Search - consideration

The Fair Market Value of the Consideration [23]   The Appellant submits that the loan agreement was the consideration for the dividend and that one offset the other for the exact amount. ... Clark’s evidence, suggesting there was separate consideration for the loan. ... Even if I were to conclude that the loan was consideration, I would not conclude that the fair market value of that consideration was $600,000. ...

Can you tell us, madam, what was the consideration you paid at that time for these shares? ... In his submission, this debt was the consideration paid by the appellant to Mr. ... The market value of the property transferred thus exceeded the consideration by $21,888.03. ...

IN pursuance of the said agreement and for good and valuable consideration which Mr. Drummond acknowledges to have received to his entire satisfaction and in consideration of the premises Mr. ... An obligation was undertaken but without legal cause or consideration. ...

However, the payment of $250,000 w as made for personal service only and that conclusion really disposes of the matter as it is impossible to divide the consideration. ... The House of Lords held that so much of the payment as represented consideration for a reduction in salary was income and subject to tax, but that the consideration received by the taxpayer for commutation of his pension rights was not income. ... However, the essence of the matter was the acquisition of services and the consideration was paid so that those services would be made available. ...

I do not believe that the receipt for tax purposes can be looked upon as consideration for the painting. ... For the reasons outlined above, the appellant provided no consideration in that regard. ... Motive underlying a donor’s conduct is not the same thing as consideration flowing from the donee. ...

That consideration is reflected in the stated capital of the share class. Consequently, the consideration received was "referable to the stated capital of the shares being issued as determined by the directors. ... By statute, the corporation is bound to reflect the true consideration received for the issuance of the shares in its capital accounts. ...

The following are relevant extracts from the decision of Cattanach, J. 31 At page 575 [5026] he outlines the problem to be decided: Rather the first problem to be decided is whether the amount can be regarded as being in part the consideration for depreciable property and as being in part consideration for something else. ... If the first problem is answered in the affirmative the next problem that arises for determination is what amount of the total can reasonably be regarded as consideration for the depreciable property and what amount of the total can be reasonably regarded as consideration for something else. ... As part of the consideration for disposition of depreciable property. ...

Subsection 152(1) establishes when the consideration is due. It should therefore follow that subsection 152(1) assumes that a valid and an agreed upon consideration exists such that, if the value of the consideration is contested or disputed, the consideration cannot be said to be valid and agreed upon. ... Adjustment [reduction of consideration] — Where a particular person has charged to, or collected from, another person tax under Division II calculated on the consideration or a part thereof for a supply and, for any reason, the consideration or part is subsequently reduced, the particular person may, in or within four years after the end of the reporting period of the particular person in which the consideration was so reduced,   (a) where tax calculated on the consideration or part was charged but not collected, adjust the amount of tax charged by subtracting the portion of the tax that was calculated on the amount by which the consideration or part was so reduced; and   (b) where the tax calculated on the consideration or part was collected, refund or credit to that other person the portion of the tax that was calculated on the amount by which the consideration or part was so reduced ... In such a case, tax is due on the part of the consideration paid or becoming due on a particular day, and the amount of taxes determined by reference to the value of the partial consideration. ...

Analysis [8] Paragraph 176(1) a) of the Act, as it then was, was applicable to a supply made before April 24, 1996 where the acquisition of a used good was part of the consideration for the supply. ... The provision now allows the tax to be calculated on the net amount of a supply when there is a trade-in provided in full or partial consideration of that supply. [15] The Technical Notes (July 1997) explain the nature of the amendment as follows: New subsection 153(4) provides that, where a supplier who is a registrant accepts a used good (or a leasehold interest therein) as full or partial consideration for another good, the supplier has to collect GST only on the net value if the property being accepted as a trade-in is for consumption, use or supply by the supplier in the course of commercial activities and the person trading in the property is not required to collect tax on it. For example, a car dealer who accepts a trade-in from a consumer as partial consideration for a new car will charge tax only on the difference between the value of the new car and the value of the used car.... ...

One consideration may point so clearly that it dominates other and vaguer indications in the contrary direction. ... For convenience sake I set out that passage since it appears to be apposite at this stage of my consideration in this case. ... The settlement of the litigation, said he, was the consideration of that payment. ...