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Purposes of section 22 Because the sale of the business is considered a capital transaction, the sale of accounts receivables of that business at a loss results in a capital loss to the vendor, and a capital asset to a purchaser, which cannot be written down. ...

In considering the application of subsection 4(4) "double taxation" is frequently considered to occur where a deduction was not taken that would normally offset an income inclusion as occurred in the Langille case. ...

Le juge Noël a fait les commentaires suivants concernant les dépenses réclamées par le contribuable: I do not believe that, as submitted by counsel for the Crown, because the expenses paid by Pigott could, in the event the project was successful, have been paid by First Wentworth upon being billed by Pigott and then could have been considered by First Wentworth as capital expenses and recoverable as capital cost allowances under the Act, should render the expenses non-deductible to Pigott. ...

Where a trust reports an elected taxable capital gain in a particular taxation year and the right to the capital of a trust has vested in a preferred beneficiary at the end of that year, that beneficiary will be considered to have an interest in the accumulating income of the trust. ...

" Paragraph 2 of that bulletin indicates that: "Property is considered to vest indefeasibly in the person to whom it is bequeathed when that person has an enforceable right or claim to the ownership thereof. ...

In addition, the subscriber's interest in the RESP is considered a capital property and there is a deemed disposition of the right upon death in accordance with subsection 70(5) of the Act. ...

In the circumstances, it is our opinion that the investment activities of the funds, the investment activities of the particular investors, and the filing of the elections, are all completed transactions made by XXXXXXXXXX the trusts or the investors, as the case may be, and are, as such, subject to audit and reassessment by the Department as considered warranted by the Audit Directorate. ...

Reduction under subsection 125(5.1), if applicable While not considered in examples 1 and 2, and subject to the enactment of the proposed amendment to subsection 125(5.1), please note that the business limits as otherwise computed in the examples, may be further reduced pursuant to the formula in subsection 125(5.1) of the Act if tax under Part I.3 was payable by any of the corporations for their last taxation year ending in the preceding calendar year. ...

In this regard, it is to be noted that even if the Commissions could be considered as being subject to subparagraph 212(1)(d)(iii) of the Act as you suggested in your request, they would still not qualify as "royalties" for the purposes of the Convention since payments for services do not come within the definition of that term as contained in Article XII(4) of the Convention (see documents # E 50278, E 9306027 and E 2000-0048107). ...

The interpretation refers to the "separate transactions" theory whereby the foreign currency component of a foreign currency borrowing is considered as a transaction separate from the borrowing itself. ...