The Resource TD Securities (USA) LLC v Her Majesty the Queen : 2010 TCC 186

TD Securities (USA) LLC v Her Majesty the Queen : 2010 TCC 186

Label
TD Securities (USA) LLC v Her Majesty the Queen : 2010 TCC 186
Title
TD Securities (USA) LLC v Her Majesty the Queen : 2010 TCC 186
Creator
Contributor
Subject
Language
eng
Summary
Judgment by the Tax Court of Canada, Toronto, Ontario, dated 8 April 2010. The taxpayer was a US limited liability company registered in Delaware and wholly owned by another US company. The taxpayer conducted business in Canada. In the US, the taxpayer had elected to be treated as a flow-through or disregarded entity, that is to say its income was taxed in the hands of its owner. If such an entity had several owners they were treated as a partnership. The taxpayer claimed in Canada the benefit of the Canada-US tax treaty on the basis that it was a resident of the US. The definition of 'resident' of a state included that an entity was liable to taxation in that state. The Canada Revenue Agency took the position that as the taxpayer did not itself pay tax in the US it was not resident there and not entitled to the benefit of the tax treaty. It was held that the US LLC had to be considered liable to tax in the US by virtue of all its income being fully taxed under the US Tax Code, albeit at the member level, inter alia, by analogy with the treatment of a partnership. It was hence a resident of the US for the purposes of the Canada-US tax treaty
Citation source
In: International tax law reports. - London. - Vol. 12 (2010),
http://bibfra.me/vocab/relation/comm
2ul8NlLeYHs
http://library.link/vocab/creatorName
Nikolakakis, A
Geographic coverage
North America
Language note
English
http://library.link/vocab/relatedWorkOrContributorName
Baker, P
http://library.link/vocab/subjectName
  • case law
  • double taxation
  • residence
  • tax treaty
  • Delaware corporation
Label
TD Securities (USA) LLC v Her Majesty the Queen : 2010 TCC 186
Instantiates
Publication
Label
TD Securities (USA) LLC v Her Majesty the Queen : 2010 TCC 186
Publication

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