Avril Holdings Ltd. v. Minister of National Revenue, 70 DTC 6366, [1970] CTC 572, [1971] S.C.R. 601 -- summary under Proceeds of Disposition

By services, 28 November, 2015

In rejecting an argument that recapture of depreciation should be reduced to reflect the fair market value of debentures received in consideration for the depreciable property being lower than their principal amount, Pigeon J. noted that s. 20(5)(c) of the pre-1972 Act deemed proceeds of disposition of the property to include the sale price, which was equal to the principal amount of the debentures.

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Topic
Income Tax Act - s. 13(21) - Proceeds of Disposition
Tagline
proceeds of disposition not reduced to reflect that debentures received had a lower FMV that their principal amount
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sale price
d7 import status
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Node
Drupal 7 entity ID
334087
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