Paul L. Caron

Sunday, November 30, 2014

Tax and Proverbs 6:30-31

Martin v. Her Majesty the Queen, 2014 TCC 200 (2014):

ProverbsAfter filing his 2010 tax return, M. Martin sought to claim $14,000,000 of disposition costs for his former clientele and increase his capital loss by a like amount – from $800,000 to $14,800,000. M. Martin arrived at his $14,000,000 disposition costs number as follows. He estimated that $2,000,000 was the value of his property seized or lost as a result of the loss of his clientele and the revenue generated thereby. This included the value of his home, his country property, his collection of vehicles, his library, and all of his other collections and belongings. As mentioned, these properties were seized as a consequence of his resulting financial difficulties. M. Martin then multiplied the $2,000,000 value of his lost property by seven, relying upon the proverbial exhortation to thieves to pay back sevenfold what they stole.1

1: Proverbs 6:30–31.
[People do not despise a thief if he steals
to satisfy his hunger when he is starving.
Yet if he is caught, he must pay sevenfold,
though it costs him all the wealth of his house.]

(Hat Tip: Jamie Golombek.)

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The Court sure went easy on this guy

Posted by: Ann | Nov 30, 2014 8:40:47 PM

In the future, he may want to obtain his financial guidance from a tax (vs a spiritual) advisor

Posted by: len fuld | Dec 1, 2014 5:35:23 AM