Tobias v. The Queen, 78 DTC 6028, [1978] CTC 113 (FCTD) -- summary under Improvements v. Repairs or Running Expense

By dwpv, 28 November, 2015

In finding that expenditures totalling approximately $106,000 which the taxpayer made over an 8 year period in an unsuccessful search for buried pirate treasure on Oak Island were not outlays on account of capital, Cattanach J. stated (p.6040):

"Any cost to the plaintiff for the right to explore for valuables would be a capital cost but not those incurred in the conduct of that search."

Topics and taglines
Topic
Income Tax Act - s. 18(1)(b) - Capital Expenditure v. Expense - Improvements v. Repairs or Running Expense
d7 import status
Drupal 7 entity type
Node
Drupal 7 entity ID
335554
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