The taxpayer's use of her corporation's line of credit to pay down her personal debt resulted in a clear shareholder benefit, and her failure to report this benefit on her return was grossly negligent and warranted penalties under s. 163(2). Margeson J. noted that the amount of the benefit ($41,765.58) was large compared to the taxpayer's reported income ($12,925).
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clear corporate appropriati0n
d7 import status
Drupal 7 entity type
Node
Drupal 7 entity ID
334375
Extra import data
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