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The Minister's reply stated that: The Appellant is liable for a penalty because he acted as principal or agent to sell, issue or accept consideration in respect of the SRLP tax shelter before the Minister issued a tax shelter identification number, pursuant to subsection 237.1(7.4) of the Act. ...

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). ...

The consideration for a sale for the most part comprised a "Closing Payment" paid by the purchaser trust out of the proceeds of commercial paper issuances and "Deferred Amounts" representing most of the cash subsequently generated to the trust from the purchased mortgages net of all other outlays. ...

The Queen, 2014 DTC 1162 [at at 3556], 2014 TCC 30-- summary under Section 67 Summary Under Tax Topics- Income Tax Act- Section 67 leveraged purchase of seismic data at arm's length was presumptively reasonable On December 31, 1993, the taxpayer and other parties to a joint venture acquired (through the joint venture operator ("507") the rights to exploit a body of seismic data (which had been previously sold the same day for $805,000 in cash) in consideration for $975,000 cash and a $5,525,000 promissory note (payable only out of 50% of net licensing revenues and 20% of any production cash flow generated out of any petroleum rights acquired by the joint venture)- which the Minister conceded was not a contingent liability. ...

Among other factual considerations were that: the two individuals controlling the taxpayer de jure also were the key directors and officers of Lyrtech (which had a seven-person board) and of other group companies, and they were not independent directors of Lyrtech; the taxpayer had virtually no revenues, was under-capitalized, and depended on Lyrtech to finance its activities either directly or through guarantees; and Lyrtech determined what R&D work the taxpayer would conduct. ...

., 76 DTC 6010, [1976] CTC 24 (FCTD)-- summary under Sham Summary Under Tax Topics- General Concepts- Sham no sham if documents describe intended legal rights The taxpayer, wished to sell land to the City of Calgary in consideration for two annual instalments in order to defer a portion of the gain to its second taxation year, but was informed that the City was precluded by statute from purchasing land over a period of years. ...

., 76 DTC 6010, [1976] CTC 24 (FCTD)-- summary under Tax Avoidance Summary Under Tax Topics- General Concepts- Tax Avoidance no sham if documents describe intended legal rights The taxpayer, wished to sell land to the City of Calgary in consideration for two annual instalments in order to defer a portion of the gain to its second taxation year, but was informed that the City was precluded by statute from purchasing land over a period of years. ...

It accordingly transferred its physical equipment, records and goodwill to a new company in consideration for shares, and itself ceased to be a member of the investment dealers' association, but retained the securities and the bank debts, and traded those securities and other securities between 1938 and the end of the Second World War, with 124 purchaes and 200 sales occuring. ...

After Revenue Quebec indicated (at the end of 2008) that it would deny the appellant's claim (made for its quarterly reporting period ending on 31 January 2007) under s. 231 on the basis that the situation instead had called for a claim under s. 232 (apparently based on viewing the February 2007 agreement as an adjustment to the consideration), the appellant (in January 2009) entered into a write-off agreement with Flora, issued a credit note to Flora, and claimed a credit under s. 232(3) for the GST of $103,440 in its return for the reporting period ending on 31 January 2009. ...