Words and Phrases - "nominal value"

a
88
b
44
c
81
d
55
e
38
f
31
g
20
h
15
i
75
j
2
k
2
l
32
m
57
n
25
o
38
p
81
q
3
r
77
s
91
t
47
u
16
v
10
w
23
y
2

26 February 2015 CBA Roundtable, Q.22

Summary Under
Tax Topics - Excise Tax Act - Section 156 - Subsection 156(1) - Qualifying Member
nominal determined on an absolute and relative basis

Black’s Law Dictionary (9th ed.) defines "nominal" as "trifling, especially as compared to what would be expected (lamp sold for a nominal price of ten cents)." How does CRA intend to interpret "nominal" in para. (c) of “qualifying member”? CRA responded:

Whether property is considered to be of nominal value for purposes of the definition of “qualifying member” in paragraph 156(1)(c)...will be determined on a case by case basis. Generally, this determination will be made with reference to the value of the property and its significance relative to the commercial activity in question.

Words and Phrases
nominal value