How does the corporate taxpayer assess whether a corporation has been forced to sell a division that operates a television and radio station?
Ontario, Canada
The following excerpt is from Inter-Leasing, Inc. v. Ontario (Revenue), 2014 ONCA 575 (CanLII):
One approach is the “level of activity” test embodied in Canadian Marconi Company v. R, 1986 CanLII 42 (SCC), [1986] 2 S.C.R. 522, 33 D.LR. (4th) 481. In Marconi, the corporate taxpayer was a manufacturer of electronic equipment that was forced to sell a broadcasting division which operated a television and a radio station. It invested the proceeds in short-term interest-bearing securities while it looked for a new business in which to invest the funds.
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