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The solution adopted was for PWR to then transfer high basis assets to the Holdcos in consideration for preferred shares of the same class, so that the PUC of the preferred shares held by Mr. ...

Ignoring the significant complicating effect of the transactions with his sister, he transferred his shares under s. 85(1) to a new holdco (“P Pom”) in consideration for Class G shares of P Pom (with a nominal paid-up capital and a deemed cost equaling the “soft” ACB of the transferred shares, and for Class A common shares of P Pom with a nominal PUC and ACB. ...

Instead, he transferred the shares to a new holding company (P Pom) under s. 85(1) in consideration for high ($1M) basis Class G shares and low basis Class A shares, and redeemed the Class G shares. ...

Leekes Ltd v HM Revenue & Customs, [2018] EWCA Civ 1185-- summary under Subparagraph 111(5)(a)(ii) Summary Under Tax Topics- Income Tax Act- Section 111- Subsection 111(5)- Paragraph 111(5)(a)- Subparagraph 111(5)(a)(ii) ability of successor to apply predecessor losses to income from same trade did not extend to profits from an enlarged trade The taxpayer (Leekes) carried on a trade of running department stores (three in Wales and one in Wiltshire) and acquired for nominal consideration all the shares of another company (Coles) that carried on a similar trade from three furniture stores and a distribution centre in the West Midlands. ...

The two issues were "the taxability issue"--whether the settlement sum was taxable employment income as "payments and other benefits which are received [by the relevant person] directly or indirectly in consideration or in consequence of, or otherwise in connection with- (a) the termination of a person's employment"; and, if so, "the exemption issue"--whether the settlement sum (or any part of it) was taken out of the above charge to tax by a statutory exemption (“s. 406”) for a payment provided "on account of injury to … an employee", the alleged injury being the injury to the taxpayer's feelings sustained in the context of his age discrimination claim. ...

It was open to [him] to conclude that the discount fee bore all the hallmarks of the test for interest: it was consideration or compensation for the use of money, it related to the principal amount, and it accrued over time. ...

The Queen, 2018 TCC 182, rev'd on s. 95(1)- investment business- (a) (arm's length conduct) grounds 2020 FCA 79, in turn aff'd 2021 SCC 51-- summary under Paragraph (a) Summary Under Tax Topics- Income Tax Act- Section 95- Subsection 95(1)- Investment Business- Paragraph (a) Barbados-licensed international bank, which used Loblaw funding to invest responsively to Loblaw considerations, conducted an offside non-arm’s length business The taxpayer, which was an indirect wholly-owned subsidiary of Loblaw Companies Limited (a Canadian public company) wholly-owned a Barbados subsidiary (GBL), that was licensed in Barbados as an international bank, and (as was relevant under s. 95(2)(l)((iv)(C)) also wholly-owned a Schedule I bank. ...

In consideration, they were permitted to keep the recoveries of alternative minimum tax made by them in the subsequent taxation years. ...

Canada, 2018 FCA 209-- summary under Subsection 245(3) Summary Under Tax Topics- Income Tax Act- Section 245- Subsection 245(3) not each transaction in series effecting an estate freeze had that objective Prior to the sale of a corporation ("Groupe AST") to a third party, its individual shareholder (“Jobin”) transferred his shares of Groupe AST on a s. 85(1) rollover basis to a holding company (“276”), and then the adjusted cost base of the shares of Groupe AST was stepped up in the hands of 276 to fair market value through a combination of Groupe AST increasing the stated capital of its shares, thereby generating a s. 84(1) deemed dividend to the taxpayer which was reported by it as a capital gain under s. 55(2), and of 276 transferring the Groupe AST shares on a non-rollover basis to a Newco formed by Jobin (“9144”) in consideration for Class A common shares with a high ACB. ...

In finding that the premiums received by Applewood qualified for exemption as consideration for the arranging for the issuance of financial instruments (paras. ...