Search - consideration

The consideration paid by the respondent to Seaton was $17,000 so that the total discount thereon was $3,465.71. ... The transactions which give rise to the present appeal by the respondent herein as to the amounts of $3,137.03 and $7,226.66 for the taxation years 1950 and 1951 respectively, were the identical transactions under consideration by the President in the Beatrice Minden case (supra) and I am in complete concurrence with his decision and reasons therefor. ...

Letters patent dated May 9, 1955 issued pursuant to the laws of the Province of Ontario incorporating the appellant under the corporate name of Dorwin Shopping Center Limited with an authorized capital divided into 100,000 preference shares of the par value of $10 each and 300,000 common shares without nominal or par value which might be issued for a consideration not to exceed in amount or value the sum of $300,000. ... In September 1955 the appellant wrote to New York Life, in December 1955 to Prudential Life, on January 3, 1956 to Canada Life, on February 22, 1956 to Metropolitan Life, on March 28, 1956 to London Life, on March 29, 1956 to Great West Life, all of which, after consideration, declined to advance monies to the appellant on security of a first mortgage. ...

., by taking into consideration the fact that the mortgages are purchased at a discount although the interest is calculated the first year on its face value, the second year the interest is on the balance, i.e., the face value less whatever amount paid and so on. ... The facts in all of these cases are somewhat dissimilar but from a consideration of all of them, a number of factors can be taken, no one of which will establish the carrying on of a business, perhaps even no two of which but when taken with other factors, create a strong almost irresistible inference that we have in essence a business operation. ...

—There may be deducted from a taxpayer’s income as hereinafter defined, the aggregate of the payments made by him (a) within the taxation year or within twelve months thereafter to his customers of the taxation year, and (b) within the taxation year to his customers of a previous taxation year, the deduction of which from income of a previous taxation year was not permitted under paragraph (a) of this subsection... pursuant to allocations in proportion to patronage in respect of all his customers of the taxation year at the same rate, with appropriate different types of classes of goods, products or services, or classes or grades or qualities thereof, the amount that may be deducted from his income shall be (c) the aggregate of the payments previously mentioned in this subsection or (d) an amount equal to the aggregate of (i) the amount of income of the taxpayer of the taxation year attributable to business done with members of the taxpayer and (ii) the amount of allocations in proportion to patronage to customers of the taxpayer of the taxation year other than members of the taxpayer whichever is less. ’ ’ I am convinced that the respondent gave consideration to this subsection of the Act when preparing its balance sheet and income tax return, but seems to have neglected to pay close attention to the following subsection (9) of Section 5 which is correlative to the previous subsection. ... That consideration appears to me to dispose of the present case. In my opinion, a member of the appellant company, when he pays a premium, makes a rateable contribution to a common fund, in which he and his co-partners are jointly interested, and which is divisible among them, at the times and under the conditions specified in their policies. ...

On March 15, 1935, the Commissioner replied as follows: With reference to your letter of the 26th ultimo, the matter is under consideration and you will be advised further in due course. ... That is not in any way like the case of a person who holds certain investments and merely draws the interest from them, or of an owner of mines who simply leases them in consideration of the payment to him of royalties. ...

Justice Butler of the Supreme Court of the United States held that certain subsidy payments made by the Republic of Cuba to the Company to promote the construction of railroads in Cuba and in consideration also of reduced rates to the publie as well as reduced rates and other privileges for the Government, the payments being on the basis of mileage actually constructed, were for the purpose of reimbursing the Company for capital expenditures and were not profits or gains from the use or operation of the railway and did not constitute taxable income. ... The reason for paying the subsidy in annual instalments over a period of years rather than in a lump sum was no doubt due to considerations of government policy and convenience and the annuality of the pay- mets cannot affect their character. ...

John, dated August 11, 1941, requesting him to make his income tax returns for 1940, showing his’ income from all sources, and advising him that consideration would be given to a portion of taxes paid in the United Kingdom and in the United States. ... British subject, shared a house in Glasgow with two sisters, but partly for considerations of health was in the habit of travelling abroad for the greater part of the year spending only the summer months in the United Kingdom. ...

., dissenting on the main point at issue, the following observations which, although not absolutely to the point, are interesting (p. 542): ‘“Whether these dispositions, or any of them, are charitable purposes within the meaning of the exemption, I have quoted above, must be determined upon a consideration of what those words ‘charitable purposes’ mean in the exemption in question. ... After giving full consideration to clause (iii) of para, (c) of subsec. 1 of see. 5 and the fact that the word "‘adoption'' was inserted in the section of the statute dealing with deductions and exemptions unreservedly, I am satisfied that the legislators, who are usually accurate and precise, wanted, at a time when the exchequer was not so heavily burdened, to put on the same footing as the natural parents any individual who, maintaining a self- contained domestic establishment (otherwise residence), actually supports therein one or more persons connected with him by blood relationship, marriage or adoption. ...

I doubt that I should do so; but, in any event as it appears to me, any assistance that I would get from such a consideration would merely support the conclusion that I have reached unaided thereby. ... Section 701(1) (b), which gives rise to the fraction under consideration, reads as follows: ‘that proportion of such taxes that his income derived from mining operations in the province for the year is of his income in respect of which the taxes were so paid.” ... Such taxes are expenditures made for the purpose of earning or producing income from a property or a business such as the tax under consideration in Harrods (Buenos Aires) Lid. v. ...

Convenience of storage or source of use was the governing consideration. ... It reads as follows: ‘‘The primary basis of accounting for inventories is cost, which has been defined generally as the price paid or consideration given to acquire an asset. ... That is the prime consideration. The physical flow of the goods has nothing to do with the matter. ...