Words and Phrases - "timber limits"

a
89
b
44
c
86
d
56
e
43
f
31
g
20
h
15
i
77
j
2
k
2
l
32
m
57
n
29
o
40
p
82
q
3
r
78
s
95
t
47
u
16
v
10
w
23
y
2

Highway Sawmills Limited v. Minister of National Revenue, 66 DTC 5116, [1966] CTC 150, [1966] S.C.R. 384

Summary Under
Tax Topics - Income Tax Regulations - Schedules - Schedule VI

Cartwright J. found that "the phrase 'timber limits' describes a parcel of land with merchantable timber standing upon it" (p. 5120), rather than being restricted to the timber thereon. Accordingly, a sale of land by the taxpayer following the removal of the timber thereon gave rise to recapture of depreciation rather than a tax-free capital gain.

Words and Phrases
timber limits
Locations of other summaries Wordcount
Tax Topics - Statutory Interpretation - Scheme 114