Section 23

Subsection 23(1) - Sale of inventory

Cases

Edmund Peachey Ltd. v. The Queen, 79 DTC 5064, [1979] CTC 51 (FCA)

S.85E(1) of the old Act did not apply to the factual situation of the appellant because it had not ceased carrying on a business by virtue of...

The text of this content is paywalled except for the first five days of each month. Subscribe or log in for unrestricted access.

Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 9 - Capital Gain vs. Profit - Real Estate no unequivocal act to convert land inventory to capital property 100

Raby v. MNR, 65 DTC 5085, [1965] CTC 138 (Ex Ct)

S.85E(1) applied when the partner in a partnership holding 92 building lots became ill and sold his share of the lots at a profit to a...

The text of this content is paywalled except for the first five days of each month. Subscribe or log in for unrestricted access.

See Also

Henco Industries Limited v. The Queen, 2014 DTC 1161 [at 3528], 2014 TCC 192

A subdivision property of the taxpayer, a developer, was blockaded by Six Nations protesters. To diffuse the conflict, the Ontario government...

The text of this content is paywalled except for the first five days of each month. Subscribe or log in for unrestricted access.

Locations of other summaries Wordcount
Tax Topics - General Concepts - Evidence parol evidence rule not applying to surrounding evidence/press releases admitted 239
Tax Topics - General Concepts - Fair Market Value - Land deference to taxpayer's figure within appraiser's range of values 111
Tax Topics - Income Tax Act - Section 12 - Subsection 12(1) - Paragraph 12(1)(x) compensation received in course of business but not in course of earning income 192
Tax Topics - Income Tax Act - Section 14 - Subsection 14(5) - Cumulative Eligible Capital payment to withdraw from business was not an eligible capital amount 146
Tax Topics - Income Tax Act - Section 3 compensation payment for destroyed business was non-taxable 171
Tax Topics - Income Tax Act - Section 9 - Compensation Payments compensation payment for destroyed business was non-taxable 171

Administrative Policy

8 January 1993 T.I. (Tax Window, No. 28, p. 22, ¶2365)

S.23(1) will apply to land inventory