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).
Topics and taglines
Tagline
obvious and substantial shareholder benefit
d7 import status
Drupal 7 entity type
Node
Drupal 7 entity ID
334855
Extra import data
{
"field_legacy_header": "<strong><em>Tyskerud v. The Queen</em></strong>, 2012 DTC 1179 [at 3453], 2012 TCC 196 (Informal Procedure) <strong>[obvious and substantial shareholder benefit]</strong>",
"field_override_history": false,
"field_sid": "",
"field_topic_category": "seealso"
}
"field_legacy_header": "<strong><em>Tyskerud v. The Queen</em></strong>, 2012 DTC 1179 [at 3453], 2012 TCC 196 (Informal Procedure) <strong>[obvious and substantial shareholder benefit]</strong>",
"field_override_history": false,
"field_sid": "",
"field_topic_category": "seealso"
}