Précis: This decision concerned 40 acres of undeveloped land (the “Land”) owned by the late Mr. Zoltan Kokai-Kuun for 16 years (1992-2008) prior to its sale. He purchased the property for $110,000 and sold it for $370,000 but did not report any gain in his 2008 income tax return. The Minister assessed his estate for a capital gain of $235,755.60 in 2008. The estate resisted the assessment on two bases:
Kokai-Kuun Estate v. R. - TCC: Property generates a capital gain, no proven losses to offset itREAD MORE »