Shepp v. The Queen, 99 DTC 510, [1999] 1 CTC 2889 (TCC) -- summary under Paragraph 69(1)(b)

By services, 28 November, 2015

In obiter dicta, Lamarre Proulx TCJ. doubted that s. 69(1)(b) could be applied on the basis that there was a disposition of an "economic interest" when Class B shares, which were (unsuccessfully) alleged by the Minister to have little value, were made convertible into Class A shares that did have significant value. Lamarre TCJ. stated (at p. 522):

"I do not see how a taxpayer who has not disposed of his shares could be said to have disposed of property for proceeds of disposition when the value of those shares may fluctuate while he holds them."

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Topic
Income Tax Act - s. 69(1)(b)
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Drupal 7 entity type
Node
Drupal 7 entity ID
338652
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