Search - consideration

MNR, 74 DTC 6041, [1974] CTC 4 (FCTD), aff'd 77 DTC 5187, [1977] CTC 328 (FCA)-- summary under Subsection 15(1) Summary Under Tax Topics- Income Tax Act- Section 15- Subsection 15(1) no reorganization of corporation Pillsbury Holdings did not apply to a sale by a corporation ("Highland") to its individual shareholders of shares of a subsidiary ("Berkam") worth $100,000 for cash consideration of $200, because in the present case there was a clear invoking of the provisions of sections 15(1)(c) and 245(2). ...

The Queen, 86 DTC 6244, [1986] 1 CTC 484 (FCTD), aff'd 89 DTC 5515 (FCA)-- summary under Subsection 163(2) Summary Under Tax Topics- Income Tax Act- Section 163- Subsection 163(2) No penalty was exigible where the taxpayer made a supposedly deductible "gift" to the Manitoba Crown which, in fact, was characterized as partial consideration for a payment made by the Crown to the taxpayer. ...

Profit- Partnership Interests partnership interest buyback not distribution It was found that a sum of $103,111 paid by a partnership to a retiring partner was consideration for the buying back of his partnership interest rather than an allocation to him of partnership income, including his interest in unbilled work in progress. ...

Notwithstanding submissions of the taxpayers that they regarded their shares as being worth more than $300,000 and that the covenant likely was unenforceable, it was found that the covenant had value to the purchasers and that the payments in consideration of the covenant were employment income. ...

The Queen, 78 DTC 6452, [1978] CTC 646, aff'd 81 DTC 5050 [1981] CTC 75 (FCA)-- summary under Retroactivity/Retrospectivity Summary Under Tax Topics- Statutory Interpretation- Retroactivity/Retrospectivity The community of movables and acquests established in Quebec in 1971 was held not to have retroactive effect to the date of the taxpayer's marriage in 1939 in light of "a fundamental principle of law that, unless otherwise stated, an enactment is presumed not to have retroactive effect" and the consideration that "from a practical standpoint, giving a new regime acquired later in life retroactive effect to the date of marriage would plunge society into a state of chaos. ...

It was held, however, that the difference reflected the unique suitability of the fleet for use in Canada Post's operations, and the entire amount accordingly was consideration for the trucks. ...

., 94 DTC 6511, [1994] 2 CTC 170-- summary under Specified Investment Business Summary Under Tax Topics- Income Tax Act- Section 125- Subsection 125(7)- Specified Investment Business at least six A practising lawyer who spent approximately 28 hours per year on telephone calls monitoring the business of the taxpayer in addition to making occasional visits to the taxpayer's office in consideration for annual remuneration from the taxpayer of $8,250 did not qualify as a "full-time employee". ...

Since the consideration for the instalments thus was the waiver of the contract benefits rather than the need of the recipient, the instalments were non-deductible. ...

Because Tranter was not in breach of the option agreement when Harvey agreed to surrender his option, the payment made to him was consideration for the disposition of his option (rather than damages for its breach) and accordingly was taxable. ...

The Queen, 74 DTC 6563, [1974] CTC 742 (FCTD)-- summary under Paragraph 6(3)(d) Summary Under Tax Topics- Income Tax Act- Section 6- Subsection 6(3)- Paragraph 6(3)(d) The taxpayer received a lump sum in consideration for relinquishing his rights under his existing employment contract, and it was agreed that he would continue on with the company as an employed consultant. ...