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F.A.S. Seafood Producers Ltd. v. Canada, 1998 CanLII 344

In Fish Cases, Taxation on (Updated )

This case involved a Company which purchased both a category "C" vessel based licence and a category "ZN" personal licence in 1992 for $150,000 dollars. The purchaser claimed the cost of purchasing the licences as an expense when filing its 1992 income tax return. Revenue Canada disallowed this deduction. The issue of the case was whether the cost of acquisition …

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