Fleishman v. R., 98 DTC 1836, [1998] 3 CTC 2096 (TCC) -- summary under Paragraph 12(1)(c)

By services, 28 November, 2015

Payments received by the taxpayer on a note owing by an arm's length debtor were found to be principal rather than interest on the basis of the doctrine that a debtor may direct his payment to be applied as it pleases, and that in the absence of any appropriation made by the debtor (as was the case here) the creditor may apply the money as he thinks fit.

Topics and taglines
Topic
Income Tax Act - s. 12(1)(c)
Tagline
payment applied by creditor to principal
d7 import status
Drupal 7 entity type
Node
Drupal 7 entity ID
333720
Extra import data
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