Précis: This case involved the appeals of the Kvas brothers from subsection 160(1) assessments alleging that each of them had received transfers of property on or about December 31, 2008 from Commercial Interior Alterations Inc. (“CIA”), a corporation of which they had been the shareholders. The difficulty was that CIA had been dissolved in January of 2008, i.e., roughly 11 months before the alleged transfers and 6 years before the issuance of the assessments. The Tax Court was asked to determine whether subsection 160(1) assessments could be raised in respect of a transfer from a non-existent entity.
Kvas v. R. - TCC: No subsection 160(1) transfer to shareholders from dissolved corporationREAD MORE »