Search - consideration

He went on to state (at para. 52): [T]he Recalma line of cases has sometimes wrongly elevated the "commercial mainstream" consideration to one of determinant weight. ...

Furthermore, considerations of public policy required that breaches of the Bank Act not lead to the invalidation of contracts and other transactions because "to unravel commercial transactions on the basis that a corporate actor breached a statute is to introduce uncertainty into the affairs of individuals and businesses" (p. 6509) and, furthermore, s. 20(1) of the Bank Act (which stated that no act of a bank was invalid by reason only that the act was contrary to the Act) supported the view that Parliament never intended breaches of the Bank Act to render bank transactions null and void. ...

Noël J.A. stated at para. 33 that s. 10(1), which requires that inventory be valued at the lesser of cost or fair market value, overrides any GAAP considerations. ...

Noël J.A. stated at para. 33 that s. 10(1), which requires that inventory be valued at the lesser of cost or fair market value, overrides any GAAP considerations. ...

The consideration for the first five tranches was paid in cash, and for the last five tranches was paid by the issuance of an interest-bearing $20 million promissory note. ...

The consideration for the first five tranches was paid in cash, and for the last five tranches was paid by the issuance of an interest-bearing $20 million promissory note. ...

" In reaching this conclusion, the Court stated (at p. 6032): [A] gift is a voluntary transfer of property owned by a donor to a donee, in return for which no benefit or consideration flows to the donor. ...

., 2003 DTC 5471, 2002 FCA 422-- summary under Subsection 245(4) Summary Under Tax Topics- Income Tax Act- Section 245- Subsection 245(4) asset strip to affiliate before tax motivated sale at loss In order to realize an allowable business investment loss on its investment in a corporation ("DMI") held jointly by it and a third party ("Rexfor"), the taxpayer and Rexfor formed a new corporation ("DMI 1993") owned jointly by them, arranged for DMI to transfer all its assets and liabilities to DMI 1993 save for two sawmills worth $2.5 million and $2.5 million of debt owing to a third party, and then sold the shares of DMI to an unrelated third party for nominal consideration. ...

The Queen, 2004 DTC 2909, 2004 TCC 474-- summary under Subsection 55(2) Summary Under Tax Topics- Income Tax Act- Section 55- Subsection 55(2) transfer of safe income in a non-rollover transaction Each of the two individual taxpayers, who owned one-half of the shares of a Canadian-controlled private corporation ("Comcare") having an accrued gain of approximately $12.4 million and safe income of approximately $1.9 million, transferred his shares of Comcare to his own newly-incorporated holding company ("Holdco") in consideration for a promissory note and common shares of Holdco, thereby realizing a deemed dividend of approximately $10.4 million. ...

Expense- Contract or Option Cancellation payment for surrender of key lease was capital In finding that lump sums paid by a colliery company in order to secure a reduction in the scope of (in one case) or the cancellation (in the other case) of two mining leases (and thereby release its liability to restore the surface) were on capital account, Lawrence L.J. first noted (at p. 787) that the company's trade did not consist of acquiring mining leases and selling those mining leases but, rather, of the winning and selling of coal, and then stated (at p. 788): "... it cannot, in my opinion, reasonably be said that the consideration paid for and the acceptance of the surrender was a sum wholly and exclusively expended for the purpose of winning and selling the coal in which the Company traded. ...