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...
| 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...
See Also
Henco Industries Limited v. The Queen, 2014 DTC 1161 [at 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...
| 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