Search - consideration

Accordingly, "a transaction that clearly falls within the object and spirit of section 66 cannot be said to unduly or artificially reduce income merely because the taxpayer was influenced in deciding to enter into it by tax considerations." ...

Because Tranter was not in breach of the option agreement when Harvey agreed to surrender his option, the payment made to him was consideration for the disposition of his option (rather than damages for its breach) and accordingly was taxable. ...

The Queen, 2010 DTC 1016 [at at 2615], 2009 TCC 484 (Informal Procedure)-- summary under Class 14 Summary Under Tax Topics- Income Tax Regulations- Schedules- Schedule II- Class 14 A contract under which the taxpayer made a total contribution of $25,500 in consideration for a company agreeing to pay to the taxpayer 5.5% of the gross revenue from the operation of a lottery terminal in St. ...

The Queen, 74 DTC 6563, [1974] CTC 742 (FCTD)-- summary under Paragraph 6(3)(d) Summary Under Tax Topics- Income Tax Act- Section 6- Subsection 6(3)- Paragraph 6(3)(d) The taxpayer received a lump sum in consideration for relinquishing his rights under his existing employment contract, and it was agreed that he would continue on with the company as an employed consultant. ...

., 99 DTC 905, [1999] 4 CTC 2468 (TCC)-- summary under Paragraph 251(1)(c) Summary Under Tax Topics- Income Tax Act- Section 251- Subsection 251(1)- Paragraph 251(1)(c) largely overlapping boards of directors and substantial minority interest A transfer by the taxpayer of its interest as lessor in mining concessions and railway rights-of-way to a corporation ("CJC") in which a subsidiary of the taxpayer had a beneficial 37% interest was found to be a non-arm's length transaction given that the boards of the taxpayer and CJC had mostly overlapping directors and that one of those directors had determined that the transfer should occur for consideration that was 20% less than the appraised value of the leasehold interest. ...

.)-- summary under Incurring of Expense Summary Under Tax Topics- Income Tax Act- Section 18- Subsection 18(1)- Paragraph 18(1)(a)- Incurring of Expense The taxpayer made an interest-bearing loan of $50,000 to some customers (two related trucking companies) in consideration inter alia for their agreement to purchase all their tires and tubes from the taxpayer. ...

The Queen, 2000 DTC 6302 (FCTD)-- summary under Paragraph 20(1)(n) Summary Under Tax Topics- Income Tax Act- Section 20- Subsection 20(1)- Paragraph 20(1)(n) The taxpayers, who had sold their interest in a property for consideration that included their covenant to continue paying all balances owing on mortgages secured on the property, were not entitled to claim a reserve with respect to amounts still owing in respect to those mortgages at the end of their 1971 taxation year given that the purchaser had, in turn, sold the same property to another purchaser who had assumed such mortgages. ...

The Queen, 97 DTC 1, [1996] 1 CTC 2974 (TCC)-- summary under Subsection 129(1.2) Summary Under Tax Topics- Income Tax Act- Section 129- Subsection 129(1.2) The taxpayer, which was a prescribed qualifying corporation within the meaning of s. 186.2 was found to be not subject to s. 129(1.2) when it paid a dividend on its preferred shares to a prescribed venture capital corporation given that at that time it was not aware that the dividend would be received free of Part IV tax by the recipient and given that the corporate structure in question was created for the purpose of achieving extraordinary economic results rather than with a view to tax considerations. ...

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, 53 DTC 338 (ITAB)-- summary under Substance Summary Under Tax Topics- General Concepts- Substance Payments received by the taxpayer which were stipulated to be consideration for his agreement not to engage in the lobster business within two specified counties were found not to be employment income to him pursuant to what now is s. 6(3)(e) because of the words in that provision referring to "irrespective... ...