INCOME TAX
Income Calculation
Appeal from Tax Court of Canada decision (Nash v. Canada, [2005] 1 C.T.C. 2138) in which main issue fair market value (FMV) of groups of limited edition prints purchased by respondents (taxpayers), donated by them to charities, universities—Tax Court Judge finding in each case FMV of property that determined by appraisal introduced in evidence before him, allowing taxpayers’ appeals—Tax Court erred in accepting taxpayers’ appraiser’s valuation evidence based on retail market for individual prints when normal market for groups of prints, and in finding FMV three times amount paid with no credible explanation—Appeal allowed.
Canada (Attorney General) v. Nash (A-572-04, A-571-04, A-569-04, 2005 FCA 386, Rothstein J.A., judgment dated 21/11/05, 16 pp.)