Search - consideration

Excluding the description of the parties, it is as follows, the Company being the party of the first part and the appellant the party of the second part: “NOW THIS AGREEMENT WITNESSETH that in consideration of the premises and in consideration of the mutual covenants and agreements of the parties hereto hereinafter contained, IT IS AGREED by and between the parties hereto as follows: 1. ... "The following are instances—to show the true consideration or the existence of consideration or of consideration in addition to that stated; to show the true nature of the transaction, or the true relationship of the parties.’’ ... But para. 5 is a part of the agreement and forms part of the consideration. ...

The Purchasers shall pay to the Vendors in consideration of the purchase described in Paragraph 1 above as follows: (a) Goodwill $ 8,000.00 (b) List of all present and past clients of the said prac tice, historical records, working. papers, financial statements, reports, ledger cards, files and other records pertaining to businesses audited and ser viced by the Vendors, which are the property of the Vendors $11,500.00 (c) Furniture and fixtures $ 500.00 $20,000.00 In respect to the Long Sault agreement, the relevant clause therefrom is Clause 4-A which reads as follows: 4, The Purchasers shall pay to the Vendor in consideration of the purchase described in Paragraph 1 above as follows: (a) For the Bookkeeping Practice the amount of $5,101.00 subject to adjustments as set forth in this agreement, for assets acquired as follows: The issue for decision is what is the proper tax treatment of the total sum of $16,600 made up as may be noted of $11,500 referred to in the so-called Trenton Agreement and $5,100 referred to in the so-called Long-Sault Agreement. ... And if it was a capital outlay, were tangible assets acquired in consideration therefor within the meaning and so as to entitle the appellants to capital cost allowance under Class 8 of Schedule B to the Income Tax Regulations? ... Certain excerpts from this article are as follows: And now we come to the most important consideration: the value of the practice. ...

Therefore, the issue resolves itself into two questions, namely: did Mae Ritter Papp give any consideration to the Company, meaning thereby, according to Section 3(6) (b) of the Act, Gordon Papp, or did the policy that was assigned to Mae Ritter Papp have any value? ... Since then I have had the opportunity of reviewing the transcript of the evidence and I have come to the conclusion that Mae Ritter Papp did not give any consideration for the assignment. ... I find, therefore, that Mae Ritter Papp did not give any consideration to the Company or her husband for the assignment. ...

In 1956, there was carried into effect an arrangement between the Province of Quebec and the appellant under which the appellant accepted a grant of cutting rights in respect of three different sites—known as Chemin-des-Marais, Riviéres-aux-Vases and Picauba—in consideration of a release of its rights against the province in respect of the expropriation of the Rimouski portion of the timber limit and a transfer by it to the province of the Temiscouata portion. ... I do not understand that there is any difference between that tentative view and the view urged on me on behalf of the respondent.* [5] My impression of the view that was urged on me, very ably indeed, on behalf of the appellant, was that the single transaction in 1956 between the appellant and the province was, in effect, two transactions, viz., (a) a transaction whereby the appellant, for a consideration”, gave a release of all its rights against the province arising out of the expropriation and gave a transfer of the Temiscouata portion of the timber limit to the province, and (b) a transaction whereby the appellant acquired the cutting rights for the same “consideration”, and that, as the amount of the “consideration” in question was the value of the cutting rights,! ... There, I was considering a case where the consideration given for the ‘‘plant’’ was ‘‘entering into the low-priced supply contract’’—a consideration very difficult to put a value on— and what I am sure that I had in mind is that, “prima facie’’, the value of the consideration is equal to the value of what is received for it, so that where, as in my hypothetical case, what was received can easily be valued and what was given is almost impossible to value, it is a fair statement that “prima facie, what he pays for the plant is the value of the plant’’. ...

The question for consideration is whether in these circumstances the respondent is entitled to the benefits of the provisions of Section 85A(1) of the Income Tax Act. ... ‘‘sell’’, I think, means to sell at a fixed or ascertainable price; or (b) to issue its shares and ‘‘issue’’, I think, means in the context to issue its own treasury shares, possibly without monetary consideration. ... After a careful consideration of the whole of Section 85A, I have also come to the conclusion that the benefits deemed to have been received by the employee as therein mentioned are benefits conferred on the employee by the corporation. ...

Bank’’; and, as consideration for the money so ‘‘furnished’’, Buechner and Yeske agreed to transfer to the appellant and Montague one-half the shares in the company and certain “royalty interests’’. The appellant fulfilled his part of the bargain, by guaranteeing the company’s notes at the bank, and received the promised consideration therefor. ... In other words, the appellant received the property from Buechner and Yeske as consideration for pledging his credit for the company. ...

It follows that the “consideration” for the surrender is “proceeds of disposition”? ... Section 20(6) (g)* [3] provides, in effect, that, where an amount can reasonably be regarded as being in part consideration for disposition of depreciable property of a prescribed class and as being in part consideration for something else, “the part of the amount that can reasonably be regarded as being the consideration for such disposition shall be deemed to be the proceeds of disposition of depreciable property of that class’’. ... That being so, it seems clear that at least $9,025.21 of the $155,000 ca nreasonably be regarded as being consideration for the disposition of the furniture and equipment. ...

In further consideration of the anticipated allotment of the aforesaid new shares totalling 972,887, the participants agreed to drill two additional wells on the aforesaid petroleum and natural gas properties, and the Company agreed to pay a part of the cost of the said drilling.” ... In consideration of the issue and allotment to the participants and/or their nominees of 122,145 fully paid and nonassessable shares in capital stock of York as constituted after the reorganization of York the participants hereby assign, transfer and convey unto York all of their right, title, estate and interest in and to the said Drilling Reservation No. 368. ... Late in 1959, however, a Toronto group had furnished sufficient funds to the company to allow it to resume operations, in consideration whereof Joanne, whose head office was in the City of Toronto, acquired a controlling interest in Black Bay consisting of 800,000 shares. ...

This subsection and the nature of the discretion to be exercised by the respondent were recently under consideration in the case of D). ... Inasmuch as this was not the case here, I am unable to refer the matter back to the Minister for further consideration as I had as first thought it my duty to do. ... The remaining point for consideration is the interest paid on the note to T. ...

Under such a contract a “purchaser”, in consideration of a payment or payments that he promises to make to Western becomes entitled to have Western make a specified payment or payments to him. ... At the same time, and by virtue of the same contract pursuant to which it acquired the controlling interest in Western, the appellant, for a money consideration, became entitled to W. ... In effect, therefore, in 1960, the appellant, for a money consideration, acquired W. ...