Unformatted text preview: of the planned buildings was viable. The property was resold at a substantial profit nine years later. It had been listed for sale with a real estate corporation, wholly owned by the president of the appellant, and had remained undeveloped from the time of purchase to the time of sale. When the Minister taxed the profit as income, the appellant contended that its profit was a capital accretion from the realization of an investment. Required : Analyze the facts of this case thoroughly by considering all of the factors that have been developed by the courts to determine whether the receipt involved in the sale of the property was one of income or capital. Draw a reasoned conclusion from your analysis....
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- Spring '10