Search - consideration

.)-- summary under Supply Summary Under Tax Topics- Excise Tax Act- Section 123- Subsection 123(1)- Supply In finding that a parent corporation was making a taxable supply of the services of its employees to its subsidiary, Slade L.J. stated (p. 5084): "If A agrees with B that B will perform certain services for A and that he will reimburse B for certain specified expenses which will be incurred by B in the performance of both services, the agreement to reimburse is, in my judgment, well capable of constituting sufficient consideration in law for those services. The bargain may be a bad one from B's point of view, but the courts do not enquire into the monetary adequacy of consideration." ...

This arrangement was characterized as a release by her of all her claims for an allowance in consideration for a single consideration (the mortgage for $45,000) rather than as an agreement for the payment by him to her of a periodic allowance for maintenance. ...

Expense- Contract or Option Cancellation The taxpayer, which had agreed to pay a royalty to an American company in consideration for the provision by the American company of technical knowledge and of plans on an on-going basis, was entitled to deduct a payment made by it in consideration for the cancellation of the agreement. ...

A week later, the action was settled by one of the trustees agreeing to pay him two lump sums in consideration for a release. ... The Appellant's father demanded and received consideration as provided in the form of the deed of release and disclaimer.... ...

Submissions made that full consideration was given in the form of the taxpayer's legal entitlement to be supported by her husband, and the use by her husband of a room in the home as an office, were inconsistent with the Yates decision. Furthermore, although the taxpayer performed household chores, these "were more in the nature of a donation rather than as consideration for the property transferred" [para. 26]. ...

.))-- summary under Subsection 153(1) Summary Under Tax Topics- Excise Tax Act- Section 153- Subsection 153(1) A theatre company which invited members of the public to sponsor a new seat in the theatre by paying £150, and which provided such subscribers with a personalized brass plaque displayed on the seat, an acknowledgement in its main foyer and a limited edition print by a Glagow artist, was liable to VAT on the total proceeds received pursuant to s. 10(2) of the Value Added Tax Act, 1983 (which provided that "if the supply is for a consideration in money its value shall be taken to be such amount as... is equal to the consideration"), notwithstanding evidence that the payments included an extremely large element of donation. ...

[and] is wide enough to embrace all types of voluntary processes or acts by which a property of one person may become vested in another without regard for the reason or occasion for such processes or acts and regardless also of whether the processes undertaken or the act is done for consideration in whole or in part or for no consideration at all. ...

In finding that the taxpayer had realized proceeds of disposition of $105,000 rather than $90,000 notwithstanding that the promissory note likely had no value, Rip, TCCJ. noted that there was no evidence that the property had a fair market value of less than $105,000, that "part of the consideration and satisfaction of the sale price was that the appellant accepted a promissory note, regardless of the fact that it had no market value" (p. 1160), and that s. 54(h)(i) expressly referred to the sale price of property that had been sold (which, in this case, was $105,000) and made no mention of the consideration paid to satisfy the sale price. ...

"A review of the considerations that led to the decision shows that the Director failed to consider the likelihood that when the lawsuit was resolved PGL would be dissolved and would not commence carrying on business. This would involve consideration of things such as the nature of the claims advanced in the lawsuit, the role of PGL in the lawsuit and what would be the reasonable expectation of PGL's future if the lawsuit succeeded. ...

The Queen, 2000 DTC 2493 (TCC), aff'd 2002 DTC 7517, 2002 FCA 408-- summary under Other Summary Under Tax Topics- General Concepts- Fair Market Value- Other Part of the consideration for assets purchased by the taxpayer was the issue by it of special shares with an aggregate stated capital of $1,000. ... In finding that the portion of the assets acquired through the issue of the special shares should be considered to have a cost to the taxpayer of $1,000, Rip T.C.J. stated (at pp. 2510-2511) that "it is the directors who determine the stated capital of shares and the consideration for the issue of the shares", and further noted that the date of payment of the dividend might have been delayed indefinitely until the directors determined to pay it. ...