The taxpayer company realized a gain from the sale of a shopping centre 10 years after acquiring some of the raw land and 5 years after constructing the centre. Since a scrutiny of the subsequent activities of the owner of the taxpayer company indicated that at all relevant times commercial properties were held for revenue purposes only until such time as it was convenient to turn them to account, the gain was a taxable profit.
Topics and taglines
Tagline
pattern of selling development properties some time after lease-up
d7 import status
Drupal 7 entity type
Node
Drupal 7 entity ID
339193
Extra import data
{
"field_legacy_header": "<a id=\"Kensington\"></a><strong><em>Kensington Land Developments Ltd. v. The Queen</em></strong>, 79 DTC 5283, [1979] CTC 367 (FCA)",
"field_override_history": false,
"field_sid": "",
"field_topic_category": ""
}
"field_legacy_header": "<a id=\"Kensington\"></a><strong><em>Kensington Land Developments Ltd. v. The Queen</em></strong>, 79 DTC 5283, [1979] CTC 367 (FCA)",
"field_override_history": false,
"field_sid": "",
"field_topic_category": ""
}