Minister of National Revenue v. Shofar Investment Corporation, 79 DTC 5347, [1979] CTC 433, [1980] 1 SCR 350 -- summary under Subsection 78(1)

By services, 28 November, 2015

The cost of an item of inventory is not "a deductible outlay or expense" within the meaning of what now is s. 78(1). The predecessor of s. 78(1) accordingly did not apply to a non-arm's length sale of land inventory for a consideration to be paid over a 7-year period.

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Income Tax Act - s. 78(1)
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Node
Drupal 7 entity ID
338747
Extra import data
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