature commerciale qui ont mené les parties à faire cette allocation et 24(1) C. ...

However, subparagraph 40(2)(g)(ii) of the Act deems the guarantor's capital loss for tax purposes to be nil where the guarantee was given for no consideration. ...

Also, other provisions of the Act may apply as a result of the disposition of the shares as described in your letter. for example, particular situation, to deny a capital gains deduction claimed by a shareholder who is an individual in respect of the capital gain realized as a result of the application of paragraph 690(1)(b) of the Act because the corporation could be considered to have acquired its own shares for consideration that is significantly less than their fair market value at the time of acquisition, notwithstanding that the shareholder is deemed by paragraph 69(1)(b) to have disposed of his shares for proceeds of disposition equal to their fair market value. ...

Le remboursement d'impôt au titre de dividendes tel que défini à l'article 129 de la Loi n'est pas une réduction d'impôt et ne devrait pas être pris en considération dans le calcul de l'impôt payable de la partie $ de la Loi. ...

"), quatre choses sont nécessaires pour la validé d'un contrat:- Des parties ayant la capacité légale de contracter;- Leur consentement donné légalement;- Quelque chose qui soit l'objet du contrat; et- Une cause ou considération licite..../4 000043 24(1) Le paragraphe 88(2) de la loi peut être applicable généralement lorsqu'une corporation canadienne a été liquidée après 1988. ...

It is a question of fact to be decided in each case taking into consideration all of the relevant details. ...