Search - consideration

The same dictionary defines “Express or Implied Considerations” thus: Express or Implied Considerations. ... “Good Consideration” is defined by the same dictionary thus: Good consideration. ... On page 714, “Fair and Valuable Consideration” is defined thus: Fair and Valuable Consideration. ...

(a) from 1965 until August 1, 1969, Nick Fragis and Chris Smirnios each owned a one-half interest in and operated a restaurant and tavern business known as The Blue Danube Restaurant Tavern, in Hamilton, Ontario; (b) by Agreement dated April 21, 1969, Nick Fragis and Chris Smirnios agreed, inter alia, to sell their interests in The Blue Danube Restaurant and Tavern to Fraldo Restaurants Limited; (c) the said transaction was closed on August 2, 1969; (d) the consideration for the sale of The Blue Danube Restaurant and Tavern was $55,000; (e) no agreement was made between Nick Fragis and Chris Smirnios and Fraldo Restaurants Limited as to the allocation of the said $55,000 between consideration for the disposition of depreciable property of The Blue Danube Restaurant and Tavern, being property described in Class 8 of Schedule B to the Income Tax Regulations, and consideration for anything else. 4. ... In computing its income for the 1970 and subsequent taxation years, Fraldo Restaurants Limited allocated $50,000 of the said $55,000 as being consideration for the purchase of the above mentioned depreciable property. 9. The question in respect of which the Minister requests a determination is what part of the said $55,000 can reasonably be regarded as being the consideration for the disposition of the Class 8 depreciable property of The Blue Danube Restaurant and Tavern business and what part of the said $55,000 can reasonably be regarded as consideration for something else. 10. ...

The appellants claim that their shares of Bethex were worth considerably more than the consideration they received. ... They claim that they gave up those rights in consideration for a certain compensation, that compensation representing the damages for the premature cancellation of their option rights. ... The fact that a certain compensation is paid in consideration of such disposition shows that the person to whom that disposition was made, and who paid for it, attributed a value to it and wished to acquire it. ...

The issue in question is a very narrow one and deals with what in fact was the consideration received by the appellant for the sale of two parcels of land that it had assembled for shopping centre purposes in St Hyacinthe, Quebec. The appellant treats the total consideration received as the purchase price of the land and claims a reserve for the greater portion under section 85B of the Income Tax Act as it then was. ... I find corroboration for my belief in this result in the fact that the consideration shown in the deed was $375,000 for the land. ...

By agreement dated March 13, 1963, made between Labow Haynes Company Inc et al and Ronald Kirkby, the appellant agreed to sell his 1,500 class “A” shares of PLH Ltd (formerly Everne) in consideration of $1 and other good and valuable consideration. ... Is the $37,500, payable over a period of years by PLH Ltd to the appellant, consideration for the sale of 1,500 class “A” shares of PLH Ltd and as such a non-taxable receipt? ... In my opinion, the settlement of the $171,500 indebtedness was a consideration for the surrender of the shares for $1. ...

The onus is on the appellant executors to establish that the agreement was actually in effect as of January 1, 1953, the date when consideration for the contract began to run. ... can only find that part of the consideration was past consideration. There is no doubt, however, that the contract was in existence some time prior to the time the deceased discussed his will with his brother John, which would be prior to its execution in April 1960. ... The payments of $25,000 to Walter and George, brothers of the deceased, are partial gifts, as past consideration is no consideration. ...

(xi) For the consideration aforesaid and in consideration of the sum of One ($1.00) Dollar now paid by Burgess to each of Brasso and Einar Christian Brasso and of other good and valuable consideration (receipt of ail of which is hereby acknowledged), Brasso and Einar Brasso each release and discharge Burgess and Burgess releases and discharges Brasso from all obligations that may be set out in or arise out of a certain Agreement dated the 12th of August 1970, a copy of which is attached hereto and marked "C" and they further agree that the said Agreement is revoked insofar as Burgess may be affected in any way by mutual consent and that Burgess has no further obligations thereunder save and except that pursuant to the terms set out in paragraph (vii) (d) thereof that Brasso may in his own name and on his own behalf and at his own expense purchase the insurance policy or policies on his said life set out in paragraph 2 of the said Agreement. ... NOW THEREFORE THIS AGREEMENT WITNESSETH that in consideration of the sum of One ($1.00) Dollar, (the receipt of which is hereby acknowledged by Burgess and Brasso Datsun respectively), the Parties hereto agree as follows: 1. ... The respondent, in his Reply to Notnce of Appeal, relies on subsection 6(3) of the Income Tax Act which reads as follows: 6. (3) An amount received by one person from another (a) during a period while the payee was an officer of, or in the employment. of, the payer, or (b) on account or in lieu of payment of, or in satisfaction of, an obligation arising out of an agreement made by the payer with the payee immediately prior to, during or immediately after a period that the payee was an officer of, or in the employment of, the payer, shall be deemed, for the purposes of section 5, to be remuneration for the payee’s services rendered as an officer or during the period of employment, unless it is established that, irrespective of when the agreement, if any, under which the amount was received was made or the form or legal: effect thereof, it cannot reasonably be regarded as having been received (c) as consideration or partial consideration for accepting me office or entering into the contract of employment, (d) as remuneration or partial remuneration for services as an officer or under the contract of employment, or (e) in consideration or partial consideration for a covenant with reference to what the officer or employee is, or is not, to do before or after the termination of the employment. ...

The undersigned has advised Mr Gowling that, taking into consideration his salary, his responsibilities with your Company, and the inconvenience he incurred in moving to Montreal to accept employment with your Company, he is entitled to one year’s notice of termination or one year’s salary in lieu thereof. ... Taking into consideration Mr Gowling’s salary, his responsibilities with your Company and the inconvenience he incurred-in moving to Montreal to accept employment with your Company, he is entitled to one years notice, of termination or one year’s salary In lieu thereof. ... In consideration of the foregoing, I agree and undertake not to do anything that might harm or injure any of the said companies involved, including the principals, nor to do anything that may involve them in any difficulties. ...

In assessing the Appellant for tax for her 1973* taxation year, the Respondent disallowed the terminal loss claimed by the Appellant on the basis that the Respondent had received consideration for the Class 8 Assets in the total proceeds received on the sale of the Highland Avenue property. ... The assertions of the respondent were as follows: The proceeds received by the Appellant upon the sale of the Highland Avenue Property were in consideration for all assets thereby sold, which included the land, building and the Class 8 Assets, and the consideration received for the Class 8 Assets was at least equal to the Undepreciated Capital Cost of those assets. ... While counsel for the Minister acknowledged that under certain sets of circumstances, particularly when an option price had been established between parties dealing at arm’s length, such an amount had significance, subsection 69(1) of the Act prevented any such consideration under the circumstances in this case. ...

Accordingly, the appellant contends, the sum received as consideration for the guarantee given must be a capital gain. ... Counsel for the respondent pointed out that the consideration received by the taxpayer in the Steer case was taxed. It is true that the Minister of National Revenue taxed the consideration received by the taxpayer for his endorsement. ...