Search - consideration

The consideration paid included a promissory note for $190,000 with a five-year term and bearing interest at 7.5%. ...

Agence du revenu du Québec, 2023 QCCQ 10241-- summary under Ownership Summary Under Tax Topics- General Concepts- Ownership property was transferred to shareholders as nominees in light inter alia of consistent reporting of the transferor as the continued actual owner The ARQ assessed the appellant (9154-6093) for its failure to collect and remit QST on its transfer of a condo unit (Unit 54) to its shareholders (two spouses) in April 2009 for consideration of $567,000. ...

Agence du revenu du Québec, 2023 QCCQ 10241-- summary under Supply Summary Under Tax Topics- Excise Tax Act- Section 123- Subsection 123(1)- Supply the ARQ contravened its role by assessing a taxpayer for QST on a property transfer while continuing to collect QST as if the taxpayer was still owner The ARQ assessed the appellant (9154-6093) for its failure to collect and remit QST on its transfer of a condo unit to the couple who were its shareholders for stated consideration. ...

To give effect to the [contrary] contention on behalf of the Minister, it would seem necessary to make an investigation of the clientele who patronized the business and of the proximity of the former business where the loss was incurred to the premises occupied in the operation of a business where profits were realized before permitting the loss to be deductible under the said paragraph (p), and I cannot reach the conclusion that any such consideration was present in the mind of Parliament when the legislation was enacted. ...

She stated (at par. 67): It is therefore clear that the words "payments of any kind received as a consideration for the use of, or the right to use" intellectual property rights is intended to be restricted to income received by someone who owns the relevant right (or the rights to use it). ...

The Queen, docket 98-2383(IT)G (TCC)-- summary under Subsection 245(3) Summary Under Tax Topics- Income Tax Act- Section 245- Subsection 245(3) GAAR not to be used to fill in gaps of specific anti-avoidance provisions The taxpayer, who owned a portion of the shares of the holding ("GH") which, in turn, owned an operating company ("GBC") utilized the enhanced capital gains exemption in connection with the sale of a cement plant operated by GBC through the following transactions: the taxpayer and the other shareholders of GH transferred a portion of their shares of Holdings to a newly-incorporated company ("Newco") in consideration for shares of Newco having a value of $500,000; GBC paid a dividend-in-kind of most of the cement plant assets (having a value of $1 million) to Holdings; Holdings redeemed the common shares held in its capital by Newco by transferring to Newco the assets it had received from GBC; and the shareholders of Newco's sold their interests in Newco to the purchaser (who also purchased the remaining cement-plant assets directly from GBC). ...

., [1994] BTC 85 (HL)-- summary under Adjusted Cost Base Summary Under Tax Topics- Income Tax Act- Section 54- Adjusted Cost Base The following is a somewhat simplified description of transactions that would have occurred but for the withdrawal by Inland Revenue of an advance clearance: Investors purchased a leasehold interest in a property in a designated enterprise zone for 198 years from receiver-managers for the sum of £95 million, of which £64.125 million was borrowed on a 10-year full recourse and interest-bearing basis from a bank ("Hill Samuel"); the receiver-managers used £75.125 million of the amount received to pay a "reverse premium" to a subsidiary ("SQPL") of the promoter of the scheme ("Matrix") as the consideration for the previous agreement of SQPL to sublease the property for 99 years at a rent that, for the first 10 years of the sublease, was at an above-market rate; after payment of fees to Matrix and the funding of future construction costs, the receiver-managers retained £8 million of the £95 million received by them; SQPL lent £64.125 million to a subsidiary of Hill Samuel which, in turn, lent that sum to Hill Samuel; the balance of £8 million received by SQPL was used to pay a fee to Hill Samuel in respect of its guarantee of SQPL's obligations under the 99-year sublease, and to make a deposit with the subsidiary of Hill Samuel; rent for the initial 10 years under the 99-year sublease by SQPL was used to fund the interest payments owing by the investors on their loan from Hill Samuel; and an "exit arrangement" effectively permitted the investors after 10 years to cause the arrangement to be unwound at that time. ...

Around the time of launching the action, he and the two other directors entered into a "litigation agreement" with Disctronics which provided (para. 101): In consideration of [Disctronics'] promises [to pay all costs and disbursements] the directors…assign absolutely unto… [Disctronics], any award of damages (whether on revenue or capital account)… made in their favour as a consequence of their participation in the joint venture or arising out of the proceedings…. ...

Around the time of launching the action, he and the two other directors entered into a "litigation agreement" with Disctronics which provided (para. 101): In consideration of [Disctronics'] promises [to pay all costs and disbursements] the directors…assign absolutely unto… [Disctronics], any award of damages (whether on revenue or capital account)… made in their favour as a consequence of their participation in the joint venture or arising out of the proceedings…. ...

The High Court held that each apartment lease, as an executory contract, obliged MBI to give Mirvac use and occupation of the apartment throughout the term of the lease in consideration for the periodic payment of rent, so that MBI's observance of this continuing obligation was properly characterized as an intended supply of residential premises by way of lease by it to Mirvac which was input taxed under s 40-35 of the Australian GST legislation. ...