Search - consideration

Vasilkioti give consideration to Mr. Vasilkioti for the transfer of his 50% interest in the Property (in addition to the Admitted Consideration), and if so, what was the fair market value of such consideration? ... Vasilkioti gave consideration (including the Admitted Consideration) to Mr. ... Vasilkioti provided consideration (including the Admitted Consideration) to Mr. ...

In Attis, that something was the possible existence of a premium in excess of the consideration for the properties. ... No mention is made therein of the consideration paid to satisfy the sale price. ... It is not usually necessary to determine the value of a non-monetary consideration in order to determine the proceeds of a disposition. ...

In consideration of these renunciations, Mrs. Fleet was promised $20,000.00. ... The decisive consideration is the meaning to be attributed to section 3(1) (j) of that Act. ... I agree that although marriage is a valuable consideration it is not consideration in money or money’s worth. ...

Subsections 165(1), 168(1) and 152(1) read: 165(1) Subject to this Part, every recipient of a taxable supply made in Canada shall pay to Her Majesty in right of Canada tax in respect of the supply calculated at the rate of 7% on the value of the consideration for the supply. 168(1) Tax under this Division in respect of a taxable supply is payable by the recipient on the earlier of the day the consideration for the supply is paid and the day the consideration for the supply becomes due. 152(1) For the purposes of this Part, the consideration, or a part thereof, for a taxable supply shall be deemed to become due on the earliest of (a)         the earlier of the day the supplier first issues an invoice in respect of the supply for that consideration or part and the date of that invoice, (b)         the day the supplier would have, but for an undue delay, issued an invoice in respect of the supply for that consideration or part, and (c)         the day the recipient is required to pay that consideration or part to the supplier pursuant to an agreement in writing. It appears to me, however, that the provision governing the incidence of tax on this transaction, which is by way of a conditional sales contract, is subsection 168(3): 168(3) Notwithstanding subsections (1) and (2), where all or any part of the consideration for a taxable supply has not been paid or become due on or before the last day of the calendar month immediately following the first calendar month in which (a)         where the supply is of tangible personal property by way of sale, other than a supply described in paragraph (b) or (c), the ownership or possession of the property is transferred to the recipient, (b)         [not relevant] (c)         [not relevant] tax under this Division in respect of the supply, calculated on the value of that consideration or part, as the case may be, is payable on that day. In either event, tax on the full consideration of $50,000 was payable not later than November 30, 2003. [8]      Section 232 [3] of the Act makes provision for a vendor to refund tax paid to a customer in circumstances where the sales contract is later mutually rescinded, or is adjusted to reduce the price. ...

Take 36% of $7,000, or $2,520 so that initially the consideration is $102,520. ... The value of consideration can be determined in those cases where a rebate forms part of the value of consideration by applying a "rebate factor". ... (c) Is the value of consideration made up of this stated price plus the new housing rebate? ...

The second ground of appeal is whether the Appellant provided consideration for the property greater than the fair market value and, if so, by how much. ... Her Majesty the Queen, 88 DTC 1624 at paragraph 11. [9]              Therefore, based upon the more recent summary in Livingston, if the consideration paid and/or tendered is less than the fair market value of the property transferred, then the recipient is liable to the Minister for the lesser of the tax debt or the deficit between the consideration paid and the fair market value of the property transferred. ... It is noted by the Court that the amounts suggested by Jim of $27,000 and $13,067.90, as consideration paid for which receipts exist, are well below the $50,000 of consideration credited to him by the Minister in calculating and levying the section 160 assessment. ...

The consideration given to acquire the shares must not be confused with the consideration for dividends. The consideration given to acquire shares is considered for the acquisition and disposition of shares. ... The shareholder gives consideration for the shares and not for what the shares may bring. ...

Counsel for the Appellant maintains that the fair market value of the family home was $35,000 when it was transferred and not $40,000 as alleged by the Minister; (iii)      the consideration given by the Appellant for acquisition of the family home. Counsel for the Appellant was of the opinion that the amount of $15,000 should be included in the consideration given by the Appellant in acquiring the family home since the home was mortgaged for that amount. ... I am therefore of the opinion that the Appellant is wrong that her right to claim is part of the consideration given when she acquired the home. [6]      With regard to the objections raised by Counsel for the Appellant concerning the fair market value of the family home when transferred and the amount of $15,000 that, he says, should be included in the consideration given by the Appellant when acquiring the family home, I see no useful purpose in analyzing and ruling on them. ...

However, he found that there had been consideration flowing from the respondent to Ms. ... 3)       Was there adequate consideration flowing from the transferee to the transferor?   ... Was There Adequate Consideration Flowing from the Transferee to the Transferor? ...

Its purpose "is to prevent a taxpayer from defeating the claim of the Minister to unpaid taxes by transferring his assets to a spouse, or certain other persons, for little or no consideration". ... This amount results from the following calculation: Value of the property transferred $60,600 Consideration paid in the transfer $30,000 Value of the non-monetary benefits $15,000 Total consideration $-45,000 Enrichment of the transferee $15,600 [42]     The appeal is allowed and the assessment is referred back to the Minister of National Revenue for reassessment on the basis that the F.M.V. of the building transferred subject to section 160 of the Act was $60,600. The consideration paid by the appellant is set at $45,000, comprising $30,000 paid in cash and $15,000 in services, thereby conferring an enrichment of $15,600 on the appellant, the whole without costs. ...