Search - consideration

(The italic is from the Board) Section 678 reads as follows: Where an amount can reasonably be regarded as being in part the consideration for the disposition of any property of a taxpayer and as being in part consideration for something else, the part of the amount that can reasonably be regarded as being the consideration for such disposition shall be deemed to be proceeds of disposition of that property irrespective of the form or legal effect of the contract or agreement; and the person to whom the property was disposed of shall be deemed to have acquired the property at the same part of that amount. ...

Under these provisions, consideration may be given to waiving interest in those instances where an individual is experiencing financial hardship, and has no ability to pay the liability in full. ... Barrons, and reviewing the material, I am completely satisfied that the decision was made fairly, on reasonable advice to her, and also on reasonable consideration. ... A great deal of time and attention was paid to her submissions, and a great deal of time and consideration was given to the result. ...

Limited for a consideration of $350,000. All that happened in 1988, she argued, is the entry in the shareholder's loan account of the $350,000 credit which reflected or recorded the November 1987 transaction. ... Limited agreed in November 1987, or for that matter at any time before December 31, 1987, to pay $350,000 to him as consideration for the note. ... Limited conferred any benefit on the Appellant until it either paid or agreed to pay valuable consideration for a worthless note. ...

The appellant relies upon the amount of consideration given in exchange for the property as indicated in the transfer document. ... The transfer document is evidence only of the value of the consideration given for the land and building. Further, with regard to the land and building, the transfer document is evidence of their value based on consideration given for them. ...

The notarial contract further states that [translation] “[t]his sale was therefore concluded for the amount of one dollar ($1.00) and other good and valuable consideration that the purchaser has paid in cash to the seller and that the latter acknowledges having received from the purchaser, to whom he grants a FINAL AND GENERAL DISCHARGE” ...   [7]                The subsequent dissolution of the partnership of acquests on April 20, 1989 does not establish that an additional consideration was paid for the sale by one spouse to the other of their principal residence. ... Each spouse’s waiver of his or her rights to the property passing to the other spouse as a result of the partition flows from the very logic of the dissolution of the partnership of acquests and the waivers do not in themselves establish that an additional consideration was paid for the family home ...

" (Bun King); (b) his resignation from that company; and (c) "consideration for past consulting services”. ... NOW THEREFORE THIS AGREEMENT WITNESSETH that in consideration of the transfer of shares and the resignations of Kirsh, the mutual covenants and agreements herein contained and other good and valuable consideration (the receipt and sufficiency whereof is hereby acknowledged by each party), the parties hereto do hereby covenant and agree, each with the other as follows: 1. ... As consideration for past consulting services rendered by Kirsh to Bun King in connection with the establishment of the business, the operations of its premises, the formulation of merchandising techniques and systems and other promotional techniques, and the training of employees involved in the business, Bun King hereby covenants and agrees with Kirsh: (a) to pay to Kirsh the sum of $1,300.00 on the first day of each and every month from January 1, 1981 and then on the first day of each and every month thereafter without termination during Kirsh's lifetime. ...

The consideration was $110,248, secured by a promissory note payable to the appellant and the issuance of shares whereby the appellant became the majority shareholder of the Company. ... The case before me involves the sale of a proprietorship to a company in consideration of a promissory note and other consideration given to the appellant whereby the appellant happened to have business income from salaries and dividends from the company. ... The debt, being uncollectable, is deemed to have been disposed of for nil and therefore meets the requirements of subparagraph 39(1)(c)(iv) of the Act as a business investment loss because it was a debt to acquire property within the meaning of subparagraph 40(2)(g)(ii) of the Act which reads as follows: 40. (2) Notwithstanding subsection (1), (g) a taxpayer's loss, if any, from the disposition of a property, to the extent that it is (ii) a loss from the disposition of a debt or other right to receive an amount, unless the debt or right, as the case may be, was acquired by the taxpayer for the purpose of gaining or producing income from a business or property (other than exempt income) or as consideration for the disposition of capital property to a person with whom the taxpayer was dealing at arm’s length,... ...

(g) The appellant received consideration for his $200 payment to the Lambton Evangelical Christian School Society in the form of the secular academic training received by his child when attending the school. The respondent disallowed this $200 on the assumption that the appellant received consideration for his $200 payment to the Lambton Evangelical Christian School Society. ... Even accepting the evidence of the defendants in these cases that subject payments were voluntary and not pursuant to a contractual obligation, it seems clear that each parent here received a consideration, ie the Christian education of his children. ...

The appellant relies upon the amount of consideration given in exchange for the property as indicated in the transfer document. ... The transfer document is evidence only of the value of the consideration given for the land and building. Further, with regard to the land and building, the transfer document is evidence of their value based on consideration given for them. ...

As a result by an agreement dated April 2, 1964 the plaintiff and his brother Winston A Steeves purchased all of the shareholdings of the Newfoundland group in consideration of the Steeves brothers assuming all company debts, including personal guarantees, to the exoneration of the Newfoundland group plus the sum of $1 for each of their respective shares of the company. ... These aggregated $620,633.13 and the agreed consideration for the assignment was $70,000. ... In other words, for a nominal consideration. The assignments, on the other hand, while dated the same day as the main agreement, were made by J Goodyear & Sons Limited and Goodyear Construction Limited as assignors and the Steeves brothers as assignees and were each for a substantial consideration, aggregating $70,000 for debts having a face value of $620,633.13. ...