Précis: This case involved both corporate expense claims and assessments against the shareholder for taxable benefits. The shareholder was an extremely young (14-16) but very successful Canadian actor. The disputed amounts were expenses alleged to have been incurred by the corporation to further the taxpayer’s career. By the time the matter made it to the Tax Court most of the outstanding issues had been resolved and there was only roughly $23,000 in dispute over the period from 2009-2011. The Tax Court allowed roughly 10% of the disputed amounts. Thus the appeals of both the corporation and the individual shareholder were allowed in part. There was no order as to costs since this was an informal procedure appeal.
Shenanigans Media v. R. – TCC: Taxpayer allowed small portion (roughly 10%) of disallowed expensesREAD MORE »