Search - consideration

The company, in consideration of the sale, agreed to pay to the vendor the sum of $5,000 in cash, upon the execution of the agreement by the company, and to issue to the vendor, or her nominee, 25,000 shares of the company’s capital stock of the par value of $1 each, full paid up. ... Also, as the appellant has no reversion, and receives one-tenth of the specified minerals as part of the consideration of the sale of the inheritance, it is most unlikely that Parliament intended to include the appellant’s tenth as income, within the meaning of paragraph (a) of see. 3, above quoted. ... Rowlatt, J., who pronounced the judgment, said at pp. 714-715, as to the contention that the ten per cent. upon sales was part of the consideration for the transfer: ‘ " There is no law of nature or any invariable principle that because it can be said that a certain payment is consideration for the transfer of property it must be looked upon as price ‘in the character of principal. ...

The consideration for the purchase was the sum of $10,000 and the covenant of Mr. ... The expressed consideration payable by the lessees was the sum of $10, but as the evidence disclosed, the Barnsdall group paid to Leaseholds a further sum of $914,243.75 as consideration for the granting of the lease. ... The other considerations for the granting of the new lease are not relevant to the matters to be considered. ...

The consideration for the purchase was the sum of $10,000 and the covenant of Mr. ... The expressed consideration payable by the lessees was the sum of $10, but as the evidence disclosed, the Barnsdall group paid to Leaseholds a further sum of $914,- 243.75 as consideration for the granting of the lease. ... The other considerations for the granting of the new lease are not relevant to the matters to be considered. ...

The consideration for the purchase was the sum of $10,000 and the covenant of Mr. ... The expressed consideration payable by the lessees was the sum of $10, but as the evidence disclosed, the Barnsdall group paid to Leaseholds a further sum of $914,- 243.75 as consideration for the granting of the lease. ... The other considerations for the granting of the new lease are not relevant to the matters to be considered. ...

The evidence is by no means clear as to the true nature of the consideration for the making of these payments by Leaseholds. ... When, however, the Imperial Oil Company had exercised its option and paid the consideration, a further agreement was made between the appellant and Leaseholds dated December 30, 1950, described as an ‘‘Agreement of Settlement and Adjustments”. ... The settlement agreement, however, says that the moneys were paid as the consideration for reducing the royalty payable by Leaseholds. ...

But it did not pay for the assets immediately, nor does the consideration for them appear to have been agreed upon between the syndicate and the company. ... The four members of the syndicate had agreed upon that consideration. ... This being so, it appears to me that when Ponder took possession of the asset the [Page 671] consideration which it was to pay had been agreed upon by everyone who was in a position to determine the intent of that company as to the consideration which it should pay. ...

The total consideration which the respondent received for becoming liable on a guarantee for $62,500 was 250 shares in the company, one-quarter of the gross royalty of two and one-half per cent and three-quarters of one Net Royalty Trust Unit. This consideration was treated as income on a valuation of $4,500 by the Minister of National Revenue and taxed accordingly. ... They are in no way analogous to the consideration received in 1951 as the respondent’s remuneration for the guarantee, which I have characterized as a deferred loan. ...

[Page 403] The company, in consideration of the sale, agreed to pay to the vendor the sum of $5,000 in cash, upon the execution of the agreement by the company, and to issue to the vendor, or her nominee, 25,000 shares of the company’s capital stock of the par value of $1 each, fully paid up. ... Also, as the appellant has no reversion, and [Page 405] receives one-tenth of the specified minerals as part of the consideration of the sale of the inheritance, it is most unlikely that Parliament intended to include the appellant’s tenth as income, within the meaning of paragraph (a) of section 3, above quoted. ... Rowlatt J., who pronounced the judgment, said at pp. 714-715, as to the contention that the ten per cent, upon sales was part of the consideration for the transfer: There is no law of nature or any invariable principle that because it can be said that a certain payment is consideration for the transfer of property it must be looked upon as price in the character of principal. ...

By section 6 (3a), in determining this last mentioned cost, the Minister shall take into consideration (inter alia) "acquisition costs incurred prior to April 1, 1928. ... The consideration was $75,000. To effect this sale, the new company was converted from a private company into a public company. ... The Minister further testified that he always listened and gave every possible consideration to the requests and arguments of the company. ...

In my view that conclusion follows from a consideration of the two relevant sections as well as from a consideration of the history of the Income War Tax Act. ... Second, the distribution to the shareholders of the Security Company of the consideration for the sale. ... After most respectful consideration of the above suggestions I find myself unable to agree. ...