What is the effect of subsection 85B(1) of the Income Tax Code on income that is excluded under section 85B?
Canada (Federal), Canada
The following excerpt is from Wolofsky v. Canada, 2001 FCA 119 (CanLII):
Counsel for the respondent argued that the decision of this Court in The Dominion of Canada General Insurance Company v. The Queen, 86 D.T.C. 6154 precludes this comprehensive interpretation and application of subsection 85B(1). According to counsel, it is the fact that an amount has been deducted under that provision that compels its inclusion into income regardless of its composition and whether or not it was properly deducted in the first place.
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