The Resource Liability for the tax on SIFT partnerships : a rejoinder

Liability for the tax on SIFT partnerships : a rejoinder

Label
Liability for the tax on SIFT partnerships : a rejoinder
Title
Liability for the tax on SIFT partnerships : a rejoinder
Creator
Subject
Language
eng
Summary
In a recent article in the Canadian Tax Journal, Brian Bloom and Brandon Wiener argued that the language of subsection 197(2) of the Income Tax Act, which imposes part IX.1 tax on specified investment flowthrough partnerships (SIFTs), is deficient because it uses the words "liable to" rather than the usual charging language, "a tax . . . shall be paid." This article suggests that their argument that "liable to" means only a potential risk of tax (which will be imposed and charged only on further assessing action by the minister) is not consistent with the general concept of liability in the Act and the jurisprudence. Liability for tax, it is argued, means a real, if inchoate, obligation to pay tax that is crystallized and becomes due on assessment. This is the result that flows from the jurisprudence, and it is consistent with the provisions of the Act imposing penalties. The context and the purpose of subsection 197(2) reinforce this conclusion
Citation source
In: Canadian tax journal = Revue fiscale canadienne. - Toronto. - Vol. 59 (2011),
http://library.link/vocab/creatorName
Campbell, C
Geographic coverage
North America
Language note
English
http://library.link/vocab/subjectName
  • pass-through entity
  • partnership
  • tax liability
  • penalties
  • self-assessment
  • assessment
Label
Liability for the tax on SIFT partnerships : a rejoinder
Instantiates
Publication
Contents
See also: <a href="detailnonmodal/ent:$002f$002fSD_ILS$002f0$002fSD_ILS:84639/one">Canadian tax journal = Revue fiscale canadienne. - Toronto. - Vol. 59 (2011), no. 1 ; p. 1-23</a>
Label
Liability for the tax on SIFT partnerships : a rejoinder
Publication
Contents
See also: <a href="detailnonmodal/ent:$002f$002fSD_ILS$002f0$002fSD_ILS:84639/one">Canadian tax journal = Revue fiscale canadienne. - Toronto. - Vol. 59 (2011), no. 1 ; p. 1-23</a>

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