Search - consideration

" The court accordingly rejected the taxpayers' argument that s. 68 could not apply to re-allocate an aggregate consideration of $5,850,000 among various classes of property including land, building and equipment which the taxpayers sold. ...

It exercised the option and sold the shares for cash and the other stated consideration, and this gave both the purchase and sale of the shares a trading character rather than acquisition and realization of a capital asset. ...

Profit- Partnership Interests acquisition of rollover asset and immediate resale for same FMV not a trading transaction The taxpayer's subsidiary ("Leasing") transferred leasing assets to a partnership between Leasing and two subsidiaries of a third party that was interested in acquiring those assets ("CCM" and "693396") in consideration for a partnership interest, an election was filed under s. 97(2), the taxpayer (the "Bank") acquired the partnership interest of Leasing on a winding-up of Leasing pursuant to s. 88(1) and the Bank sold the partnership interest to 693396 and an affiliate of 693396. ...

Wain-Town, 52 DTC 1138, [1952] CTC 147, [1952] 2 S.C.R. 377-- summary under Paragraph 12(1)(g) Summary Under Tax Topics- Income Tax Act- Section 12- Subsection 12(1)- Paragraph 12(1)(g) application to "royalty" participation in revenues generated from sold franchise The taxpayer, which assigned its franchise to supply municipalities with natural gas to another company in consideration for amounts (described in the assignment as "royalties") which were stipulated percentages of the revenues derived by the assignee from sales of gas, was held to receive the royalties as income pursuant to s. 3(1)(f) of the Income War Tax Act, which provided for the inclusion of "rents, royalties, annuities or other like periodical receipts which depend upon the production or use of any real or personal property". ...

Favouring their deductibility was the significant percentage of a taxpayer's income they represented, their general linkage to the taxpayer's ability to gain or produce income, and policy considerations (the expenditures are incurred as part of the development of another human life). ...

Expense- Financing Expenditures guarantee fees paid on construction financing were on capital account Substantial annual fees paid by a construction company to its shareholders or related individuals in consideration for their providing guarantees of bank loans used by the company to finance its construction work were payments on account of capital and, therefore, non-deductible. ...

Minister of National Revenue, 52 DTC 1014, [1951] CTC 304, [1952] 1 S.C.R. 123-- summary under Paragraph 56(1)(d) Summary Under Tax Topics- Income Tax Act- Section 56- Subsection 56(1)- Paragraph 56(1)(d) The consideration received by the taxpayer for the sale of his business included an "annuity" during his lifetime of $1,000 per month. ...

Whether the tenant inducement payment represented a reduction in rent or consideration for the taxpayer's assumptions of these revenue account obligations, it should be included in its income. ...

Ontario (Minister of Finance), 2006 DTC 6532, 2006 SCC 20, [2006] 1 S.C.R. 715-- summary under Redundancy/reading in words Summary Under Tax Topics- Statutory Interpretation- Redundancy/reading in words presumption against tautology After noting that the interpretation advanced by the taxpayer had the effect of making a statutory definition of "hedging" redundant (as such interpretation had the effect of limiting the taxpayer's mining profits to the consideration actually received from sales of its production, which would have been the case even without their purported expansion to hedging profits), LeBel J. stated (at para. 45): "Under the presumption against tautology 'every word in a statute is presumed to make sense and to have a specific role to play in advancing the legislative purpose'.... ...

McCool, 49 DTC 700, [1949] CTC 395, [1950] S.C.R. 80-- summary under Paragraph 20(1)(c) Summary Under Tax Topics- Income Tax Act- Section 20- Subsection 20(1)- Paragraph 20(1)(c) An individual transferred the assets of his business to the taxpayer in consideration for the assumption of his business liabilities, the issuance of shares to him and family members, and the giving by the taxpayer of a demand interest-bearing promissory note. ...