Degeer v. Canada, 2001 DTC 5385, 2001 FCA 152 -- summary under Disposition

By services, 28 November, 2015

By an unregistered deed the taxpayer purported to transfer a farm that previously had been acquired by him from his parents back to his parents for a nominal consideration; and 35 days later received the farm back from his parents for a nominal consideration pursuant to a further unregistered deed.

This was found to be a scheme under which the taxpayer appeared to be disposing of the farm to crystallize a capital loss while, in the non-arm's length circumstances of the relationship between him and his parents, he retained the beneficial ownership of the farm.

Topics and taglines
Topic
Income Tax Act - s. 248(1) - Disposition
Tagline
no change of beneficial ownership in self-cancelling transaction
d7 import status
Drupal 7 entity type
Node
Drupal 7 entity ID
337163
Extra import data
{
"field_legacy_header": "<strong><em>Degeer v. The Queen</em></strong>, 2001 DTC 5385, 2001 FCA 152",
"field_override_history": false,
"field_sid": "",
"field_topic_category": ""
}