Quinn v. The Queen, 2004 DTC 3328, 2004 TCC 649 -- summary under Other

In accepting the valuation used by the taxpayer with respect to her donation of art to a registered charity, Bell J. adopted (at p. 3359) the definition of fair market value used by the taxpayer's expert, namely, "the highest price reasonably expected if an asset is sold in the normal method in the ordinary course of business in a market without undue stress composed of willing buyers and sellers". The taxpayer's submission that cost alone is not necessarily determinative of market value, and that in this case no blockage discount was applicable since the market was large enough to absorb the prints donated by the taxpayer, also was accepted.