Focus On
NEW In-House Counsel | Insurance | Intellectual Property | Immigration | Natural Resources | Real Estate | Tax

Taxation - Federal income tax - Business and property income - Accounting - Accrual accounting - Losses - Business loss

Thursday, August 18, 2016 @ 8:00 PM  

Appeal by Kruger Incorporated from a Tax Court decision allowing in part its appeal from reassessment. The appellant manufactured newsprint and other paper products. A significant portion of its receivables was denominated in US dollars, leading the appellant to buy and sell foreign currency option contracts to hedge its exposure to currency fluctuations. The appellant became one of the top non-banking purchasers of derivative products. In 2002, the Minister of National Revenue denied business losses of $91 million claimed by the appellant in the 1998 taxation...