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The taxpayer (which was involved in the business of trading securities) disposed of the common shares to a family trust in consideration for their depleted value and reported a business loss. ...

The taxpayer had argued at trial that the definition of "government assistance" excluded any advance of funds in consideration of a promise to repay, and on appeal further argued that the ejusdem generis principle meant that s. 127(9) limited the scope of "assistance. ...

The Queen, 82 DTC 6080, [1982] CTC 74 (FCA)-- summary under Paragraph 12(1)(c) Summary Under Tax Topics- Income Tax Act- Section 12- Subsection 12(1)- Paragraph 12(1)(c) parties were entitled to treat conditional interest, when paid, as having retrospective absolute effect The deceased taxpayer sold a company in 1968 in consideration for an initial payment of $660,000 and three additional annual payments based on the audited net profits of the company for the three subsequent years, but with such additional payments not to exceed $1,200,000. ...

She then stated (at para. 53): I therefore read Duha Printers as holding that once the conditions set out in section 146(1) of the CBCA have been fulfilled, the Agreement qualifies as a USA and the two types of restrictions described at item (3)(c) of paragraph 85 must be taken into consideration when determining who has de jure control of the Corporation. ...

Gendron") in consideration for a promissory note (payable in five annual instalments) and elected that s. 73 not apply to produce rollover treatment. ...

After noting (at para. 77) that his decision was limited to the question as to whether there was any s. 39(2) gain and after noting that the debenture indenture provided that the converting holder was entitled to cash equal to the current market value of any fractional share and that the directors’ resolution issuing the shares on conversion essentially indicated that the fair value of the consideration received for the shares’ issuance was their “Sale Price” (i.e., current market price on the NYSE), Ryer JA stated (at paras.103-104): [T]he Repayment Amount in respect of each Convertible Debenture was, in essence, the US$ amount determined when the “Sale Price” of a Common Share, on each Conversion Date…was multiplied by 71.429. ...

He added (at para. 21): [W]here gross negligence is alleged, I would expect consideration of whether the conduct of the taxpayer at issue is such a marked departure from what would be expected that it constitutes a high degree of negligence sufficient to be characterized as a marked departure from the standards, practices, and due diligence expected of a responsible taxpayer. ...

In consideration, they were permitted to keep the recoveries of alternative minimum tax made by them in the subsequent taxation years. ...

Canada, 2019 FCA 306-- summary under Subsection 55(2) Summary Under Tax Topics- Income Tax Act- Section 55- Subsection 55(2) s. 55(2) operated through denying a s. 53(1)(b) ACB bump An individual rolled his apartment building into a Newco in consideration for a mortgage assumption and shares with nominal paid-up capital, and then rolled those shares into a new Holdco. ...

These considerations were reinforced by the purposes of s. 227.1, which had been judicially stated to be “to strengthen the Crown’s ability to enforce the statutory obligation imposed on corporations to remit source deductions” (para. 25), whereas the Tax Court interpretation “render[ed] this purpose nugatory and pointless” (para. 26). ...