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Canada, 2019 FCA 57-- summary under Subsection 16(1) Summary Under Tax Topics- Income Tax Act- Section 16- Subsection 16(1) s. 16(1) can only apply to a debtor if it equally applies to the creditor As part of a complex set of transactions, a predecessor of the taxpayer agreed to assume a $225M loan that was due in perhaps 43-years’ time and that was non-interest-bearing (except in the remote event of oil production from the Beaufort Sea) in consideration inter alia for the payment to it of $17.5 million by the debtor. ...

The Tax Court (D’Arcy J) had found that, in fact, on the same day that the limited partnership acquired the permit rights from its general partner (“Kinderock”), it had transferred their beneficial ownership to Devonian (on an s. 85(2) rollover basis) in consideration for shares, so that its fleeting beneficial ownership of those assets did not qualify them as being used in a Canadian active business, as required under the s. 110.6(14)(f)(ii) test. ...

Similarly, he stated (at para. 55): [T]here is no doubt that broad expressions such as “taxable supply” and “commercial activity” … must be interpreted irrespective of considerations of lawfulness, public order or morality. ...

. … The appellant also argues that he was denied procedural fairness because he legitimately and reasonably expected that he would be provided the same process considerations as the successful SDL Optics employees. … I disagree. ...

Colitto transferred, for nominal consideration, real estate to her in 2008. ...

Canada, 2020 FCA 115-- summary under Paragraph 97(2)(b) Summary Under Tax Topics- Income Tax Act- Section 97- Subsection 97(2)- Paragraph 97(2)(b) the starting ACB of a partnership interest was determined exclusively under s. 97(2)(b) The taxpayer (“Iberville”), on three occasions in 2003 and 2004, contributed shopping centres worth $130M to a newly-formed partnership in consideration for promissory notes approximating the $14M cost amount of the contributed properties and for units of the partnership. ...

Canada, 2020 FCA 115-- summary under Subsection 97(1) Summary Under Tax Topics- Income Tax Act- Section 97- Subsection 97(1) issuance of partnership units on a drop-down is irrelevant to the ACB of the partnership interest A corporate taxpayer having shopping centres with a cost amount and fair market value of $14M and $130M, respectively, contributes the properties under s. 97(2) to a newly-formed LP in consideration for boot of $14M and units with a FMV of $116M. ...

Another important contextual consideration is that Court orders or directions, when made, are law until set aside. ...

Deans Knight Income Corporation, 2021 FCA 160, aff'd 2023 SCC 16-- summary under Paragraph 111(5)(a) Summary Under Tax Topics- Income Tax Act- Section 111- Subsection 111(5)- Paragraph 111(5)(a) the object and spirit of s. 111(5) is abused on an arm’s length acquisition of “actual” (albeit, not de jure) control of a Lossco The non-capital losses of $90M, and other tax attributes of the taxpayer, were effectively sold to arm’s length investors pursuant to transactions under which: The existing shareholders of the taxpayer exchanged their shares for shares of a “Newco” (“New Forbes”) under a Plan of Arrangement A private company “facilitator” (Matco) entered into an “Investment Agreement” with the taxpayer and New Forbes pursuant to which Matco (principally in consideration for $3M in cash) acquired a debenture of the taxpayer that was convertible into shares representing 79% of its equity shares but only 35% of its voting shares. ...

The 2 nd subsidiary then sold its gainmaking shares to the 1 st subsidiary in consideration for a $10 million demand promissory note of the 1 st subsidiary (realizing a capital gain of approximately $10 million), and so on up the chain so that 12 of the 13 subsidiaries realized total gains of approximately $110 million and an addition to their capital dividend accounts of approximately $55 million. ...