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For property to be considered a tax shelter, there must have been statements or representations made in connection with that property, as described in para. ...

She stated (at TCC para. 49): "There is just one interconnected transaction here, and no part of it can be considered a gift that the appellant gave in expectation of no return. ...

The Queen, 2014 DTC 1197 [at at 3749], 2014 TCC 266-- summary under Subsection 247(2) Summary Under Tax Topics- Income Tax Act- Section 247- New- Subsection 247(2) highly discounted receivables purchased by non-resident affiliate were not "pig in a poke" Boyle J, after finding in McKesson that the taxpayer had been selling its trade receivable to its immediate Luxembourg parent (MIH) at discounts which were excessive from a transfer pricing perspective, recused himself from consideration of residual issues (respecting costs and the disposition of sealed documents) on the ground that he might no longer be considered to be impartial, as McKesson Canada, in its factum filed with the Federal Court of Appeal, had alleged that he was "untruthful and deceitful" in his reasons, stated "clear untruths" about him and alleged that he was not impartial (numerous paras. beginning at 4). ...

After finding that these gains were not income from a source, Woods J. went on to find (at TCC para. 44) that the distributions to the taxpayer also should not be considered under the surrogatum principle to have been received in lieu of income pursuant to a legal right because the amounts instead had been received pursuant to a fraud. ...

Although the taxpayer received the repayments rather than being paid salary, the trial judge had found that "at the time of acquisition [of the loans], assignment of the loans to him was of little interest to him and not a primary consideration," and the taxpayer's gain should be considered to have arisen fortuitously rather than as a result of a carefully realized plan for the realization of speculative profits. ...

The submission of taxpayer's counsel that because foreign exchange fluctuations are considered to be part of the cost of purchasing inventory, they must also form part of the cost of purchasing any asset, was rejected. ...