Brelco Drilling Ltd. v. R., 98 DTC 1422, [1998] 3 CTC 2208 (TCC), rev'd 99 DTC 5253 (FCA) -- summary under Subsection 55(2)

By services, 28 November, 2015

The taxpayer, in computing the safe income attributable to its shares of another corporation ("Tricil") was not required to deduct the exempt deficits of various foreign affiliates of Tricil, and was entitled to include the exempt surpluses of other foreign affiliates of Tricil.

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Income Tax Act - s. 55(2)
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Node
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Extra import data
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