15% of indebtedness of the taxpayer to its English supplier which it had incurred for car shipped to it was forgiven by the English supplier, with a balance of 85% to be paid off in specified monthly payments. Because the forgiveness was "a clear-cut abatement" rather than something which the taxpayer in any way was required to earn, it was not credited to its income for income tax purposes.
Topics and taglines
Tagline
forgiveness was inventory abatement
d7 import status
Drupal 7 entity type
Node
Drupal 7 entity ID
339516
Extra import data
{
"field_legacy_header": "<strong><em>Plimley Automobile Co. Ltd. v. MNR</em></strong>, 58 DTC 1112, [1958] CTC 193 (Ex Ct), briefly aff'd on consent 60 DTC 1031 (SCC) <strong>[forgiveness was inventory abatement]</strong>",
"field_override_history": false,
"field_sid": "",
"field_topic_category": ""
}
"field_legacy_header": "<strong><em>Plimley Automobile Co. Ltd. v. MNR</em></strong>, 58 DTC 1112, [1958] CTC 193 (Ex Ct), briefly aff'd on consent 60 DTC 1031 (SCC) <strong>[forgiveness was inventory abatement]</strong>",
"field_override_history": false,
"field_sid": "",
"field_topic_category": ""
}