Rectification & Rescission

taxpayer could reverse an assessment for a taxable benefit by subsequently engaging in self-help rectification

cannot use general equitable jurisdiction to do an end run around the narrow (post-Fairmont) rectification doctrine

taking back excess boot could not be rectified under the BCA provision for correcting “corporate” mistakes

no comment on Pallen Trust

no rectification of considered decision not to distribute trust income

foreign rectification order not dispositive

rectification must give effect to common intention at time

rectification not available to correct planning errors

drop-down documents could not be declared retroactive to the previously-agreed effective date, as this would undercut the Tax Court

a generalized intent to achieve a s. 88(1)(d) bump was a sufficient basis to rectify in order to redo an amalgamation