Keeping v. Canada, 2001 DTC 5358, 2001 FCA 182 (FCA) -- summary under Business Source/Reasonable Expectation of Profit

By services, 28 November, 2015

In reversing a finding of the Tax Court Judge that a teacher was not entitled to deduct the losses of his Amway distributorship, Rothstein J.A. stated (at p. 5359):

"There is no indication that the Amway distributorship was being operated for any non-business motive. In the circumstances, the reasonable expectation of profit test should be applied sparingly and not to second-guess the business judgment of the appellant."

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Tagline
reasonable expectation of profit test should not be applied to second-guess taxpayer's business acumen
d7 import status
Drupal 7 entity type
Node
Drupal 7 entity ID
337719
Extra import data
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