Concept
Shareholder Benefit
Greer – Tax Court of Canada finds a shareholder benefit regarding a transfer to an individual shown on the register as holding one of the 1000 shares | Tax Interpretations / Greer – Tax Court of Canada finds a shareholder benefit regarding a transfer to an individual shown on the register as holding one of the 1000 shares
"Spiro J applied the presumption in s. 181(3) of the Business Corporations Act (NB) that an entry in a share register is, in the absence of evidence to the contrary, proof that the holder shown in the register is the owner of the share. He found that the transfer of four properties, valued by Spiro J at over $2.4 million, by a corporation to the taxpayer, who was shown in the register as holding one of the 1000 shares, gave rise to a corresponding shareholder benefit under s. 15(1)."
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