Search - consideration

It is highly unlikely that Wallace would have understood that 900,000 shares of CPI were issued in the names of him and Shelva for a total consideration of $621,000 but paid in part by Air Rock ($193,660 in the value of the Polyol equipment plus $200,000 in cash). ... They did not receive any shareholder benefit just because 900,000 CPI shares were issued in their names when more than half of the consideration for those shares came from Air Rock. ... For the purpose of computing the amount of the business investment loss, it does not matter whether the money flowing from Air Rock to CPI (plus the value of Air Rock’s interest in the Polyol equipment) was consideration for shares or an ordinary loan. ...

She prepared the returns for the tax years here under consideration. She did not testify. ... A comparison is then made with the assets and liabilities of the taxpayer to see if there is any change to net worth for the period of time under consideration. ... He explained that some $6,025.16 deposited in the business account was a transfer of funds and so this was removed from consideration as income. ...

As this issue has been sufficiently clarified as a preliminary issue it will not require further consideration in this assessment of costs. ... Further to my consideration of the aforementioned facts for this particular claim, I have determined that it is reasonable to allow 37 hours for this claim. ...

The price of the 1954 acquisition was $170,000, the sale of Iny’s share to Abed being made for $1 and other valuable considerations. Saleh Masri and Heskel Abed sold the property by deed executed by the vendors in New York on May 17, 1960 for $1 and other considerations consisting of a balance of price of $643,559.14 payable on May 17, 1965 with interest payable half-yearly at 5 /2% per annum in the interval. ... I am of the view that the same considerations apply in the present case. ...

At this meeting Plan A was shelved and Plan B adopted, one consideration being, however, that “if the Bank took over the Transportation Building land, the municipal authorities might permit a few floors to be added to Plan B.” ... Messrs Roberge and Bhérer, directors of the Bank, shared Mr Hé- bert’s view, and added that, taking everything into consideration and allowing for tax depreciation, this plan would not prove much more expensive than the one already approved by the Board. ... Consideration was undoubtedly being given to plans for a large complex, but none of the proposals presented in April, June or August could be implemented because the promoters were unable to finance them. ...

Then, Potter, J made the following finding of fact in that case, namely, In the case under consideration the only income which the respondent had was from her investments and the only source of that income was the securities in which that portion of her capital was invested. ... He did so in these words: in such consideration it is expedient to recall the basic scheme of Part I of the Income Tax Act. ... Then, by the enactment of The 1948 Income Tax Act, consideration was first given to the taxpayer’s chief source of income instead of his chief position, occupation, trade, business or calling but the provision permitting the determination by the Minister to be final and conclusive was not re-enacted. ...

An example of a case where other considerations dictated the creation of several corporations and the income tax benefit arising therefrom was only an incidental benefit, is Jordans Rugs Ltd et al v MNR, [1969] CTC 445. ... The whole arrangement by which the plan was carried into effect was dominated by considerations other than tax advantage. ... The dominating consideration was to provide for the future of his children and his brothers’ children. ...

HELD: A careful consideration of all the evidence led to the conclusion that the property was acquired and developed with the intention of holding and operating it as an investment to the exclusion of any initial intention of disposing of it at a profit. ... Chappell by Deed dated 19 December 1958 and registered on 11 February 1959 for a consideration of $31,500 of which the purchaser paid $10,000 in cash and gave a mortgage back to the vendor of $21,500. 17. ... After careful consideration of all the evidence I am satisfied that the appellant has established that the property was acquired and developed with the intention of holding and operating it as a revenue-earning investment to the exclusion of any intention or purpose at the time of its acquisition and development to dispose of it at a profit. ...

This judgment emphasized that it was not necessary that the goods in question be manufactured or produced for sale, as this would involve the exclusion from consideration of section 87(d) of the Special War Revenue Act (Section 31(1) (d) of the Excise Tax Act). ... Since the tax paid on the goods used in the manufacturing process will in most eases be taken into consideration by the manufacturer in his sale price of the final product there will be double taxation when the tax is paid on same. ... While it would certainly be reasonable to presume in the present case that the cost of the matrices is taken into consideration by defendant in pricing the final product, the rubber stamps, on which the sales tax is paid, there is no specific admission to this effect in the Statement of Facts or evidence. ...

Certain facts were established in evidence which are, in my view, germane to a consideration of this category. ... I have taken these items into consideration for that limited purpose. 61 I now summarize hereunder the disposition which I propose to make of the main action and the counterclaim. ... Accordingly, the plaintiff is not entitled to any consideration on the question of costs. ...