Search - consideration

The Queen, 91 DTC 5430, [1991] 2 CTC 83 (FCTD)-- summary under Paragraph 12(1)(b) Summary Under Tax Topics- Income Tax Act- Section 12- Subsection 12(1)- Paragraph 12(1)(b) mortgages included in proceeds at their principal amount rather than lower FMV A real estate developer which sold condominiums for consideration consisting in part of mortgages of the purchasers bearing interest at a below-market rate was required to include the face amount of the mortgages in its income, notwithstanding that under GAAP it was required to include only their fair market value in computing income. ...

MNR, 73 DTC 5264, [1973] CTC 295 (FCTD)-- summary under Paragraph 700(1)(d) Summary Under Tax Topics- Income Tax Regulations- Regulation 700- Subsection 700(1)- Paragraph 700(1)(d) The taxpayer transferred its logging operations to a subsidiary in consideration for an interest-bearing promissory note. ...

Profit- Debt/ receivables Gains enjoyed by the taxpayer, upon the redemption of preferred shares held by her in a company and the partial payment of company indebtedness held by her, were fully taxable because, at the times that she acquired the shares and indebtedness for nominal consideration (1) she was sufficiently involved with her husband (who became president of the company) to make his intentions her own, and (2) his intention was a speculative one of rescuing the company from insolvency and making it profitable through his own efforts. ...

The Queen, 74 DTC 6585, [1974] CTC 763 (FCTD)-- summary under Subsection 15(1) Summary Under Tax Topics- Income Tax Act- Section 15- Subsection 15(1) Following the acquisition of the shares of a company by the taxpayers for consideration that included a mortgage given by the company to the vendors, the company paid principal and interest on amounts borrowed by the taxpayers to acquire its shares, and also made payments of principal and interest under the mortgage. ...

., 86 DTC 6610, [1987] 1 CTC 42 (FCTD)-- summary under Loans and Financing Charges Summary Under Tax Topics- Income Tax Act- Section 18- Subsection 18(1)- Paragraph 18(1)(a)- Loans and Financing Charges A German limited partnership ("Canada Grund") having control of the taxpayer, in consideration of the taxpayer's promise to indemnify it from foreign exchange losses, advanced loans to, and invested in preference shares of, real estate corporations in which the taxpayer had a substantial interest. ...

The Queen, 84 DTC 6395, [1984] CTC 414 (FCTD)-- summary under Subsection 49(3) Summary Under Tax Topics- Income Tax Act- Section 49- Subsection 49(3) It was argued by a taxpayer who had granted an option to purchase his land that the Act included no provision permitting the taxation of payments received by him in consideration of extending the term of the option. ...

The Court was informed that the taxpayer had been involved in cocaine trafficking, for which he was likely to receive a lengthy sentence, he had recently liquidated immovable assets, he transferred the family home to his spouse without consideration and she put the residence up for sale, and he had grossly under-reported his income for several taxation years despite making large purchases and disbursements from his bank accounts. ...

The Queen, 95 DTC 5631, [1996] 1 CTC 3 (FCTD)-- summary under Subsection 212(5) Summary Under Tax Topics- Income Tax Act- Section 212- Subsection 212(5) The plaintiff (a U.S. partnership) provided video tape reproduction masters to a wholly-owned Canadian subsidiary, which was entitled in consideration for royalties payable to the plaintiff to duplicate the masters for distribution within Canada through the sale of video cassettes. ...

The Queen, 90 DTC 6371, [1990] 2 CTC 122 (FCTD)-- summary under Section 68 Summary Under Tax Topics- Income Tax Act- Section 68 allocation in agreement respected The Court refused to depart from a supplementary agreement as to the allocation of purchase price between land, building and equipment in a sale of an apartment building property by the taxpayer in light of the consideration the taxpayer had given to making a counter-proposal as to the allocation and the similarity that such allocation bore to the allocation on the purchase seven years previously by the taxpayer of the property. ...

The latter three payments were found to be instalments of a capital sum rather than periodic maintenance because the obligation to make them survived the parties and in light of a clause in the agreement which was interpreted as an acknowledgment that the payments were capital payments made in consideration of the renunciation of rights. ...