Search - considered

The Queen, 2012 DTC 1099 [at at 2959], 2012 TCC 55, aff'd 2013 DTC 5009 [at 5554], 2012 FCA 306-- summary under Paragraph 12(1)(x) Summary Under Tax Topics- Income Tax Act- Section 12- Subsection 12(1)- Paragraph 12(1)(x) break fee not all reimbursement After finding that break fees totalling $7.7 million received by the taxpayer in an unsuccessful acquisition attempt were fully taxable to it under s. 9 given that "its ordinary business activities included trying to make corporate acquisitions such as its bid for Acanthus resulting in the break fee" (para. 45), Boyle J. briefly considered the Minister's alternative argument that the break fee was reimbursement under s. 12(1)(x) for the taxpayer's expenses in preparing the takeover bid. ...

"It is not even a true liability but rather a mere right to choose at some time in the future whether an undetermined amount will be paid or not and is therefore even more tenuous and nebulous than what is commonly considered a contingent liability. ...

In finding that the taxpayers' proceeds of disposition was equal to the reserve bid amount, Rothstein J. found that under the laws of Newfoundland, the mortgagee would be considered to have acquired the property for an amount equal to the reserve bid and that such sale had the effect of extinguishing the taxpayer's liability to the mortgagee. ...

Notwithstanding that the dykes were 200 or 300 feet tall and were carefully engineered, Bell T.C.J. indicated that even if the expenditures on them were considered to have given rise to a capital asset, it was his "impression" that they could not be described as a "structure". ...

In finding that the taxpayer had not complied with the requirement in the Alberta Corporate Tax Act that the return be filed with the Provincial Treasurer by June 30, 1989, the Court of Appeal affirmed the finding of Rawlins J. that the word "filed" is "clear and unequivocal and connotes the requirement of actual delivery before filing and therefore a mailed document is not considered 'filed' until it is received and not at the point of mailing". ...

The Queen, 2013 DTC 1002 [at at 21], 2012 TCC 37 (Informal Procedure)-- summary under Paragraph 6(1)(a) Summary Under Tax Topics- Income Tax Act- Section 6- Subsection 6(1)- Paragraph 6(1)(a) CRA issued a directive stating that meal allowances of over $17 per meal would be considered unreasonable, and on that basis the taxpayer's employer treated his $20 meal allowances as a taxable benefit. ...

The Queen, 2013 DTC 1002 [at at 21], 2012 TCC 37 (Informal Procedure)-- summary under Subparagraph 6(1)(b)(vii) Summary Under Tax Topics- Income Tax Act- Section 6- Subsection 6(1)- Paragraph 6(1)(b)- Subparagraph 6(1)(b)(vii) CRA issued a directive stating that meal allowances of over $17 per meal would be considered unreasonable, and on that basis the taxpayer's employer treated his $20 meal allowances as a taxable benefit. ...

Canada, 2012 DTC 5157 [at at 7396], 2012 FCA 259, aff'g 2011 DTC 1301 [at 1686], 2011 TCC 383-- summary under Subsection 245(3) Summary Under Tax Topics- Income Tax Act- Section 245- Subsection 245(3) purpose objectively determined In the course of applying s. 245 to deny the recognition by the taxpayer of a capital loss, the Court considered and rejected the argument of the taxpayer's principal (Mr. ...

In finding that the taxpayer was in the business of lending money, so that bad debt losses could be deducted under the pre-1994 version of s. 20(1)(p)(ii), Bonner J stated (at para. 12): He evaluated the lending opportunities and considered both the potential gain for himself and the ability of the borrowers to repay. ...

Accordingly, it was not relevant that, in the absence of this definition, the corporation might be considered to derive income from a business rather than income from property. ...