Kokai-Kuun Estate v. The Queen, 2015 TCC 217 -- summary under Subsection 50(1)

By services, 28 November, 2015

In denying the recognition by the taxpayer of a capital loss under s. 50(1)(a), Lyons J stated (at paras. 55, 58, 62, 67):

In Harris v The Queen, 2005 TCC 501, 2005 DTC 1179, Sheridan J….stated "To be eligible to claim either of the amounts as a deduction, Mrs. Harris must have complied with subsection 50(1)… ."

Given the appellant failed to make an election in 2006, or any other year, as required under paragraph 50(1)(a), the appellant cannot succeed as it is imperative to claim that a capital loss is available… .

Since the appellant failed to elect in the return to claim the capital loss, its remedy is to file an application to the Minister under section 220… .

Despite this, no application was made by the appellant to the Minister under the fairness relief provisions. This Court has no jurisdiction with respect to those provisions.

Topics and taglines
Topic
Income Tax Act - s. 50(1)
Tagline
failure to elect
d7 import status
Drupal 7 entity type
Node
Drupal 7 entity ID
338103
Extra import data
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