Bennett and White Construction Co. v. Minister of National Revenue, 49 DTC 514, [1949] CTC 1, [1949] S.C.R. 287, [1949-1950] DTC 514 -- summary under Paragraph 20(1)(c)

By services, 28 November, 2015

In finding that annual amounts described in various resolutions of the taxpayer as "interest" in fact were guarantee payments, Locke J. stated (p. 515):

"Interest is paid by a borrower to a lender: a sum paid to a third person as the consideration for guaranteeing a loan cannot be so described."

Topics and taglines
Topic
Income Tax Act - s. 20(1)(c)
Tagline
guarantee payments not interest
Words and phrases
interest
d7 import status
Drupal 7 entity type
Node
Drupal 7 entity ID
336040
Extra import data
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